Pursuits
Billionaire Pan's Goldin Properties Extends Decline on MSCI Move
- MSCI to drop company with small free float from MSCI indexes
- Goldin shares have gyrated wildly, denting Pan's net wealth
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Shares in billionaire Pan Sutong’s Goldin Properties Holdings Ltd. fell as much as 9.6 percent after MSCI Inc. said it was removing the company from its equity indexes, extending a six-day decline that has shaved almost 40 percent from the stock price.
The company has been the subject of a series of notices from the Hong Kong securities regulator flagging its high shareholder concentration, according to a statement on MSCI’s website dated Monday. The change starts from the February quarterly review. It will also affect companies including casino developer Imperial Pacific International Holdings Ltd. and Wanda Hotel Development Co.