The start of Hong Kong trade on Wednesday by real estate developer Shinsun Holdings Group has formally minted a new China real estate billionaire family.

Shanghai-headquartered Shinsun’s stock ended the day today at HK$5.60, little changed from its IPO price of HK$5.59.   The 79% stake held by a family trust controlled by Shinsun’s 69-year-old chairman Chen Guoxiang and family was worth $1.7 billion today. 

Chen’s wife  Zhu Guoling, is a co-founder.  Son Chen Hongni, 37 years old, is the CEO; Hongni is a Canadian citizen and holds a degree from Fort Hays State University.

China’s richest real estate billionaire family is Yan Huiyan, chairman of Country Gardens, who holds a fortune worth $29 billion on the Forbes Real-Time Billionaires List today.

After the  U.S., China is home to the world’s second-largest number of billionaires. IPOs such as Shinsun’s have helped fuel their numbers this year.

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How Billionaire Zuo Hui Dominates China’s Real Estate Transactions

—Elaine Mao