London Daily

Focus on the big picture.
Thursday, Jul 31, 2025

Embattled tycoon Pan taps Great Eagle to bail him out in Ho Man Tin

Embattled tycoon Pan taps Great Eagle to bail him out in Ho Man Tin

The emergence of Great Eagle is the latest twist in the dramatic rise and fall of Pan, whose Hong Kong-listed Goldin Financial Holdings made headlines in June 2019 when it forfeited HK$25 million in deposit after walking away from its HK$11.1 billion bid for a harbourfront plot of commercial land at the former Kai Tak airport site.

Pan Sutong, the embattled real estate tycoon facing a breach of contract law suit, has been replaced in a venture in Hong Kong’s Ho Man Tin residential district, the latest twist in the financial struggles of one of the city’s high-flying developers.

Pan’s Goldin Properties Holdings reached a novation agreement to transfer its right to develop Ho Man Tin Station Package One parcel to Great Eagle Group of the Lo family, said MTR Corporation. Great Eagle paid a HK$1 billion (US$129 million) refundable deposit to MTR, according to a separate filing to the Hong Kong stock exchange by the developer.

“[MTR] will work together with Great Eagle to bring this project to completion,” according a statement by the subway operator, which owns land around the city that can be developed into residential, commercial and retail property.

The emergence of Great Eagle is the latest twist in the dramatic rise and fall of Pan, whose Hong Kong-listed Goldin Financial Holdings made headlines in June 2019 when it forfeited HK$25 million in deposit after walking away from its HK$11.1 billion bid for a harbourfront plot of commercial land at the former Kai Tak airport site. Less than a year later, the developer sold a separate plot of residential land at Kai Tak for a record HK$2.57 billion loss.

Goldin Financial Holdings’ chairman Pan Sutong at the Sha Tin racecourse on March 16, 2017.


The Ho Man Tin land parcel, which could yield 69,000 square metres (742,716 square feet) of gross floor area capable of housing as many as 1,000 apartment units, could cost HK$10 billion to develop, according to analysts’ estimates.

The development right was awarded in December 2016 by MTR to Gold Brilliant Investment, a consortium led by Goldin Financial.

Goldin sold 50.1 per cent of the stake in the project to the company’s chairman Pan for HK$6 billion in April 2018. Goldin, with HK$7.6 billion in total liabilities as of December, reported HK$993.13 million in interim loss in the second half of 2020.

Pan, 57, was estimated to be worth US$27 billion in 2015 by the Bloomberg Billionaires Index. With the shares of Goldin and most of his property portfolio locked up as collateral for loans, the tycoon has fallen out of the list of the world’s 500 wealthiest people.

A view of the residential site at Kai Tak called Area 4B, Site 4 as of March 12, 2018.


Goldin Financial received a bailout last year after it sold its second Kai Tak land parcel called Area 4B Site 4 at a discount in exchange for cash and loans. The buyer, a private company incorporated in the British Virgin Islands known as Sino Shield, was believed to be linked to Hong Kong’s most famous business tycoon Li Ka-shing.

On February 9, Pan and his Gold Brilliant unit signed a tentative agreement to transfer their development rights in Ho Man Tin to Great Eagle, chaired by tycoon Lo Ka-shui. Ten days later, CK Asset’s unit Cheung Kong Property (Business Development) filed a writ in the Hong Kong High Court, suing Pan and Gold Brilliant for breaching a September 1, 2020 agreement that granted the right of first refusal to build in Ho Man Tin to Hong Kong’s second-largest developer.

MTR and Great Eagle said they would not comment on the agreements reached by the other parties. CK Asset was unavailable for comment.

Newsletter

Related Articles

0:00
0:00
Close
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
×