SHANGHAI, CHINA - A 39-YEAR-OLD appliance tycoon known as the 'Price Butcher' is China's richest man, according to a list published on Tuesday that reflected how plummeting stock and property prices have slashed fortunes.

Mr Huang Guangyu, whose Gome chain of consumer electronics stores earned him the nickname 'China's Sam Walton', a reference to Wal-Mart's founder, topped Hurun Report magazine's annual rich list with US$6.3 billion (S$9.2 billion) in assets.

In a sign of the times, last year's number one, 27-year-old female property developer Yang Huiyan, slipped to third after her mostly inherited fortune shrank to US$4.9 billion from US$17.3 billion last year.

Despite a tumultuous year, the list shows the phenomenal growth of personal wealth in a country that has seen its economy expand by double digits for five consecutive years.

When publisher Rupert Hoogewerf, who previously compiled the Forbes rich list, first created the ranking a decade ago only 50 were listed with six million US dollars or more.

Hurun is the Chinese name used by Mr Hoogewerf, a trained accountant.

It is the third time Mr Huang - known for his bargain prices - has topped the list. He was also number one in 2004 and 2005.

Mr Huang, a high school drop-out, started building his fortune when he was 16, with a roadside stall in Beijing selling radios and gadgets that he bought from factories near his hometown in south China's Guangdong province.

The Hong Kong-listed Gome Group is now China's largest consumer electronics chain with 828 stores in nearly 200 cities.

Mr Huang has also ventured into private equity as head of the Beijing-based Pengrun Investment company.

Steel tycoon Du Shuanghua, 43, was number two on this year's list with an estimated fortune of US$5.1 billion dollars.

Mr Du, head of Shandong-based Rizhao Steel Group, did not rank in the top tier on last year's list - underlining how quickly fortunes can change in China. -- AFP