Buyers of the collapsed Aegean residential development in Tuen Mun were told last night that two-thirds of the project is unfinished and no party is legally liable to finish the $80 million job. Developer Profit Nation Development Ltd has been placed in receivership. Owners who have bought 29 units worth about $30 million were told by the receiver, Ernst & Young, and Lands Department officials yesterday that their situation was much more serious than that facing owners of the sister development Villa Pinada, also in Tuen Mun. Villa Pinada is close to completion. 'It's a fair question to ask who will raise $80 million to finish the job,' said Albert Ho Chun-yan, a Democratic Party legislator and solicitor who represented the home buyers. 'While their ownership is not in dispute, the question at this point is whether they will have any flats to claim ownership over.' Profit Nation's parent company, Gold-Face Holdings, has said final negotiations with an investor would be reached this week to inject capital to finish both projects, but a deal has yet to be reached. It said last night that it remained committed to finishing both projects. On Wednesday, officers from the Commercial Crime Bureau arrested two top executives for alleged fraud. Tai Chi-wah, 48, is a director of Gold-Face Holdings and Lim Hau-chun, 50, is a director of most of its subsidiaries. Last night, police charged each man with one charge of conspiracy to defraud. They were detained overnight and will appear in Eastern Court today. Villa Pinada's developer, True Gold Investments - another subsidiary of Gold-Face Holdings - was also placed in receivership last week after it failed to repay about $200 million in syndicated loans to the Bank of China. A total of 205 flats from that development have been pre-sold, generating $556 million.
