Multibillionaire businesswoman Wu Yajun is no longer the richest woman in China following a “peaceful and friendly” divorce from husband Cai Kui.
The 48 year-old chair of Hong Kong-listed developer Longfor Properties transferred almost 30 per cent of her shares in the group to her husband, lowering her stake from 75.6 per cent to 45.4 per cent according to reports.
The pair, who had been married for 20 years, filed for divorce in August. The couple co-founded the company, originally known as Chongqing Zhongjianke Real Estate Co Ltd, in 1995 and had been married for 20 years.
Wu Yajun, a former property journalist, is now thought to be worth US$4.2 billion, down from an estimated US$7.3 billion prior to the divorce.
The title of China’s richest woman now passes to Yang Huiyan, 31, the executive director of rival property developer Country Garden Holdings.