Mixed day for Goldin after CK Asset loan

Shares of Goldin Financial (0530) once surged 17 percent in the morning before paring some gains to close 4 percent higher at HK$1.3 yesterday, as the company revealed that CK Asset (1113) had agreed to offer a term loan of HK$8.8 billion to the debt-ridden property company.

Goldin had agreed to sell its factoring arm Goldin Factoring to Power Alpha Global for HK$2.05 billion last week.

In July, Goldin appointed Gerald Ma Lai-chee, who worked for CK Asset for 24 years, as vice chairman and an independent non-executive director to provide financial and restructuring advice.

At the end of July, Goldin agreed to sell its residential plot Kai Tak Area 4B Site 4 to a new buyer, Yan You, for HK$3.47 billion. In June last year, it forfeited a HK$25 million deposit on its winning bid for a commercial plot in the former airport site, Kai Tak 4C Site 4.