Goldin loses luster amid court woes

The powers of the directors and officers of Goldin Financial (0530) have been transferred to the joint provisional liquidators after a residential project in Ho Man Tin, partly owned by former chairman Pan Sutong, was seized by PwC.

Goldin said directors retain limited powers relating to winding-up proceedings filed against the company, according to an order of the supreme court of Bermuda on October 28.

A substantive hearing has been adjourned to November 25.

The liquidators also announced that Goldin's principal place of business in Hong Kong had been changed to Lee Garden Two in Causeway Bay.

That came as Grand Homm in Ho Man Tin, partly owned by Pan, terminated the sales of 32 units on November 15, files on sales of first-hand residential properties e-platform showed.

Tenders for 31 of the flats were scheduled to start on November 14, following one that started on November 1.

Grand Homm might be seized by the auditor PwC, local media citing agents as saying.

The developer is said to have referred the case to its legal team.

Since 2019, Grand Homm has sold 19 units, less than 5 percent of the total 401 homes, after nine buyers canceled their deals.

Another winding-up lawsuit saw the case against developer Sunac China (1918) adjourned to June, providing leeway to craft a debt-restructuring plan.

The country's 10th-largest builder by contracted sales had disclosed the winding-up case was filed in September by Chen Huaijun, chairman of developer Anhui Jindadi.

Sunac allegedly owes US$22 million (HK$172.1 million) in principal plus interest on senior notes.

A Sunac unit is also planning to restructure 15.4 billion yuan (HK$16.57 billion) of domestic bonds and asset-backed securities, a newspaper in China, The Paper, cited sources as saying.