Mr Gordon Tang, a former professional windsurfer and avid sailor, and his wife Celine moved here from China in the 1990s, founded trading firm Tang Dynasty and then established a real estate empire.
Then the coronavirus pandemic hit. The value of its holdings in four real estate investment trusts has dropped by over US$300 million this year, according to data compiled by Bloomberg. The pandemic and the drastic containment measures have roiled Reits, long considered a safe haven because of their high yields and prosperous property markets.
"Yet, it's still too early to assess how various landlords, particularly the retail landlords, will be impacted in the short term."They are far from the only wealthy clan to take a hit from the coronavirus crisis and its impact on real estate. The pain is global. Chinese tycoon Tong Jinquan, meanwhile, has seen the value of his holdings in five Singapore-listed Reits, including ESR-Reit and IReit Global, drop by more than US$358 million this year. The loss comes after he sold a substantial stake in IReit Global earlier this week to investors including Tikehau Capital and City Developments.
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