China's 2nd richest woman transfers $7 billion stake to daughter

China's second richest woman Wu Yajun, the Co-founder and Chairperson of real estate developer Longfor Properties, has transferred her 44% stake to daughter Cai Xinyi. Longfor said the transfer of the stake, currently valued at $7.3 billion, was carried out for wealth planning and succession purposes. Cai Xinyi will vote her shares according to her mother's instructions, the company added.