Pace Wu’s boyfriend reportedly mortgages her S$58 million mansion as he is said to be over S$1 billion in debt
Former Taiwanese model Pace Wu retired from showbiz since starting a family with billionaire businessman Ji Xiaobo. The pair has yet to register their marriage, although the two have three children together with another on the way.
However, Chinese media outlets have reported that Pace might have to return to work soon as her fiancé is in debt. They allege that Xiaobo owes creditors RMB 5.6 billion (S$1 billion), saying that he has been relying too heavily on a single source of income, which caused him to be badly affected by a slump in business.
All seemed well at the Imperial Palace Saipan during its first year of operations as the resort earned RMB 7 billion (S$1.3 billion). The sprawling development is set to house casinos, five-star luxury accommodation, and a wide range of exclusive dining and entertainment facilities.
However, a record amount of uncollected debts in 2018 was attributed as a major reason why the business hit a reported loss of RMB 3 billion (S$580 million) in 2018 alone.
Multiple construction delays have plagued the resort, with the initial completion deadline was in July 2018, but this has been pushed back repeatedly. The current deadline is in 2021, but there are doubts on whether the Imperial Palace will be able to have its grand opening by then.
Due to the mounting debts, a sprawling RMB 300 million (S$58 million) mansion, which was gifted to Pace, has since been mortgaged.
Neither Pace nor Xiaobo have addressed the reports. Pace continues to update her social media as per normal, with her latest Instagram update on November 18. She posted a photo of her daughter's collection of Disney princess dolls, musing that she had to reject her request to buy the newest Elsa and Anna dolls from the movie Frozen 2.