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 midtown Manhattan. Plaza (Park Avenue Plaza). After entering the cold winter of the inner room, the above two investments are worth regarding 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 mentioned that Pan Shiyi and his wife are a good case of “capital travel”, which is completed through a 5-step strategy: establishing a successful company in China, listing on a global exchange, setting up a family office overseas, and purchasing foreign real estate. Overseas, their assets are relatively protected, and they don’t have to suffer from the mainland’s suppression of the industry like other rich Chinese, which has greatly evaporated their wealth.
The report also quoted four people familiar with the matter as saying that what really “saved” the wealth of Pan Shiyi and his wife was when they chose to list in Hong Kong instead of the mainland. They use company dividends and capital returns to invest in overseas assets and are not subject to the mainland’s foreign exchange controls.
It has been nearly a year since the failure of Blackstone’s privatization. In September this year, Pan Shiyi announced his resignation as chairman of the board of directors, and Zhang Xin resigned as chief executive officer. Both said that they resigned to “focus on supporting arts and charity.” “Bloomberg” quoted Harvard Business School professor Geoffrey Jones as saying that their exit was “unusually elegant”. Although the two have transferred a lot of wealth, the two continue to engage in philanthropy, which is in line with the direction of Chinese President Xi Jinping’s advocacy of “common prosperity”, and it is believed that they are unlikely to face retaliation.
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