Wu Yajun, the co-founder of Beijing-based property developer Longfor Properties, has resigned as chair of the company amid real estate crisis in China. After the 58-year-old billionaire announced her decision, the share prices of her company fell by 38 per cent on Monday.
In a statement, Longfor said that Wu Yajun resigned as executive director and chairperson of the board due to age and health reasons, but she will continue to advise the company on its strategic development.
As the business tycoon takes a backseat in the company, here are x things to know about her:
1.) Wu Yajun had topped the Hurun Richest Self-Made Women in the World 2022. The list, released in March, constituted self-made women billionaires across the world.
2.) Her estimated worth was about $17 billion. Her net worth as of November 1 had tumbled to $6.4 billion, according to Forbes.
3.) Wu Yajun and her ex-husband Cai Kui had co-founded Longfor in 1993. The couple got divorced in 2012 and Cai Kui no longer has a role in the company.
4.) She had been the chairperson of the board since 2007.
5.) The 58-year-old holds a degree in engineering and used to work at a state-owned factory earning about $16 per month. She worked there for four years, Business Insider reported.
6.) Later, in 1988, Wu Yajun began to work as a journalist with the China Shirong News Agency. She wrote on real estate for six years before entering the business.
7.) Due to the real estate crisis in China, Wu Yajun had famously lost $1 billion in a day.
Read more: As China’s economy stumbles, homeowners boycott mortgage payments
8.) After resigning, she made 40-year-old Chen Xuping -- who has been with the company since 2008 -- the chairperson of Longfor.
9.) Wu Yajun is also famous for staying away from the limelight. Such was the lack of information about her in the public domain that in 2003, her name was misspelled on a list of China's wealthiest people and she was mistaken for a man.
10.) When she was asked why she avoids publicity, Wu Yajun was quoted by China Daily as saying: "Well, I have nothing to talk about. I am just a person focusing on my own business."
Read more: China’s property crash sends billionaire founders heading to exits
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