Creditor of vanished tycoon Ye Jianming says three floors in Hong Kong’s Convention Plaza worth minimum HK$1.79 billion
- Hammer Capital believes three floors at Convention Plaza, controlled by missing tycoon Ye Jianming, should be valued at no less than HK$1.79 billion
- A new tender for the three office floors will close at noon on January 30
One of the creditors of missing mainland tycoon Ye Jianming has claimed that the three floors of office space at the Convention Plaza in Wan Chai that have been offered for auction should fetch a minimum of HK$1.79 billion, according to a court document.
Ye’s company, CEFC China Energy, paid a record HK$1.38 billion for the 21st, 22nd and 23rd floors of the building, which total 49,554 sq ft, in 2016.
The creditor, Hammer Capital Private Investments, believed the property should be valued at no less than HK$1.79 billion, or HK$36,000 per square foot, to make sure its lending to CEFC, which totalled about HK$495 million, could be covered.
The other creditor, Industrial and Commercial Bank of China (Asia), has not offered any indication on what it thought the property was worth.
“It would be challenging for creditors to sell at a premium of the property’s valuation now,” said Tsang Kit-chun, managing director of AA Property, a specialist in distressed assets.