Pan Sutong-controlled Goldin Financial loses control over flagship tower as court rules in favour of creditors
- High Court rules Goldin unit Smart Edge and Goldin Financial Global Centre are under the control of restructuring specialists Borrelli Walsh
- Knight Frank, the agent appointed to market the 28-storey Goldin Financial Global Centre, estimates building’s value at around HK$12 billion
The drama surrounding the ownership and sale of Goldin Financial Global Centre, a 28-storey building and headquarters of cash-strapped Goldin Financial Holdings, came to an end on Thursday, after a court ruled in favour of the developer’s creditors.
They are authorised to deal with the affairs of Smart Edge, which owns the office tower, the court said.
The receivers welcomed the court’s ruling, saying that it enables them to proceed with the sale of “Smart Edge and/or GCFC [Goldin Financial Global Centre] without interference”. They said that they have appointed Knight Frank as the sole agent to market and sell Smart Edge or GFGC, which is working with a “number of interested buyers from around the world”. It added that the deadline for expression of interest is on or before noon November 11.
The agents have previously said that the building could fetch at least HK$12 billion (US$1.54 billion).
In a statement following the court ruling, a Goldin Financial spokesperson said that the company “has taken the initiative to extend an olive branch [to the creditors] and the lawyers representing both sides have reached a consensus on some major sticking points.”