Billionaire Loses Goldin Touch With Asia's Worst Stock: Chartby
Few people will be happier to see Hong Kong’s stock market shut for the first three days of next week than shareholders of Goldin Properties Holdings Ltd. The developer controlled by billionaire Pan Sutong has plunged 52 percent this year, the most among the roughly 1,000 members of MSCI Inc.’s benchmark Asian gauge, in a rout that’s wiped about $11 billion in value since its 2015 peak. MSCI said this week it would remove the company from its indexes, following a similar move by FTSE, after the Hong Kong securities regulator named Goldin Properties among companies with a limited number of shareholders and warned the stock could be volatile. The developer soared as much as 65 percent on Dec. 24 before erasing the gains in a matter of days.