Yang Huiyan's equity has dropped to $11 billion due to demand and bad debt problems faced by the biggest Chinese developersYang Huiyan, Asia's richest woman, has seen her fortune tumble to $11 billion from nearly $24 billion earlier this year as China's housing crisis escalates, according to the Bloomberg Billionaires Index.The 41-year-old businesswoman controls Country Garden Holdings, China's largest real estate developer by sales.Her share was largely transferred from her father Yang Guoqiang, who founded the company in Foshan, Guangdong Province, in 1992.Country Garden shares lost more than half their value in 2022 as the Chinese real estate sector has struggled with falling home prices, weakening buyer demand and a bad debt crisis that has engulfed some of its biggest developers since last year.Despite losing more than half of her fortune, Yang remains the richest woman in Asia, according to the Bloomberg Billionaires Index.The drop in her net worth has narrowed the gap to other billionaires in China, leaving Yang just $100 million behind Fan Hongwei, who controls the petrochemical industry's Hengli Petrochemical.Evergrande, China's most indebted real estate company, defaulted on its US dollar bonds in December after months of liquidity problems.Since then, several other major developers, including Kaisa and Shimao Group, have also sought protection from creditors.In recent weeks, the housing crisis has worsened, with thousands of disgruntled homebuyers making down payments on unfinished homes threatening to stop paying mortgages if construction is not completed on time.Country Garden is also facing increasing liquidity stress.On Wednesday (27), the developer announced that it would sell shares at a discount of almost 13% to raise $361 million.Some of the proceeds will be used to pay off the company's offshore debt, she added.“Mortgage boycotts are a dual threat to developers and the housing market,” analysts at Capital Economics said in a Wednesday report.The analysis draws attention to the problem of cash-strapped developers being unable to complete properties they have already sold, which is “pushing away new buyers”.The boycotts have also made banks more cautious about issuing mortgages, which could further hurt home sales.In a report earlier this week, S&P Global Ratings estimated that real estate sales in China could fall by a third this year as the market believes developers will not be able to complete pre-sold units on time – the most common way. to sell houses in the country.“Without sales, many other developers will collapse, which is a financial and economic threat,” analysts at Capital Economics said.This content was originally created in English.The main news and the best of our content, straight to your email.Choose the newsletter and sign up!Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit:Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit.