Ailing Goldin Stops Trading 'over Refunding Plan'

Trading in the shares of Goldin Financial on the Hong Kong Stock Exchange was halted before trading began on Thursday, amid reports that the embattled developer has secured a refunding plan with real estate giant CK Asset to help clear billions of dollars in debts.

The local bourse operator issued an announcement about the trading suspension around 9am.

It later added that the company had requested the move, "pending the release of an announcement on inside information, which including a notifiable transaction, of the company".

Goldin shares closed at HK$1.03 on Wednesday, up 6 percent from the previous day.

Reports said that with the help of CK Asset – part of Li Ka-shing's business empire – Goldin would be able to repay over HK$10 billion in loans due soon.

In an apparent attempt to get cash, the property investment company, controlled by tycoon Pan Sutong, sold its waterfront residential site in Kai Tak at a record loss earlier this year.

The sale of the plot generated HK$3.4 billion in cash. Goldin bought it in 2018 for HK$8.9 billion.

Earlier, Goldin forfeited a HK$25 million deposit when it walked away from the HK$11.1 billion purchase of another Kai Tak site.

It appointed Gerald Lai, a top executive at CK Asset, as vice-chairman in late July, on reports that CK Asset was the white knight investor for the company.