Wang Jianlin, chairman of Wanda commercial properties, attends a ceremony during the debut of the company at the Hong Kong Stock Exchange in this December 23, 2014 file photo. [Photo/Agencies]

The Hurun Property Rich List 2015 was released Wednesday in Shanghai. Wang Jianlin and his family of the China Wanda Group topped the list with 120 billion yuan ($18.9 billion) in wealth real estate. This is the fifth time the Wang family topped the list as the richest people in the business.

They are followed by Chen Lihua of the Fu Wah International Group whose wealth in the industry is 47 billion yuan.

The average fortune of top ten property tycoons is 41.6 billion yuan, up 23 percent?from the previous year.

"China's real estate tycoons have had a good year generally, as the big players have continued to grow fastest, making it harder for small and medium-sized players to keep up," said Rupert Hoogewerf, chairman and chief researcher at Hurun Report Inc.

Hoogewerf added that the recent cut in interest rates as well as bank's cash reserve ratio has boosted the industry.

This is the tenth year the Hurun Research Institute releases a rich list in the real estate sector. The finalists' fortune in other sectors such as entertainment was not calculated.