China’s scion gets RM 29b stake in property giant

By BLOOMBERG

HONG KONG • One of China’s richest women is transferring a piece of her property empire to a trust linked to her daughter.

A discretionary trust set up by Longfor Group Holding Ltd’s chairperson Wu Yajun (picture), 54, will distribute the entire stake of a holding company with 44% of the residential and retail developer to a trust established by Wu’s daughter. The company didn’t disclose the trust’s beneficiaries.

The stake is worth about US$7.2 billion (RM30.17 billion) as of Nov 23. The transaction from the mother trust to daughter trust is for “family wealth and succession planning”, the company said in a Nov 22 filing, without providing further details.

The billionaire’s daughter, Cai Xinyi, declined a request for an interview. A Longfor spokeswoman said the daughter doesn’t hold a position at the company, and there are no publicly available photos and scant information about her.

“Wu still remains the chairman and ED of the listed company, and participates in the company’s operation and management,” the spokeswoman said in an email reply.

A search of the Hong Kong company registry shows that Cai Xinyi is a director of nine closely-held companies, including Charm Talent International Ltd, a firm based in the British Virgin Islands that is part of the ownership structure of the Longfor stake. She was appointed a director for the companies in 2017, and holds a Hong Kong ID.