Chinese billionaires list touches 300 on real estate boom: Report

BEIJING: The number of billionaires in China has touched 300 by the end of 2013 mainly due to real estate boom, according to a new annual ranking of the wealthiest individuals in the communist nation, world's second largest economy.

The personal fortunes of 300 Chinese topped 10 billion yuan ($1.6 billion) in 2013, a new annual ranking of the wealthiest individuals by the Hurun Report of "China Rich List," said.

The wealth of 160 of the multi-billionaires is in the form of invisible assets, the report said.

It also counted 8,300 Chinese with wealth reaching one billion yuan, 200 more than a year earlier.

The number whose wealth tops 10 million yuan also surged by 40,000 to 1.09 million, state-run Xinhua news agency reported.

The Hurun Report, a monthly magazine best known for its annual rich list, attributed the increase to the country's overall GDP growth and appreciation in the value of real estate.

It forecast the number of people in China with personal wealth topping 10 million yuan would reach 1.2 million in the next three years, it said.