Stock rout costs China’s richest man $3.6bn in one day
BEIJING: China’s richest man lost $3.6 billion in a single day after global stock markets tanked and Chinese markets erased all their gains for the year.
Wang Jianlin, chairman and founder of property and entertainment company Dalian Wanda, lost more than 10 percent of his total wealth on Monday, according to the Bloomberg Billionaires Index, which tracks the world’s richest people.
Shanghai shares Monday collapsed by 8.49 percent, the biggest daily loss since 2007, sparking a vast sell-off in global financial markets as concerns mounted that a slowdown in the world’s second-largest economy could hurt global growth.
Shanghai fell an additional 7.63 percent on Tuesday.
The close was the lowest since December 15 last year — and below the symbolically significant 3,000 point mark — while Bloomberg News said it marked the steepest four-day rout since 1996.
Easy Comes Easy Goes
Gambler • 21 hours ago
Stock market is like Casinos .There are many losers and some winners.There is no logic or rational thinking.
Yeah… SOme people will blame this on BJP Govt too….
BJP is a small fish in these high risk game
He lost little part of his gain, virtually there is no loss to him.
Chinese rich people of yesterday will become poor person tomorrow…Cyclic events..
Noble Leslie Ferrao
It is a real pity that he suffered such a huge loss but as the saying goes “That’s the way the Cookie crumbles”. People should divide their investment between Stock Markets, Property Investment and Fixed Deposits either in Banks or Debentures or Company or Cooperative Bank deposits where interest rates are bit higher. Do not put all your eggs in one basket,,,,,,,,,,cause when the basket breaks…….you all saw the markets wiped out overnight.
Wang should sue Modi as it’s because of Modi the Chinese (and world) market crashed.
Wah re wah China made crash in sensex…!
Many has lost in this psunamy