Property News · July 29, 2020

Hong Kong distressed developer loses US$58 million in 12 days in U-turn on Kai Tak land deal amid scramble with hostile creditors


Cash-strapped Hong Kong developer Goldin Financial Holdings said it had found a new buyer for its waterfront residential plot in Kai Tak, less than two weeks after agreeing to sell the property to an offshore buyer. The change of mind comes with an immediate loss of HK$450 million (US$58 million).Goldin signed an agreement on Monday to sell the asset known as Kai Tak Area 4B Site 4 in Kowloon for HK$3.477 billion to yet another little-known entity called Yan You, it said in a Hong Kong stock…

Source : South China Morning Post
Read more…Hong Kong distressed developer loses US million in 12 days in U-turn on Kai Tak land deal amid scramble with hostile creditors