The billionaires in China now number 106, second only to the United States, according to the Hurun China Rich List compiled by Rupert Hoogewerf, a Shanghai-based independent researcher. Six of the top 10 of those U.S. dollar billionaires can count their fortunes as being derived from China's hot property market. Nearly half of those making the top 50 deal in real estate.

"Household incomes are rising rapidly, and a growing number of people are moving into cities from rural areas. Those trends are creating great business opportunities for property developers," said Russell Flannery, Forbes senior editor and compiler of the magazine's China Rich List.

Topping both the Hurun list and the Forbes list was 26-year-old Yang Huiyan, successor of real estate empire Country Garden Holdings Ltd., which her family controls.

Many of these new tycoons made their fortunes after listing their companies on the hard-charging stock market and other real estate developers are clamoring to get listed. On October 8, developer Soho China made its debut on the Hong Kong stock market and the value held by the owners of the company, Pan Shiyi and his wife Zhang Xin, soared to over HK$31 billion. Riding that wave was enough to get them ranked at 16th on the Hurun China Rich List.

"If private property development companies can get listed, they can expand their businesses with the capital raised from share sale," said Zhang Xin, CEO of Soho China. Zhang said the fast developing property companies are desperately seeking out financing streams apart from bank loans. With the adoption of new accounting systems, Zhang believes now is the right time for private property companies to become public companies.

Others have the same idea. Many property developers are rushing to get listed on the mainland. Those who haven't been listed are hoping to do so and those who are listed in Hong Kong are thinking of issuing shares on the domestic A-share market.

The A-team

Since announcing its plan for domestic listing, the strategy of R&F Properties has changed significantly. In the first half of this year, R&F Properties acquired seven pieces of land totaling 2.74 million square meters. The company purchased over 3.56 million square meters in two weeks after the Chinese National Day holiday in October.

On October 10, Goldman Sachs released a report predicting that the net asset value per share of R&F Properties is expected to grow 66 percent, up to HK$36.17 by the end of next year. Goldman Sachs speculated that R&F Properties will issue A shares to maintain its acquisitions. R&F Properties is owned by Zhang Li, the fifth wealthiest person in China according to the Hurun rich list.

Chen Zhihao, Assistant Chairman of R&F Properties, said the company will engage in more building projects this year and that completed commercial projects will see increases in rent revenues. Chen said these two factors would help the company prepare for the A-share market listing.

For those already listed on the Hong Kong stock market, domestic listing is now the first choice. In October, the Hang Seng Index grew over 10 percent and share prices of companies planing A-share market listing soared nearly 80 percent.

Property developers Forte (Group) Co. Ltd. and Beijing Capital Land have recently made statements announcing their imminent share sales on the mainland market.

King Hong Kong

The mature Hong Kong stock market is without a doubt the first choice for those seeking an initial public offering (IPO). So far this year, mainland companies such as Country Garden Holdings, Sino-Ocean Land Holdings and Soho China have been listed in Hong Kong.