China slump affects Rich List

The number of Chinese billionaires has fallen this year for the first time as the nation counts the cost of a cooling property market, figures showed yesterday.

According to the Hurun Rich List, the number of dollar billionaires fell by 20 to 251 this year. Manufacturers have also overtaken property entrepreneurs as the biggest source of wealth for the world's second-biggest economy after Beijing moved to cool soaring property prices in 2010, hitting developers' share prices.