Liquidator reveals Euro-Asia interest
Several parties have expressed interest in Euro-Asia Agricultural (Holdings), according to its provisional liquidator Derek K.Y. Lai of Deloitte Touche Tohmatsu.
Mr Lai said it was too soon to reveal if potential white-knights had emerged and whether the interest expressed by 'the three to four parties' for the floricultural firm founded by Chinese tycoon Yang Bin was 'genuine'.
Last week, Yang received an 18-year prison term for economic crimes.
It is not known if the latest display of interest is aimed at the entire company or just some of its assets - largely on the mainland - including the Holland Village residential development in northeastern Shenyang city.
Efforts by liquidators, including Darach Haughey of Deloitte, to get a fuller picture of Euro-Asia's assets and financial data would help potential investors to make concrete proposals.
As a general rule, price was a key benchmark, Mr Lai said.
Mr Lai said he would soon visit China to examine and locate the company's assets and to determine whether they belonged to the company, the state or specific individuals.
A Deloitte official said it was hoped that 'a more constructive rescue' could be achieved in the run-up to September 17 when hearing of Euro-Asia's winding-up petition is due.
'We also hope to see rescue attempts for the company before the winding-up hearing,'' the official said.
Mr Lai said it appeared that Euro-Asia did not have many creditors in Hong Kong, although its mainland subsidiaries had many obligations to mainland institutions. Euro-Asia's creditors in Hong Kong would rank higher in repayment priority than their mainland counterparts.
He could not reveal the company's present assets and liabilities based on the available information.
