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Former Hong Kong Property Billionaire Pan Gets Bankruptcy Order

  • Firms including Citic Bank have petitioned against Pan Sutong
  • Tycoon behind Goldin Financial was once among Asia’s richest

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.