According to reports, Pan Shiyi and his wife established Seven Valleys, a family office in New York, to engage in global real estate investment business. The two largest assets are the General Motors Building (General Motors Building) on Fifth Avenue and Park Avenue in downtown Manhattan Plaza (Park Avenue Plaza). After entering the cold winter of the inner room, the above two investments are worth about 500 million US dollars, which is similar to the value of SOHO China shares currently held by Pan Shiyi and his wife.
The report also mentions that Pan Shiyi and his wife are a good example of “capital travel”, which is completed through a 5-step strategy: build a successful company in China, go public on a global stock exchange, start a family office abroad, and the purchase of foreign real estate. Abroad, their assets are relatively protected, and they don’t have to suffer from the suppression of industry by the mainland like other rich Chinese, which has greatly evaporated their wealth.
The report also quoted four people familiar with the matter as saying that what truly “saved” the wealth of Pan Shiyi and his wife was when they chose to list in Hong Kong instead of the mainland. They use corporate dividends and capital returns to invest in overseas assets and are not subject to mainland exchange controls.
It has been almost a year since the privatization of Blackstone failed. In September this year, Pan Shiyi announced his resignation as chairman of the board, and Zhang Xin resigned as chief executive officer. Both said they resigned to “focus on supporting the arts and charities”. “Bloomberg” quoted Harvard Business School professor Geoffrey Jones as saying their exit was “unusually elegant”. Although the two have moved on a lot of wealth , the two continue to engage in philanthropy, which is in line with Chinese President Xi Jinping’s “common prosperity” advocacy direction, and are believed to be unlikely to face retaliation.
other reports
Adrian Cheng resigns as non-executive director of Giordano
Hong Kong stock market ADR climbs 261 points, 415 points higher overnight
Musk: Apple has never considered removing Twitter from the app store
HSBC to close a quarter of its UK branches next year to boost online banking
Powell suggests that the pace of interest rate hikes will slow down no earlier than December
