It’s a swift fall from grace for Pan, 57, who was Asia’s fourth-richest man in 2015 with a net worth of US$27bil, according to the Bloomberg Billionaires Index. But after shares of his Goldin Financial Holdings Ltd. plunged and with most of his properties locked up as collateral for loans, he has fallen off the list of the world’s 500 wealthiest people.
HONG KONG: In just five years, Hong Kong property tycoon Pan Sutong has gone from ranking among Asia’s wealthiest people to having his company’s flagship skyscraper seized by creditors chasing more than US$1bil of debt.
In just five years, Hong Kong property tycoon Pan Sutong has gone from ranking among Asia’s wealthiest people to having his company’s flagship skyscraper seized by creditors chasing more than US$1 billion of debt.
January 13, 2021 | 4:36 pm Advertisement
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Shares of property tycoon Pan Sutongâs Goldin Financial Holdings Ltd. plunged and with most of his properties locked up as collateral for loans, he has fallen off the list of the worldâs 500 wealthiest people. Goldin Financialâs eponymous skyscraper is at the heart of an asset grab by creditors after the company failed to make timely payments on its outstanding debt. Photo via Goldin Financial/goldinfinancial.com
In just five years, Hong Kong property tycoon Pan Sutong has gone from ranking among Asiaâs wealthiest people to having his companyâs flagship skyscraper seized by creditors chasing more than $1 billion of debt.
On the edge of London’s Canary Wharf district, the tallest residential skyscraper in western Europe was due to open this year. The Spire London’s hype gushed about the possibility of drones delivering food to residents in between their visits to the tower’s cinema and swimming pool.