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…