Former Hong Kong Property Billionaire Pan Gets Bankruptcy Order

Distressed Hong Kong property tycoon Pan Sutong was told by the city’s high court to go bankrupt, marking another blow to the former billionaire.

The court ordered Pan to unwind his holding company, Silver Starlight Ltd., after he and the firm failed to pay creditors including China Citic Bank Corp. HK$8 billion ($1 billion) that was due in 2019, according to a court filing Friday.

A representative for Pan said on Monday he is appealing the order.

Pan Sutong

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Once among Asia’s wealthiest people, Pan fell from grace after shares of his over-leveraged Goldin Financial Holdings Ltd. plunged amid a ...