China property billionaire transfers US$7b stake to her daughter's trust

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's chairman Wu Yajun, 54, will distribute the entire stake of a holding company with 44 per cent of the residential and retail developer to a trust established by her daughter. The company did not disclose the trust's beneficiaries.