Bank of Hong Kong terminated HK $2.5 billion sale of Hong Kong plot and signed another agreement with new buyers

category:Finance
 Bank of Hong Kong terminated HK $2.5 billion sale of Hong Kong plot and signed another agreement with new buyers


In addition, at the time of the signing of the agreement, schinfeld international owed about HK $5.697 billion to cbfc. According to the agreement, the loan restructuring was completed before the signing of the agreement between fast pay international and high bank finance. Accordingly, the seller has obtained the transfer and capitalization of all relevant loans.

The bank said it would obtain HK $2.5 billion from the sale to improve its financial flexibility to repay other loans.

As early as November 2018, the Bank of Hong Kong won the bid with HK $8.907 billion. At that time, the total investment of the project was estimated to be about HK $14 billion.

The plot covers an area of about 9708 square meters and is used for residential purposes. The minimum total building area of the plot is 32037 square meters, and the largest total building area is 53394 square meters. The service life of the plot is 50 years. At that time, foundation works were expected to start in the first quarter of 2020, and the residential part was expected to be completed by September 30, 2024. However, according to the announcement, the foundation works of the project have not yet started.

On May 11, Gaoyin financial announced that the company agreed to sell all equity and shareholder loans of its wholly-owned subsidiary goldensphere development limited to topfamilygrouplimited at an initial cost of about HK $7.04 billion. In addition, the companys shareholder loan portion was about 5.645 billion yuan.

The only asset of goldensphere development is the holding of plot 4, block 4b, Kai Tak, Hong Kong.

According to the banks forecast at that time, after deducting the loan repayment to the bank and shareholders and the financing costs, the sale would lose about HK $2.571 billion.

As at 31 March, the net consolidated liabilities of goldensphere development were about HK $2237 million and a loss of HK $2571 million. Gaoyin finance is mainly engaged in factoring services, financial investment, hotel and wine related business, property development and investment and restaurant operation. Pan Sutong, chairman of the Bank of Hong Kong, holds 70.67% of the shares. It can be seen from its annual report in 2019 that the current financial situation of Gaoyin finance may be the reason why it chose to sell land at a low price. As of the end of December 2019, the amount of bank loans and other loans due within one year amounted to about HK $8.83 billion, while its cash holdings were only HK $2.38 billion. At the close of July 24, the Bank of Hong Kong was up 21.21% to HK $1.2/share. Source: surging news editor: Wang Xiaowu_ NF

As at 31 March, the net consolidated liabilities of goldensphere development were about HK $2237 million and a loss of HK $2571 million.

Gaoyin finance is mainly engaged in factoring services, financial investment, hotel and wine related business, property development and investment and restaurant operation. Pan Sutong, chairman of the Bank of Hong Kong, holds 70.67% of the shares.

It can be seen from its annual report in 2019 that the current financial situation of Gaoyin finance may be the reason why it chose to sell land at a low price.

As of the end of December 2019, the amount of bank loans and other loans due within one year amounted to about HK $8.83 billion, while its cash holdings were only HK $2.38 billion.

At the close of July 24, the Bank of Hong Kong was up 21.21% to HK $1.2/share.