(Bloomberg) -- Distressed Hong Kong property tycoon Pan Sutong was told by the city’s high court to go bankrupt, marking another blow to the former billionaire. 

The court ordered Pan to unwind his holding company, Silver Starlight Ltd., after he and the firm failed to pay creditors including China Citic Bank Corp. HK$8 billion ($1 billion) that was due in 2019, according to a court filing Friday.

A representative for Pan said on Monday he is appealing the order. 

Once among Asia’s wealthiest people, Pan fell from grace after shares of his over-leveraged Goldin Financial Holdings Ltd. plunged amid a property collapse, erasing most of his $27 billion fortune. Last month, he resigned as chairman and executive director of Goldin Financial after the sale of the firm’s flagship skyscraper collapsed. 

Read more about Pan’s fall from grace

Two more units related to Citic Bank joined the Chinese lender in petitioning against Pan and Silver Starlight. A division of Bank of China Ltd. also presented a bankruptcy petition against Pan in May, and the case will be heard on Aug. 2. 

Pan and Goldin Financial amassed around HK$38 billion of debt between May 2017 and September 2020 for four Hong Kong properties, according to stock exchange filings and data compiled by Bloomberg.

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