Who Is Wu Yajun? Richest Self-Made Woman In China

Wu Yajun, a formidable female tycoon whose ascent to billionaire status has been nothing short of remarkable. From toiling as a technician in a factory on a meagre salary to ascending the ranks as one of China's wealthiest self-made women, Yajun's trajectory is nothing short of remarkable. Wu, the former chairperson of Longfor Properties, has recently made headlines with a staggering $1.1 billion surge in her net worth, buoyed by Beijing’s renewed commitment to bolster the nation’s beleaguered property sector.

She stepped down from her position as the executive director and chairperson of Longfor Properties 2022, a Beijing-based real estate business that she co-founded. She went on to become Asia's richest woman and self-made female billionaire.

At the helm of Longfor Properties, she has carved a legacy defined by resilience and astute leadership. With a net worth soaring to $8.8 billion, predominantly fueled by her substantial stake in the Hong Kong-listed developer, Wu’s strategic foresight has propelled Longfor to the forefront of China’s real estate landscape. Despite relinquishing her role as chair, Wu’s influence looms large, highlighting her impact on the company’s trajectory.

From Factory Technician to Real Estate Tycoon

Wu Yajun's journey epitomizes the quintessential rags-to-riches story. She worked in a state-owned factory as a technician after graduating with an engineering degree in 1984. Despite earning a meagre $16 per month, she harboured aspirations far beyond the confines of her circumstances. It was Wu Yajun's foray into journalism that marked a pivotal turning point in her life. As she covered the property beat for a local newspaper, she encountered firsthand the challenges plaguing China's burgeoning real estate market. Undeterred by obstacles, her entrepreneurial zeal ignited, propelling her towards a new chapter of possibility. In 1993, alongside her then-husband Cai Kui, Wu Yajun laid the cornerstone for what would become her magnum opus, Longfor Properties. What commenced as a modes property development venture burgeoned into a towering success story, with Longfor Group Holdings emerging as a prominent player in China's real estate sector. 

Wu Yajun has kept her life private but here are 10 things that you should know about this engineer turned billionaire's journey.

Chinese Billionaire Wu Yajun Resigns: 10 Things To Know

1. Wu Yajun was named Hurun Richest Self-Made Women in the World in 2022, with an estimated net worth of 17 billion dollars.
2. With the 2022 credit crisis in China and the declining state of property businesses, Wu Yajun reportedly lost about two-thirds of her property, bringing her net worth down to around 6.3 billion dollars.
3. It is reported that Wu Yajun lost about one billiondollarsr every day during the credit crisis in China. The credit crisis is being considered one of the reasons behind her resignation, as many top businesspeople in China are quitting their positions.
4. Longfor Properties was founded by Wu Yajun and her ex-husband Cai Kui together in 1993. However, in 2012 the couple divorced and her husband lost his rights in the company. After her divorce, Wu Yajun lost her status as China's richest woman.
5. She is an engineering graduate and worked for about four years in a state-owned factory while earning 16 dollars a month.
6. In 1988, she joined journalism and wrote about real estate for six years for China Shirong News Agency. She later founded her own business based on her knowledge of real estate and became the chairperson of Longfor Properties in 2007.
7. After her resignation, she gave Chen Xuping, a 40-year-old former general manager who has been a part of the company since 2008, the position of chairperson of the company.
8. Wu Yajun has led a private life and stayed away from the limelight. The lack of information about her was to the extent that in 2003, when her name was included in the list of China's wealthiest people, her name was misspelt and she was assumed to be a man.
9. Aftershe resignedn from Longfor Properties, the share price of the company fell by 38 per cent.
10. Wu Yajun has a daughter with her ex-husband named Cai Xinyi, who became China's second richest woman and the only person under 30 years of age in China's 25 richest people's list in 2018 through a trust set up by her mother, which increased her net worth to about 7 billion dollars