(Yicai Global) Dec. 10 -- Chinese property tycoon Xu Jiayin, chairman of Evergrande Group, has surpassed the country's richest tech gurus -- Jack Ma and Pony Ma -- on the Forbes' rich list after tech stocks slid last week.
Xu came in at 20th on the Forbes' real-time billionaire list before China's stock markets opened today, with a net worth of USD36.7 billion. Alibaba's Jack Ma followed one place behind at USD35.4 billion and Tencent Chairman Pony Ma came in at 22nd with USD35.3 billion.
Tech stocks have been falling across the board over the past week or so, and Alibaba and Tencent have been no exception. Alibaba [NYSE:BABA] fell 4.85 percent last week, closing at USD153 a share on Dec. 7, while Tencent [HKG:0700] was down 0.45 percent at HKD310.6 (USD39.7) a share.
The declines matched the Dow Jones Industrial Average and Nasdaq Composite Index, which both fell over 4 percent last week due to what investment institutions said was a result of Federal Reserve interest rate hikes, tense trade situations and soaring American bond yields.
On the contrary, Evergrande's stock [HKG:3333] gained 1.4 percent over the week, closing at HKD25 on Dec. 7.
Editor: James Boynton