Property News · May 11, 2020

Goldin Financial loses record US$331.5 million on resale of land at Kai Tak as coronavirus darkens outlook for Hong Kong’s property market


A Hong Kong developer has suffered the biggest loss on a land sale in the city’s history, offloading a residential plot at Kai Tak to raise cash to help it weather a market slump caused by the coronavirus pandemic.Goldin Financial Holdings, controlled by Pan Sutong, one of Hong Kong’s richest men, has agreed to sell the plot at the site of the former international airport for an estimated loss of HK$2.57 billion (US$331.56 million). It cited the uncertain market outlook as the city’s economy…

Source : South China Morning Post
Read more…Goldin Financial loses record US1.5 million on resale of land at Kai Tak as coronavirus darkens outlook for Hong Kong’s property market

You may also like...