Nicaragua Canal’s billionaire backer loses 84% of net worth

Chinese billionaire Wang Jing, whose company, HKND Group, holds a 50-year concession to build the US$50bn Nicaragua Canal, has lost 84% of his net worth this year, raising yet more doubts about the project’s viability.

According to Bloomberg, Wang was worth as much as US$10.2bn in June 2015, placing himself amongst the world’s 200 richest people, but his wealth has since plummeted to US$1.1bn, coinciding with falls in Chinese equity markets.

In September, HKND’s vice-president, Peng Guowei, confirmed that Wang has committed US$500m of his personal wealth into the project since 2013 when HKND Group was awarded the concession for the 274 km canal.