Former Bank of China Executives Probed Over Loans to Goldin Group, Sources Say
00:00/00:00
Listen to this article
1x
Subscribe now
Listen to the full version
Listen to the full version
The Goldin Finance 117 project in Tianjin.
Chinese authorities are investigating two former executives at Bank of China Ltd. (601988.SH) over loans linked to the collapsed Goldin empire of Hong Kong businessman Pan Sutong, sources familiar with the matter told Caixin.
The probe stems from a lending scandal involving the Goldin group, with much of the exposure tied to the unfinished Goldin Finance 117 project in Tianjin, once planned as northern China’s tallest skyscraper, the sources said.
You've accessed an article available only to subscribers
VIEW OPTIONS
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Save an extra $50. Introductory offer for new readers. Subscribe now.
- RELATED
Share this article
Open WeChat and scan the QR code
- DIGEST HUB
Digest Hub
Back
Explore the story in 30 seconds
- Chinese authorities investigate two former Bank of China executives over loans tied to Pan Sutong’s collapsed Goldin empire.
- Loans to Goldin group exceeded 100 billion yuan ($14.7 billion); Bank of China’s share was 42 billion yuan, all nonperforming.
- The probe focuses on the stalled Goldin Finance 117 skyscraper in Tianjin, which stopped construction in 2015.
AI generated, for reference only
Who’s Who
- Bank of China Ltd.
- Bank of China Ltd. (601988.SH) is under investigation regarding loans to the collapsed Goldin group, with about 42 billion yuan in nonperforming loans. Two former executives—Wang Shaojun (ex-Shenzhen branch head) and Xin Qiang (ex-risk management deputy)—are being probed for loans tied to the unfinished Goldin Finance 117 skyscraper in Tianjin.
- Goldin Group
- Goldin Group, led by Hong Kong businessman Pan Sutong, collapsed around 2020 under mounting debt. It was involved in the unfinished Goldin Finance 117 skyscraper in Tianjin. Illicit loans exceeded 100 billion yuan, with Bank of China holding 42 billion yuan in nonperforming loans.
AI generated, for reference only
What Happened When
- late 2000s：
- Bank of China's Shenzhen branch began heavily financing Pan Sutong's businesses.
- mid-2010s：
- Bank of China's Shenzhen branch continued financing Pan's businesses.
- 2015：
- The Goldin Finance 117 skyscraper project stalled amid funding problems.
- around 2020：
- Pan Sutong's Goldin empire unraveled under mounting debt.
AI generated, for reference only
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新