Real estate magnate Pan Shiyi publicly criticized China's development model as a 'Ponzi scheme,' urging the sector to improve integrity and protect homebuyers. This statement comes shortly after the founder of the heavily indebted Evergrande Group pleaded guilty to fraud.

Property tycoon Pan Shiyi issued a rare critique of China’s real estate sector, describing its development model as a “Ponzi scheme” and urging the industry to restore integrity and better protect homebuyers, just days after a fraud trial saw a guilty plea from the founder of China Evergrande – the US$300 billion debt juggernaut whose 2021 collapse triggered a systemic property meltdown. Writing from the United States on Thursday via his personal WeChat account, Pan reflected on the trajectory.....