Sale Of Goldin Financial Global Centre Falls Through
HONG KONG – Goldin Financial Holdings, a real estate developer facing a huge amount of debt, announced that the sale of its Hong Kong headquarters failed to complete, impacting its loan repayment plans, according to a recent report from Bloomberg.
In a filing with the Hong Kong Exchanges and Clearing Market (HKEX), the company revealed that the agreement by receivers to divest the commercial property was scrapped and the deposit paid by the buyer was forfeited. However, it didn’t explain why the transaction fell through.
Notably, the flagship office building was seized by Goldin Financial’s creditors in September 2020 after the real estate developer faced difficulties in repaying its financial obligations on time.
Goldin Financial Holdings, a company controlled by business mogul Pan Sutong, stated in a bourse filing in March 2022 that all outstanding loans and notes would be fully repaid if the sale of the office property is completed.
Previously, the South China Morning Post (SCMP) reported that the office building is valued at approximately HK$10 billion ($1.3 billion). Based on the real estate developer’s website, the 27-story Super Grade A office tower in Kowloon Bay features a single floor area measuring about 35,000 sq ft.
Nonetheless, the purchaser told Goldin Financial Holdings that it intends to dispute the allegedly wrongful termination of the deal, and the transaction will depend on the result of the legal proceedings, according to the HKEX filing.