Pan Sutong, once the billionaire of Hong Kong real estate, has been given an order to declare bankruptcy after three years of unpaid debt.
Bloomberg reported the news on July 11, saying that creditors have been waiting for 1 billion dollars of debt payment from Pan and his holding company, Silver Starlight Limited, since 2019. China City Bank Group is one of the creditors.
The order was issued by the Hong Kong High Court. A filing was made on July 8.
The Chinese lender filed a case against Pan and Silver Starlight with the support of two additional Citic Bank-affiliated entities. Additionally, in May, a division of Bank of China Limited also filed a bankruptcy petition against Pan. The outlet said this case will be heard on August 2.
Pan Sutong is the CEO of Goldin Real Estate Financial Holdings Limited and the founder of Matsunichi Digital Holdings Limited. He stepped down as the chairman and executive director of Goldin Financial Group in June, following the scrapped sale of the company’s eponymous Hong Kong skyscraper.
According to Bloomberg Billionaires Index, Pan was Asia’s fifth wealthiest man in 2015 with a net worth of 27 billion dollars. He also came to be known as the man whose fortune fell by 13 billion dollars in a single afternoon of trading that year amid a real estate crash. The majority of his assets were locked up as collateral for loans.
According to Bloomberg stock exchange filings and data, Pan and Goldin Financial accumulated over 4.8 billion dollars in debt for four real estate projects in Hong Kong between May 2017 and September 2020.