Property tycoons suffer decline in their wealth

SHANGHAI - Real estate tycoons in China have seen their wealth shrink by 25 percent over the past three years thanks to government attempts to curb the rampant property speculation in the city.

The Hurun Research Institute's China Property Rich List reported on Tuesday that the 50 richest Chinese property developers have 11.6 billion yuan ($1.7 billion) this year, on average. That's down from the record high of 15.5 billion in 2007, and 12 billion last year.

This is the fifth year for the annual report.