One of the richest people in Asia, he became an almost land-ridden real estate mogul

Pan, 57, was still the fourth richest man in Asia with $ 27 billion in wealth in 2015, but after his company, Goldin Financial Holdings, began to plummet and most of his real estate seized as credit protection, has been removed from the list of the 500 richest people in the world.

Pan entered the world of real estate investment in 2008, when the area was still in its golden age in Hong Kong. His firm, Goldin Financial, has amassed nearly $ 5 billion in loans between May 2017 and September 2020 for four properties in Hong Kong. According to the paper, at least $ 1 billion of this loan is still outstanding.

A Bloomberg article notes that Goldin’s downfall is presumably linked to Pan’s strategy, as the businessman split ownership of the properties between his company and himself. In 2018, for example, the CEO decided to take over one of the residential properties 100% of his own interests and acquire a majority stake in another. All of this also resulted in Pan becoming one of the sole guarantors of a fairly large loan in one of the residential real estate developments, which the banks involved in the project did not like and also backed out of the business.

The other creditors of the company, seeing the payment difficulties, confiscated the skyscraper of the company, the sale of which is expected to cover the outstanding debts.

Source: – Befektetés by

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