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iProsperity

April 2022

Star courted Michael Gu with the lure of Diamond Club membership.

Star denies ignoring risk iProsperity CEO gambled investor funds

The casino operator did not question debts that were repaid by iProsperity’s CFO, less than two years before its $350 million collapse, an inquiry has heard.

  • Hannah Wootton and Elouise Fowler

January 2022

iProsperity founders Michael Gu and Harry Huang.

iProsperity liquidators claim a $1.1m unit bought with company cash

Harry Huang allegedly used LZYH Investments to purchase an apartment using $350,000 of funds he transferred from iProsperity in two instalments, court documents allege.

  • Max Mason

February 2021

Michael Gu's iProsperity Group tapped money from significant investor visas.

The dark edge of Australia’s ‘golden ticket’ visa

Australia’s significant investor visa scheme has raked in $12 billion from people flocking to our shores. Occasionally, things go wrong.

  • Liam Walsh

September 2020

Michael Gu called the dispute with ALT a "misunderstanding over fees"

Land trust swings to huge loss after iProsperity loan impairment

Agricultural Land Trust directors said they believed it "very unlikely that the fund would receive any further payments" due on loans provided to iProsperity.

  • Larry Schlesinger

August 2020

The $10 million mansion overlooking Balmoral beach that Michael Gu bought in February 2017.

Rolls-Royce all that remains from Michael Gu's $350m collapse

More than a month after his iProsperity group failed, administrators have found few hard assets to repay creditors. The chase begins.

  • Angus Grigg and Ingrid Fuary-Wagner
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Michael Gu, the founder of failed property group iProsperity, fled the country last month.

Auditors flagged concern over fund using visa scheme money

Auditors raised concerns about iProsperity last year but the federal government provided only minimal oversight of its visa program for wealthy investors.

  • Angus Grigg and Ingrid Fuary-Wagner
Michael Gu heads up iProsperity Group and  jointly owns iProsperity Underwriting

iProsperity founder plotted escape for 12 months

Creditors are owed $350m from the collapse of iProsperity, some of which was used by Michael Gu to buy a new passport.

  • Angus Grigg and Ingrid Fuary-Wagner
The founder iProsperity, Michael Gu, has fled the country.

'The next Skase': investor fury over iProsperity fugitive

The finger-pointing and recriminations have begun over Michael Gu, the founder of failed property group iProsperity, being allowed to leave the country.

  • Angus Grigg and Ingrid Fuary-Wagner
Michael Gu (right), founder of failed property group iProsperity, with Sydney solicitor John Landerer.

iProsperity founder flees country leaving $60m trail of debt

Michael Gu left Sydney for Los Angeles on July 26, more than two weeks after his empire collapsed and well after a long list of creditors had accused him of misappropriating money.

  • Angus Grigg and Ingrid Fuary-Wagner

July 2020

Acting Immigration Minister Alan Tudge is reviewing the significant investor visa program in the context of the upcoming federal budget.

Fears Chinese investors targeted to 'game' visa scheme

Secret WA government submissions to Home Affairs review of significant investor visas warns fund managers and migration agents are gaming the controversial system.

  • Michael Roddan
Michael Gu's web of companies has collapsed.

Fears $150m missing as part of federal government visa program

The administrator of collapsed property group iProsperity has already contacted ASIC over missing money.

  • Ingrid Fuary-Wagner and Angus Grigg
The founder iProsperity, Michael Gu, fooled some of Asia's savviest investors.

He won over Asia's savviest investors before a $100m collapse

Michael Gu, a 32-year-old former mobile phone salesman from Western Sydney, travelled in private jets and drove fast cars but has left a trail of failed deals.

  • Angus Grigg and Ingrid Fuary-Wagner
Michael Gu's web of companies has collapsed.

Private jets, fast cars leave investors facing $100m wipeout

The empire of Michael Gu, a 32-year-old former mobile phone salesman, has collapsed as investors question his high-octane lifestyle.

  • Angus Grigg and Ingrid Fuary-Wagner
 iProperty is lead by Michael Gu.

Pandemic-led hotels collapse sends iProsperity into administration

Administrators from Cor Cordis have been appointed voluntary administrators of 13 iProsperity entities after hotel income dried up due to the pandemic.

  • Larry Schlesinger

May 2020

Michael Gu heads up iProsperity Group and  jointly owns iProsperity Underwriting

Loan dispute puts iProsperity subsidiary in receivership

The dispute relates to loans provided to iProsperity Underwriting by Alan Caratti's Agricultural Land Trust and funded through its debenture program.

  • Larry Schlesinger
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March 2020

The Kimpton Hotel Monaco Chicago is one of seven acquired by iProsperity and Soilbuild Group.

iProsperity teams up on $720m US hotel portfolio deal

The portfolio comprises seven Kimpton Hotels spread across the US acquired from New York-listed hotel REIT Xenia on a 5.3 per cent yield.

  • Larry Schlesinger
Michael Gu: Still in negotiations with Agricultural Land Trust

'In default' iProsperity puts Agricultural Land Trust profit in doubt

Agricultural Land Trust may have to restate its latest interim accounts - and swing from a profit to a loss - if unpaid interest from iProsperity Group is not received.

  • Larry Schlesinger

January 2020

Michael Gu: It was a misunderstanding about fees

iProsperity ends loan stoush with Allen Caratti-backed trust

iProsperity's underwriting division borrowed money from the Agricultural Land Trust, but was also a lender to the ASX minnow, which is controlled by Allen Caratti

  • Larry Schlesinger

July 2019

The Century City Walk Shopping Centre  and the adjoining 200-room Novotel hotel.

Chinese buyer checks in at iProsperity's Novotel, Century City

Asian investment firm iProsperity, led by Michael Gu, has successfully exited a mall and hotel complex in suburban Melbourne.

  • Nick Lenaghan

Original URL: https://www.afr.com/company/iprosperity-1nio