Chinese billionaire Hui Ka Yan's wealth rises to $33.5 billion

Mumbai: Chinese real estate tycoon Hui Ka Yan has become third richest person in China after his company's stocks did exceptionally well on bourses.

Hui who is chairman of Hong Kong-listed Evergrande Group saw his wealth rising by a whopping $8 billion in just 48 hours, according to a report on Forbes. Shares of the Group zoomed by 34 per cent during two days trading, thus making Hui worth $33.5 billion.

Hui has scaled up the billionaires' ladder quite fast as a few years ago he was seventh richest person in mainland China. His investments in some small Chinese cities have returned him handsome dividends. Forbes Real-Time Ranking of the world’s billionaires puts Hui behind Alibaba’s Jack Ma and Tencent chairman Ma Huateng.

The Forbes report adds Evergrande Group has nearly 600 projects across more than 200 cities in China. Stocks of the realty giant have zoomed an astounding 393 per cent since the beginning of 2017, giving Hui a year to date boost of $24.5 billion.

The company had earlier announced that its unaudited net profit for first half of 2017 would be triple as against the profit recorded in previous year. Evergrande said, "A higher average selling price and increased square footage sold as the main reasons for the growth in profits".