But rival developer Yang feels the pinch

Real estate tycoon Yang Huiyan, the richest woman on the Chinese mainland, has been under great pressure recently after one of her projects became embroiled in a scandal over quality.

Media reports recently said one of the projects of Yang's company Country Garden Holdings Co in Changsha, capital of Hunan province, were found to have serious problems and home buyers could not move in. They have been staying at a nearby hotel for three months.

Immediately after the scandal was exposed, shares in Yang's company on the Hong Kong Stock Exchange slumped by 7.5 percent in two days and Yang saw a HK$2.4 billion drop in her wealth overnight.