China's 400 Richest

The Year of the Rat has been a rough one for China's richest, with fortunes being dragged down amid a 60% plunge in mainland stocks and a 50% drop in Hong Kong shares in 2008. The combined net worth of the 400 richest dropped to $173 billion from $288 billion. The top 40 lost $68 billion, or 57%. The minimum net worth slipped $20 million to $180 million. We found 24 billionaires, down from a record 66 in 2007. These losses would have been greater had it not been for the renminbi's 10% appreciation against the dollar.

Net Worth: $3 billion Age: 60

Company: East Hope Group Industry: Agriculture, Metals City: Shanghai

Jonathan Drake/Bloomberg News /Landov

With $120 in savings, he and 3 brothers started raising quail, chickens in 1982. Their Hope Group became one of China's largest makers of animal feed. Siblings split in 1999; Yongxing moved to Shanghai. His East Hope Group is still one of China's biggest feed producers, making 100 types; business has fared well in past year. Also owns aluminum smelters.

#2 Wong Kwong Yu (Huang Guangyu)

10.29.08, 10:00 PM ET

Net Worth: $2.7 billion Age: 39

Company: Gome Electrical Appliances Industry: Retailing City: Beijing

AP Images

Heads electronics-appliance retailer Gome, forbes asia's Fab 50 member. Shares have lost three-quarters of their value since January high on fears of consumer slowdown. Wong cashed out $300 million of shares in 2008. Majority owner of 360 privately held Gome stores

#3 Yang Huiyan

10.29.08, 10:00 PM ET

Net Worth: $2.22 billion Age: 27

Company: Country Garden Industry: Real Estate City: Foshan

REUTERS/China Daily

Real estate heiress whose father, Country Garden's chief, Yeung Kwok Keung, transferred holdings to her ahead of 2007 initial offering. Net worth plunged $14 billion in part due to company's ill-timed acquisitions during market peak.

#4 Liu Yonghao

10.29.08, 10:00 PM ET

Net Worth: $2.2 billion Age: 57

Company: New Hope Group Industry: Agriculture, Finance City: Chengdu

AP Images

Brother of Liu Yongxing (No. 1) has run New Hope Group since 1995. Fortune hurt by declining value of stake in Minsheng Banking. Acquired stake in chemical maker Hebei Baoshuo. Donated $1.5 million to earthquake victims.

#5 Zhou Chengjian & family

10.29.08, 10:00 PM ET

Net Worth: $2 billion Age: 43

Company: Metersbonwe Industry: Retailing City: Wenzhou

ImagineChina

Has created a fashion brand and retailer, Metersbonwe, for China's masses, thanks in part to savvy marketing that includes hiring pop stars as spokespeople, fashion consultants. Constantly refreshing products, launching 3,000 designs in a year. Opened first store in 1995, now has 2,200. Took company public in late August, raising $200 million, one of China's most successful public offerings of the year. Fortune includes shares held by his daughter.

#6 Zhang Jindong

10.29.08, 10:00 PM ET

Net Worth: $1.8 billion Age: 45

Company: Suning Appliances Industry: Retailing City: Nanjing

AP Images

Got start in air-conditioning wholesale market in 1990 but soon shifted to retail. His Suning Appliance, rival of Wong's Gome, now has $5.5 billion in sales and is member of Fab 50. Opened 175 stores last year. Sales, profits up, but stock fell 80% owing to worries about outlook.

#7 Robin Li

10.29.08, 10:00 PM ET

Net Worth: $1.7 billion Age: 40

Company: Baidu.com Industry: IT City: Beijing

AP Images

Entrepreneur behind Baidu.com, leading Chinese-language Internet search provider. Stock is down, despite strong performance including 91% gain in net profits in most recent quarter. Hired new chief technology officer, chief financial officer in 2008.

#8 Du Shuanghua

10.29.08, 10:00 PM ET

Net Worth: $1.6 billion Age: 43

Company: Rizhao Steel Industry: Manufacturing City: Hengshui

ImagineChina

Heads Rizhao Steel Holding, one of China's largest private steel manufacturers. Group donated $15 million for Sichuan earthquake victims.

#9 Ma Huateng

10.29.08, 10:00 PM ET

Net Worth: $1.58 billion Age: 37

Company: Tencent Industry: IT City: Shenzhen

AP Images

Runs Tencent, China's most popular provider of online chat services. Revenues up 85% in first half 2008 thanks to boost in Internet advertising ahead of Olympics and popularity of such online games as Dungeon, qq Dancer and Cross Fire.


10 Zhou Furen & family 10.29.08, 10:00 PM ET

Net Worth: $1.55 billion Age: 57

Company: Xiyang Group Industry: Manufacturing City: Haicheng

ImagineChina

Former leader of a collective, he and family own $2.9 billion (sales) Xiyang Group, one of China's largest suppliers of magnetite products. Also makes steel, fertilizer.