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By Lisa Marie Segarra
October 12, 2017
China Evergrande Group Chairman And Billionaire Hui Ka Yan Attends Earnings News Conference
Billionaire Hui Ka Yan, chairman of China Evergrande Group.
Bloomberg—Bloomberg via Getty Images

Dalian Wanda Group Chairman Wang Jianlin has been dethroned as China's richest man by real estate developer Hui Ka Yan, who gained $30 billion over the past year to reach $43 billion.

The founder of real estate group China Evergrande, who also goes by Xu Jiayin, tops China's Hurun Rich List 2017, which was released Thursday by the Hurun Research Institute (HRI).

Hui owns more than 70% of Evergrande. The company's shares have soared, gaining more than 450% since the beginning of 2017, the institute said.

Wang, who topped China's Hurun Rich List 2016 with a fortune of $32 billion, fell to fifth place as his wealth shrunk 28% to $23 billion, according to HRI.

Pony Ma of Tencent took second place with a fortune of $37 billion, surpassing Jack Ma. The Alibaba founder held the second spot in 2016, but moved to third place in 2017 after reducing his stake in Ant Financial, an Alibaba subsidiary. That move cost him, according to Rupert Hoogewerf, Hurun Report chairman and chief researcher.

"Had Jack Ma kept his 35%, he would have been China’s Number One," Hoogewerf said in a statement.

Overall, China's super rich have doubled over the past five years, with more than 2,000 people having $300 million, according to Hoogewerf.