Wang Jianlin overtakes Mukesh Ambani as third richest Asian

Chinese real estate mogul Wang Jianlin has overcome India's Mukesh Ambani as Asia's third richest person, according to the Bloomberg Billionaires Index.

Wang's fortune surged 63% to $24.8bn (£15.8bn, €19.9bn) as he prepares for the initial public offering of the country's biggest mall developer, Dalian Wanda Commercial Properties. His fortune increased 98% year-to-date.

The company, which is 54% owned by the billionaire and his family, is looking to sell shares near the top-end of the marketed range to raise about $3.7bn in the offering.

Wang is the chairman and founder of Dalian Wanda Group, a Chinese conglomerate with interests in commercial property development, a department store chain, tourism, hotels and entertainment centres.

It became the world's largest cinema operator after buying Kansas City-based AMC Entertainment in 2012 for $2.6bn. Wang holds about 80% stake in AMC.

Meanwhile, Ambani's net worth fell by 2.4% to $20.4bn in line with the recent slide in Indian stock markets. He holds 41% of Reliance Industries, operator of the world's largest oil refinery complex and owner of the nation's biggest natural gas field.

Alibaba Holdings founder Jack Ma remains the richest Asian with a fortune of $28.8bn, followed by Hong Kong billionaire Li Ka-Shing, who is valued at $27.9bn.

Japan's richest man, Tadashi Yanai is the fifth richest man in Asia with a fortune of $18.4bn, according to Bloomberg.

According to the Forbes' rich list, Li Ka-shing is the richest Asian with a net worth of $28.7bn, followed by Ma at $23.4bn.

Ambani comes in at No. 3 with a $19.7bn fortune, followed by Yanai at $17.7bn and Baidu founder and CEO Robin Li at $15.9bn. Wang is the eighth richest in Asia with a fortune of $14.6bn, according to Forbes.