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| Cheung Yan and family (China) |
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http://www.feizouzhai.cn
2009-03-02 |
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| The eldest of eight children born into a military family in North East China, Cheung Yan set up a scrap paper trading business in Hong Kong back in 1985. Together with her husband, Taiwan-born Liu Mingzhong, Cheung set up a US-based broker to secure and supply recycled paper for its mills in China. Today she is the largest exporter by volume of scrap paper from the US, processing the paper in two state of the art board mill complexes in Guangdong and Jiangsu. With her husband she controls 72% of Nine Dragons, which listed on the Hong Kong stock market in 2006. The shares soared and she was the richest woman in China, topping the Hurun Report 2006 rich list. By September 2007 the 72% stake held by her family in Nine Dragons had risen to £7.5 billion in value. But in recent months, the deep recession has caused huge problems for Nine Dragons: its markets have collapsed, prices are rock bottom and the shares have also collapsed. The company has been forced to issue repeated denials that it is going bankrupt. The family stake is now worth just £470m. |
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