Country Garden Billionaire to Transfer $826 Million in Shares to Charity Set Up in June

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Country Garden, one of China’s largest private developers, which is also chaired by Yang Huiyan, warned of a net loss in the first half due to declining profit margins and impairments. Photo: VCG

(Bloomberg) — China’s former richest woman is transferring more than half of her personal stake in a property services operation to a family charity, as her real estate empire continues to grapple with the fallout from the country’s property crisis.

Yang Huiyan, chair of Country Garden Services Holdings Co. Ltd., is giving about 55% of her personal stake in the property management firm to a charity founded by her sister, according to a statement Sunday. Yang is China’s third richest woman with a fortune of almost $7 billion, and the value of the stake involved is about $826 million as of Friday, according to the Bloomberg Billionaires Index.