Novaland chairman exits world billionaire list

By Minh Long   November 11, 2022 | 03:12 am PT
Novaland chairman exits world billionaire list
Chairman of real estate developer Novaland Group Bui Thanh Nhon. Photo courtesy of Novaland Group
Chairman of real estate developer Novaland Group (NVL), Bui Thanh Nhon, exited the world billionaire list after his asset value dropped due to a steep dive in NVL shares.

Nhon’s assets declined in value by roughly $2 billion from early April to $978.2 million on Nov. 11, according to Forbes’ The Real-Time Billionaires List.

On April 4, when Forbes announced the list, Nhon owned $2.9 billion worth of assets, ranking 1,053rd.

NVL has hit the bottom for seven straight sessions since Nov. 3 due to market sentiment and negative macroeconomic impacts, its management claimed in a filing with the Ho Chi Minh Stock Exchange (HoSE).

On Friday, when nearly 61 million NVL tickers were sold at floor price, it closed at VND41,850 (nearly $1.7).

It had risen to VND92,000 ($3.7) in June last year.

Novaland, Vietnam’s second biggest property firm after Vinhomes, is no longer among the 10 biggest firms on HoSE.

On Nov. 11 it had a market capitalization of over VND81.6 trillion.

Before Nhon, Tran Dinh Long, chairman of steelmaker Hoa Phat Group (HPG), was pushed out of the billionaire class. Long’s net worth plunged by more than $2.2 billion to $938.1 million on Nov. 10, as HPG shares were continuously sold off on the stock market.

Now, Vietnam has five billionaires with assets also declining in value.

According to Forbes' The Real-Time Billionaires List, as of Nov. 11, the assets of Vietnam’s richest man, Vingroup chairman Pham Nhat Vuong, was $3.9 billion, down $2.3 billion against April 4, ranking 700th in the world.

Elon Musk from the U.S. currently ranks first with assets of $196.3 billion as of Nov. 11.

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