However, Pansy Ho never actually pursued a career in gambling; instead, she focused on real estate and industrial development. She was already considering a transformation, a thought that had been ongoing even while the gambling tycoon was alive. The Ho family could enjoy their immense wealth for a time, but not forever. Furthermore, the Macau gambling industry was established due to the unique circumstances of the time; it wasn't exactly a glamorous industry, and unless it was extremely important, it wouldn't have been allowed to remain under private management indefinitely.

After the property division battle ended, it was revealed online that Pansy Ho's net worth was in the billions, but it is actually much more than that.

Pansy Ho's wealth, like that of Superman Li, is greatly underestimated. Her main wealth comes from two companies: MGM Macau and Shun Tak Holdings.

Both companies are significantly undervalued. Why? MGM Macau is one of Macau's six major gaming companies. Due to the pandemic at the time, Macau gaming stocks collectively plummeted, and MGM Macau's market capitalization also dropped sharply. However, in reality, without the pandemic, the company's market capitalization would be at least between 70 and 80 billion.

Shun Tak Holdings is a company with a market capitalization of less than HK$10 billion. While it may seem weak, this is far from the truth. In Hong Kong, most family-owned companies controlled by traditional tycoons are undervalued in the capital market. This is true of the families of Li Ka-shing, Lee Shau-kee, and Cheng Yu-tung.

Shun Tak Holdings has a market capitalization of less than 10 billion, but its actual assets are over 60 billion. A review of Shun Tak Holdings' financial statements reveals that Pansy Ho holds over 6 billion in cash, along with over 14 billion in inventory, and investment properties worth over 10 billion, totaling over 60 billion in assets.

Meanwhile, the company's liabilities are only around 20 billion, meaning its net assets are over 40 billion. Many people believe that the Stanley Ho family only has gambling businesses, but in fact, the Ho family also has a vast real estate empire. This asset has been greatly underestimated.

In fact, long before Stanley Ho entered the Macau gambling industry, he had already been developing real estate in Hong Kong. In 1953, he officially established Lee On Construction Company, developing the Hong Kong real estate industry, and within a few years he had accumulated assets worth tens of millions of dollars. However, in 1961, Stanley Ho turned his attention to developing the gambling industry in Macau, and many years later became the well-known "King of Gambling".

Because of his move to Macau to develop the gaming industry, Stanley Ho almost completely abandoned his real estate business. In 1972, he restarted his real estate business, and in that year a total of 65 real estate companies were listed in Hong Kong. In addition to Li Ka-shing's Cheung Kong Holdings, Cheng Yu-tung's New World Development, Kwok Tak-seng's Sun Hung Kai Properties, there was also Stanley Ho's Shun Tak Holdings.

At the time, Shun Tak Holdings primarily developed real estate businesses in Hong Kong and Macau. Although its performance in Hong Kong was mediocre, Shun Tak Holdings remained the largest real estate company in Macau. Furthermore, Shun Tak Holdings was one of the earliest Hong Kong real estate companies to expand into mainland China. Stanley Ho entered the Shanghai market in 1993, and in 2001, he launched the Hongqiao Shanghai City project. Ho had high hopes for this project, but it was later forced to be sold due to the impact on the gaming industry.

At the same time, Stanley Ho also abandoned the Beijing Friendship Store project, which he had originally planned to invest 4 billion yuan in. This brought his real estate business in mainland China to a standstill. However, Stanley Ho had always hoped to develop his business in mainland China. Before his retirement in 2016, he finally rekindled his desire to develop in mainland China, and that year he partnered with Shanghai's Qiantan International to invest 1.95 billion yuan in a commercial and office project in Shanghai's Qiantan area.

Later, Pansy Ho officially took over Stanley Ho's Shun Tak Holdings. Subsequently, she began to invest on a large scale in the mainland. Two high-speed rail projects in Tongzhou, Beijing, Kunming, and Tianjin, as well as a mixed-use project in Zhuhai, were opened one after another. The total investment in these projects alone reached tens of billions of yuan.

Pansy Ho also made a significant investment of 4.7 billion yuan in Shanghai, acquiring a 50% stake in an OCT (Overseas Chinese Town) project in the Suzhou Creek area. While Hong Kong businessmen like Li Ka-shing were withdrawing from the market, Pansy Ho's 4.7 billion yuan investment in Shanghai land demonstrates both her financial strength and her patriotism.

Thanks to Pansy Ho's efforts, Shun Tak Holdings' annual revenue from the real estate sector exceeded HK$12 billion, accounting for over 80% of the company's total revenue. Furthermore, the Macau gaming license is about to be re-tendered.

The Stanley Ho family has been developing the gaming industry in Macau for over 60 years. Pansy Ho certainly understands this principle: if the family's wealth is bet on the gaming industry, problems will inevitably arise sooner or later. After all, even if the contract can be renewed successfully next year, it will eventually fail to be renewed. If the renewal fails, then all the wealth will become a mirage.

Pansy Ho understands this principle, and in order to perpetuate the family wealth, she has heavily invested in real estate businesses in mainland China. Her real estate ventures in mainland China primarily involve commercial properties, not residential properties. Currently, the projects she has invested in are all under construction. Once they open, Pansy Ho's wealth will undoubtedly continue to rise, because in addition to continuous rental income, the increase in property value will also lead to continuous asset appreciation.

She was an extremely intelligent and shrewd woman, very capable and shrewd. It's a real shame she's a woman. If she were a man, she might have been even more outstanding than Stanley Ho.

Pansy Ho was slightly taken aback. It seemed that Shen Fang had a lot of confidence in her. She herself wasn't sure if she could win that position, after all, she was a woman. In China, it's rare for a woman to be in charge. Besides, the Ho family wasn't lacking in men.

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