Friday, October 13, 2006

Worth $3.4bn, Ms Cheung is richest in China

A Chinese entrepreneur has surged past JK Rowling and Oprah Winfrey to become the richest self-made woman in the world, and China's wealthiest person.

Cheung Yan, 49, the head of Nine Dragons Paper recycling and packing firm, is said to be worth US$3.4bn (£1.8bn) after a ninefold rise in her fortune in a year. In comparison, JK Rowling is worth nearly $1bn. Ms Cheung's wealth rose after the firm listed in Hong Kong.

Ms Cheung heads a Chinese rich list dominated by male property speculators, industrial giants and dot.com tycoons, overtaking last year's leader, 36-year-old Huang Guangyu, the male owner of Gome Electrical Appliances, worth $2.5bn.

One of eight children born to a military family in Lioaning province, north-eastern China, she entered business in 1985 after periods in the US and Hong Kong.

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