(Yicai Global) Sept. 18 -- The share price of China Evergrande Group [HK:3333], China's real estate giant headquartered in Guangzhou in South China's Guangdong province, has reached an all-time high, which enables the developer's board chairman Hui Ka Yan to replace Ma Huateng, board chairman of internet titan Tencent Holdings Ltd [HKG:0700], to become the richest man in China, according to Forbes magazine.

The share price of China Evergrande Group advanced nearly 4 percent today to historical high of USD4.22 (CNY27.75), corresponding to a total market cap of about USD50 billion.

The latest Forbes data indicate that Hui Ka Yan is at the top of the list with current worth of USD39.1 billion while Ma Huateng, with current worth of USD38.7 billion, is tied with Jack Ma, board chairman of e-commerce giant Alibaba Group Holding Ltd. [NYSE:BABA], for the second place.

Public data as of May 5, 2017, show that Hui Ka Yan holds 10.16 billion shares of China Evergrande Group, equaling to a stake of about 77.87 percent.

The continuous share price gain of real estate companies is mainly sustained by sales data, the analysts said. With the enhanced concentration of China's real estate industry, leading players have more and more advantages in links such as financing, land acquisition, and sales, and can therefore seize greater market share and earn more profits.