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hangxuan Tan, a former Chicago-based multifamily investor now allegedly living in Singapore, faces growing financial liabilities as lawsuits against him pile up. Yanglong Song, the main backer of OC Ventures, has filed a federal lawsuit seeking to recover $34 million and accusing Tan of running a "Ponzi-like" scheme. The suit claims that Tan used his holding company, Ivy Fund, to buy properties on behalf of OC Ventures, which invested in buildings near college campuses across the US.

    The deals have been disastrous, with several assets struggling to sell for over a year. Song's lawsuit alleges that Tan mishandled the properties and siphoned funds into his own hands, despite owing investors and lenders tens of millions of dollars. The suit seeks to claw back $34 million given to Tan in various increments as investments or loans.

    Tan's attorney has argued that Song's dispute lacks jurisdiction in New York's Southern District, citing both parties' lack of US citizenship. However, the court has yet to make a final decision on whether to appoint a receiver to take over and manage Ivy Fund's properties.

    Song and OC Ventures claim that Tan's building management firm, Varsity Campus, has taken large chunks of revenue from investment properties without proper authorization. They also point out that eight previous lawsuits filed against Tan have resulted in judgments against him or his affiliates, with debts ranging from $836,000 to over $8 million.

    Tan's former partner, Shaofan "Steven" Zhang, has also sued him and Ivy Fund, seeking the appointment of a receiver to protect investors. Their disputes are playing out in Cook County court.