Yao Zhenhua was born in Shenzhen, China, China, is Chairman, Baoneng Group. Yao Zhenhua was barely known before an insurer he controls started to buy shares in property developer China Vanke, where he holds a 25% stake.
Regulators unhappy with trading by Yao's insurer Foresea Life barred him from holding a position in the industry for a decade.
Yao founded Baoneng Group in 1992 as a retailing business; today it has more than 40 shopping malls around China and is involved in healthcare.
Yao Zhenhua is a member of Diversified
💰 Net worth: $8.5 Billion (Updated at 22 June 2018)
In 1992, Yao founded Baoneng Group, which now has over 40 shopping malls in China.
In February 2017, Yao was banned from China's insurance industry for ten years after a failed takeover bid for Vanke by a Baoneng company, Foresea Life Insurance.