Michael Gu, founder of collapsed property group iProsperity, flew in private jets, gambled at high-roller rooms and drove a white Lamborghini, a lifestyle which has quickly unravelled and made him the highest profile casualty so far of the COVID-19 era.

Mr Gu's suite of companies went into voluntary administration on Thursday with investors fearing they could lose more than $100 million, as it emerged the group was in deep financial trouble for much of the past year.