Tycoon Pan Shiyi criticizes China’s property “Ponzi scheme” as Evergrande CEO admits guilt.
Pan Shiyi Critiques China’s Real Estate Crisis In a rare and candid reflection on China’s struggling real estate sector, property magnate Pan Shiyi has labeled its development model as a “Ponzi scheme.” His comments come just days after the founder of China Evergrande, a massive property developer with overwhelming debts, pleaded guilty in a fraud […]