China’s former richest woman is transferring more than half of her personal stake in a property services operation to a family charity, as her real estate empire continues to grapple with the fallout from the country’s property crisis.
Yang Huiyan, chair of Country Garden Services Holdings Company, is giving about 55% of her personal stake in the property management firm to a charity founded by her sister, according to a statement Sunday. Yang is China’s third richest woman with a fortune of almost $7 billion, and the value of the stake involved is about $826 million as of Friday, according to the Bloomberg Billionaires Index.
The 41-year-old tycoon will keep hold of the voting rights as she seeks to maintain the stability of corporate governance. The charity foundation, Guoqiang Public Welfare Foundation, “irrevocably and unconditionally undertakes” to Yang that it will hold the shares for 10 years, according to the statement.
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