China News Service, Beijing, June 18 (Reporter Pang Wuji) The former real estate tycoon Pan Shiyi is selling his few remaining core assets in China.

　　SOHO China issued an announcement a few days ago that Blackstone Group has issued a tender offer to acquire 91% of SOHO China's shares at HK$5 per share and a maximum cash consideration of HK$23.658 billion (approximately US$3.048 billion).

　　According to the announcement, the Blackstone Group will offer to purchase 2.856 billion shares from Pan Shiyi and his wife, accounting for approximately 54.93% of the total issued share capital.

According to the calculation of the offer price, Pan Shiyi and his wife will cash out 14.281 billion Hong Kong dollars in a lump sum.

After the transaction is completed, Pan Shiyi and his wife only retain 9% of the company's equity.

Data map: Pan Shiyi.

Photo by China News Agency reporter Chen Jimin

　　In addition to the "clearance" sale, according to the terms of the transaction, Pan Shiyi and his wife will also withdraw from the board of directors, the Blackstone Group will nominate a new executive director, and SOHO China's "Pan Shiyi era" will come to an end.

　　SOHO China was once a well-known real estate giant in Mainland China.

In 2007, SOHO China, which was listed on the Hong Kong stock market, set the record for Asia's largest commercial real estate IPO. In the following years, SOHO China's performance has grown by leaps and bounds, and Pan Shiyi's popularity has also soared.

　　The turning point may occur in 2012.

That year, Pan Shiyi announced that SOHO China would bid farewell to the bulk sale and switch to holding rental properties in high-quality locations in major cities such as Beijing and Shanghai.

However, from selling properties to holding properties and bidding farewell to land development, SOHO China has missed the opportunity for the rapid rise of China's real estate market one after another.

　　Since the transformation, SOHO China's revenue and profits have generally shown a downward trend year after year. In 2014, the company's revenue fell below 10 billion yuan.

According to the company's financial report, in 2020, SOHO China will achieve operating income of approximately 2.192 billion yuan; realize a pre-tax profit of approximately 1.6 billion yuan, a year-on-year decrease of 17%; realize a gross profit of 1.39 billion yuan, a year-on-year decrease of 7.96%.

　　Since 2014, Pan Shiyi began to sell his assets one after another.

According to media statistics, in the five years from 2014 to 2019, SOHO China sold assets totaling nearly 30 billion yuan.

Pan Shiyi's scope of "selling and selling" has also gradually expanded from marginal assets at the beginning to core assets, including the "Eight King Kong" (eight projects located in Beijing and Shanghai) that he previously claimed to be most valued.

　　In 2018, Pan Shiyi made it clear that he would no longer sell assets in the future.

However, rumors about his "cashing out", "running off" and "clearing out" are still constant, and SOHO China's "selling" footsteps have not stopped.

Pan Shiyi responded to the rumors of "selling assets and running away" in November last year, saying that he "can't run away, don't believe the rumors."

However, after only six months, Pan Shiyi has almost completely withdrawn from SOHO China.

　　The reason for his "leaving" may be very complicated, and it is difficult for the outside world to speculate.

However, Pan Shiyi is regarded as the first generation of real estate star entrepreneurs in China.

Now his "turn around and leave" may also symbolize the end of an old real estate era.

(Finish)