[News Inside] Asia's Most Mysterious Female Billionaire... What Actually Revealed Her Was 'Nationality Laundering'

Yang Huiyan, Chairwoman of Biguiyuan... Known for Cyprus Nationality Laundering in 2018
Suspected of Overseas Escape to Protect Assets

▲Yang Huiyan, Chairwoman of Country Garden

[Asia Economy Reporter Kwon Jaehee] Yang Huiyan, chairwoman of Chinese real estate company Country Garden and Asia's richest woman, has long been shrouded in mystery. However, she came into the public eye under unfortunate circumstances when she became embroiled in a 'nationality laundering' scandal.

Despite being Asia's wealthiest woman, very little is known about Yang Huiyan publicly. Even within the company, it is known that only a small circle of close aides meet her directly. At shareholder meetings, she is always quietly seated behind her father, listening without making any conspicuous remarks. She also never gives interviews to the media.

She became publicly known in October 23, 2018, when she obtained a Golden Visa from Cyprus, a small Mediterranean island nation. Since 2013, Cyprus has offered permanent residency after three years for an investment of about 2 million euros. The screening process is largely formal, and the procedures are not complicated as long as the investment is made, making it a popular destination for Chinese wealthy individuals to shelter their assets. This has fueled suspicions that her nationality laundering is an overseas escape to protect her wealth. China does not allow dual citizenship.

Particularly controversial is that her father, Yang Guochang, founder of Country Garden, also serves as a member of the Chinese People's Political Consultative Conference (CPPCC), a key political body in China. This means the daughter of a CPPCC member, a central figure in Chinese politics, is suspected of fleeing abroad.

Born in 1981 and now 40 years old, Yang Huiyan first became known in 2007 when she was 27. Country Garden was listed on the Hong Kong Stock Exchange, and its stock price soared. At that time, Yang Huiyan owned 70% of the company's shares, making her assets reach 70 billion Hong Kong dollars, ranking her as China's richest woman.

Currently, she ranks 42nd on the Bloomberg Billionaires Index. Her assets are reported to be $27.3 billion (approximately 30.8 trillion KRW).

She is the second daughter among the three daughters of Chairman Yang Guochang. The eldest daughter is known to have a chronic illness and does not participate in management activities. Yang Huiyan has attended shareholder meetings with her younger sister since she was 13. After meetings, Yang Guochang would ask his daughters about the meanings of the discussions and even teach them how to reprimand subordinates, providing her with management training from a young age.

The formal succession process began when Yang Huiyan joined Country Garden in 2005 as head of the purchasing department. Chairman Yang officially designated her as his successor by giving her the title of "chairwoman." She has been responsible for planning and driving new development strategies within the group.

In an interview with Chinese media, Chairman Yang described Yang Huiyan as "having excellent character and diligence, possessing the qualities to lead the group."

Industry insiders also evaluate Yang Huiyan as "experienced and agile in handling affairs, possessing the leadership to steer the group."

She is known to have excelled academically, earning A grades in all her major courses while attending Ohio State University in the United States. In 2006, she married a Chinese student studying in the U.S. who graduated from Tsinghua University, one of China's prestigious universities. Her father-in-law is known to be a senior official in Northeast China.

Meanwhile, Country Garden, established in 1992, focuses on real estate businesses such as construction, apartment management, interior design, and hotels. In 1994, it began its success story by attracting Jing Shan School, a prestigious school in Beijing, creating a new concept of real estate development combining affluent neighborhoods and elite school districts. It also introduced five-star hotel-level apartment management services, establishing Country Garden as a luxury brand. Recently, despite the COVID-19 pandemic, it has rapidly grown, surpassing competitors such as Evergrande, Vanke, R&F Properties, and Baoli, maintaining its undisputed number one position in the industry.