Chen Lihua, Honorary Chairman of Fu Wah International Enterprises Group and Director of the China Red Sandalwood Museum, passed away in Beijing on April 5, after medical treatment proved unsuccessful, at the age of 85, according to an obituary released by Fu Wah International Enterprises Group on Tuesday.

She was once China's richest woman with a net worth totaling 50.5 billion yuan ($7.5 billion), according to the report Richest Women in China 2016 released by Hurun Research Institution in 2016.

Chen served as a member of the 8th to 12th National Committees of the Chinese People's Political Consultative Conference (CPPCC), and Vice Chairperson of the 11th and 12th CPPCC Committee on Liaison with Hong Kong, Macao, Taiwan and Overseas Chinese. She was also the recipient of numerous prestigious honors, including the Outstanding Women Lifetime Achievement Award by the UN, according to the obituary.

Chen moved to Hong Kong Special Administrative Region in 1981 and accumulated capital through real estate investments. She founded Fu Wah International Enterprises Group in Hong Kong in 1988, and returned to Beijing in the 1990s to launch industrial investments across multiple sectors, including real estate, The Paper reported on Tuesday.

Her core business focused on the development and operation of high-end hotels, clubs, apartments, shopping malls and office buildings. She also invested 200 million yuan to establish China's first private museum dedicated to red sandalwood art, according to the report.