Real estate a 'major business' of billionaires

BEIJING - One-third of Chinese billionaires have businesses in real estate, a latest research report has found.

The report, released by cuaa.net, an independent Chinese website focusing on alumni affairs, showed that half of the number of Chinese billionaires have businesses in three major industries: Real estate, energy and information technology.

China has 1,958 billionaires. Of these, 567 people have businesses in real estate and their companies are mainly located in big cities such as Beijing, Hangzhou, Guangzhou and Shenzhen, where property prices are significantly higher, the report said.