Wu Yajun, the billionaire cofounder of real estate developer Longfor Properties, added $1.1 billion to her net worth on Tuesday, a day after Beijing pledged more support for China’s troubled property sector. But some analysts are already warning optimism about this support might be overdone.
The 59-year-old female tycoon has a net worth of $8.8 billion on the Real-Time Billionaires List, derived mostly from her more than 40% stake in the Hong Kong-listed developer, though she stepped down as chair of the company last October. Longfor’s shares soared as much as 28% during the morning trading session on Tuesday, making it one of the best-performing real estate stocks after a policy readout on Monday, in which Chinese authorities announced the further relaxation of curbs on the country’s beleaguered property sector.