Having Lost 84% of Wealth, 王靖 Could Hardly Build Nicaragua Canal

choi

Jill Mao and Blake Schmidt, This Chinese Billionaire Has Lost More Than Glasenberg in 2015. Bloomberg, Oct 3, 2015.
http://www.bloomberg.com/news/ar ... -biggest-loss-of-15

Quote:

(a) "Telecommunications entrepreneur Wang Jing, 42, was one of the world’s 200 richest people with $10.2 billion at the peak of the Chinese markets in June, according to the Bloomberg Billionaires Index. His net worth has since fallen to $1.1 billion.

"His 84 percent drop so far in 2015 is the worst recorded by the index, which provides a daily ranking of the world’s 400 richest people. Ivan Glasenberg, chief executive officer of Baar, Switzerland-based Glencore Plc, had the second-biggest percentage decline, falling 66 percent to $1.8 billion.

(b) "Wang owns 35 percent of publicly traded Beijing Xinwei Telecom Technology Group Co 信威通信, which has tumbled along with China’s equity markets.

(c) "Behind Wang and Glasenberg are Hong Kong casino operator Lui Che-Woo 吕志和 and Mexican retailer Ricardo Salinas, who’ve both fallen almost 47 percent. To date, the year’s biggest dollar decliners are the world’s third- and fourth-richest people. Carlos Slim, No 4, has lost $14.2 billion, or 20 percent of his net worth. Warren Buffett is down $12.5 billion, a 17 percent fall.

(d) "HKND Group, Wang’s closely held development company, was awarded a 50-year concession for the 170-mile (274 kilometer) canal by the government of President Daniel Ortega in 2013. The billionaire said in a December 2014 televised press conference in Nicaragua that he was committing personal funds to the project, and he’s poured about $500 million of his own money into it so far,

Note:
(a) Some news media outlets reported yesterday Wang Jing's catastrophic loss, but those reports were all based on Bloomberg Billionaires Index.
(b) This report does not, and will not, appear in BusinessWeek. It is Bloomberg News.
(c) Baar, Switzerland
https://en.wikipedia.org/wiki/Baar,_Switzerland

is 15 miles (air distance) due south of Zurich.
(d) HKND Group  HKND集团 (董事长兼总裁 王靖) where HMND stands for "Hong Kong Nicaragua Canal Development."
(e) There is no need to read the rest, which is inane.