Chartered calls off Tak Wing asset sale
Standard Chartered Bank yesterday made a last minute cancellation of an auction for two properties surrendered by troubled construction company Tak Wing Investment (Holdings).
The appointed sale agent Jones Lang Wootton said the auction of the properties was called off after receiving an instruction from the mortgagee after lunch.
The cancellation came after Tak Wing's controlling shareholder, Chung Chun-keung, announced he had entered into a letter of intent regarding the possible sale of his entire 47 per cent interest in the company.
The properties included five retail levels, or 35,627 square feet, at Odeon Building in Mongkok and a 16,471 sq ft unit at Dynamic Cargo Centre at Yeung Uk Road in Tsuen Wan.
Tak Wing earlier said it was about $4 million in arrears on interest payments to some banks.
The company said it had stopped servicing its debts.
Tak Wing said the banks wished to recover their money by selling certain assets pledged as collateral.
