He was one of Asia’s richest men, but now he’s fending off debt collectors

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.

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.