The boss of a Shanghai-based property developer lost more than a billion dollars Monday, as fears over the potential collapse of Chinese real estate giant Evergrande sent panic across Hong Kong trading floors.
Zhang Yuanlin, chairman of Sinic Holdings Group, saw his net worth drop from $1.3 billion Monday morning to $250.7 million by the afternoon, according to Forbes, when his firm was forced to halt trading in Hong Kong following an 87 percent slump in its share price.
Zhang was featured on Forbes' Billionaires list of the world's richest people this year and made his fortune in high-rise apartments -- now highly vulnerable as the possible collapse of teetering property giant China Evergrande sparks panic.
Sinic saw a sudden sell-off and massive increase in trading volume on its shares in the hours prior to its suspension, which comes just weeks before it must pay a 9.5 percent $246 million bond due on October 18, according to Bloomberg.
A spokesperson for Sinic did not respond to AFP's request for comment.
The firm is one of many seeing fortunes wiped over investor fears that Evergrande -- one of China's biggest developers -- will default on upcoming interest payments this week as it wallows in debts of more than $300 billion.
With the property sector estimated to account for more than a quarter of China's GDP, there are concerns of a spillover into the domestic and global economy.
The crisis has even triggered rare protests outside the company's offices by investors and suppliers demanding their money -- some of whom claim they are owed as much as $1 million.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Crisis-Hit Evergrande, Owing Over $300 Billion, Heads To Liquidation Rise and Fall Of Crisis Hit Evergrande Founder Hui Ka Yan Billionaire Boss Of China Evergrande Under "Residential Surveillance" Barack Obama Wants Joe Biden To Pull Out Of US Presidential Race: Report World's Largest Isolated Tribe Makes Rare Appearance In New Footage 32 Dead In Bangladesh Unrest, Protesters Set Fire To State TV Headquarters Comedy Legend Bob Newhart Dead At 94: Publicist Israeli Strike Kills Field Commander In Elite Hezbollah Unit: Report Delhi-San Francisco Air India Flight Diverted To Russia After Engine Glitch Track Latest News Live on NDTV.com and get news updates from India and around the world.