The developer of Grand Homm in Ho Man Tin has applied for a court injunction to prevent PwC from seizing the project, claiming there is no default.
The residential project is owned by Pan Sutong, the former chairman of bankrupt Goldin Financial (0530).
The lawsuit was filed by two directors of the developer Gold Topmont. Firms including Grand Xi Investment and auditor PwC were listed as defendants, local media said.
The alleged breach of contract by the defendants did not occur and therefore its purported takeover of Gold Topmont on November 10 was deemed to be invalid, reports said.
Tenders of 32 homes at the project were terminated on November 15 with no reasons given, the sales arrangements said.
Before the termination, 200 groups of customers had registered for visiting the showrooms in the completed project but it was halted after the PwC seizure.
Since 2019, only 19 units -- fewer than 5 percent of the total 401 homes -- have been sold, and nine buyers canceled their deals.
The powers of the directors and officers of Goldin Financial have been transferred to the joint provisional liquidators, the supreme court of Bermuda ruled on October 28.
The directors retain only limited powers relating to the winding up proceedings filed against the company and a substantive hearing will adjourn this Friday.
Goldin's principal place of business in Hong Kong had been changed to Lee Garden Two in Causeway Bay, said a filing last week.
Trading in its shares has been suspended since April and will remain so until further notice, it said.
