Tycoon Pan Shiyi slams China property ‘Ponzi’ as Evergrande boss pleads guilty

Pan Shiyi, a prominent property tycoon, criticized China's real estate sector, labeling its model a 'Ponzi scheme' and calling for reforms to protect homebuyers. His comments followed the guilty plea of the founder of Evergrande, a major player in the industry whose collapse has had widespread repercussions.