# Xuchang

A Founder’s Last Bet: How Pangdonglai Tied Employees’ Wealth to a Risky Mega‑Mall

Pangdonglai founder Yu Donglai has converted nearly RMB 3.8 billion of internal profit‑sharing allocations into recorded “asset shares” tied to a new RMB 6.5 billion Dream City development. The allocations are book entries granting future profit‑sharing rights, not tradable equity, leaving employees dependent on the company’s governance and the success of a single, large project.