China has a record 115 member on the Forbes Billionaires List published last Thursday. Pan Shiyi, amongst others, is the one to watch out for. The billionaire with a net worth of $2.9 billion controls Soho China, the Beijing real estate developer along with his wife Zhang Xin. Pan Shiyi is moving very fast and has been in the news for some big ticket investments in the recent past.
Soho China announced recently that it is increasing its stake in a piece of Shanghai property in the city’s swank Xintianti development area. In October last year they had bought a 48% stake in the project and are buying another 31% by paying $121 million to Shanghai listed Hua Li Family Group. It is a commercial and office project currently called FuxingLu Soho. This additional purchase of stake in the project is conditional to approval at a Hua Li shareholding meeting on March 25.
Pan is obviously aiming for full control of the project. He has made four significant investments since 2009 in key Shanghai areas. The city is booming and he has made large investments in strategic locations including the new Hongqiao Transportation Hub district, Xintiandi and Jing’an. The international luxury goods companies are all making their base in Shanghai to tap the growing demand in China for luxury goods. The high end commercial property in the city is going to be in great demand for some time to come.