Creditors of bankrupt Guangdong International Trust and Investment Corp (Gitic) will receive a payout equivalent to about 5 per cent of court-recognised claims on the company, which total about 20 billion yuan (about HK$18.77 billion). The payment, which is expected to be made before the middle of this year, will be only the third received by creditors since Gitic was declared bankrupt in January 1999. It will bring creditors' recovery rate to about 12 per cent. Banking sources told the South China Morning Post that the payment was revealed yesterday in Guangzhou at a meeting between creditors' representatives and Gitic's liquidation committee. A general creditors' meeting will convene in Guangzhou on Friday. Gitic's liquidators are also proceeding with the sale of the bankrupt company's former headquarters building - a premier hotel, office and residential development in Guangzhou - to a mystery buyer who missed the first payment deadline for the 1.13 billion yuan property last month. Other well-placed sources said the buyer approached Gitic's liquidation committee to request more lenient payment terms before the January 18 deadline for a 289 million yuan down payment. They said liquidators were optimistic the buyer, who had advanced only a portion of the down-payment, would come through on the sale or would lose the money already advanced. 'Our position is that we still support this transaction,' said one representative of a creditor bank who attended yesterday's meeting. 'But we are frustrated because it's a good property. The liquidation committee should have gotten more for it.' The bank representative said that creditors had not been informed of the buyer's identity.