Social contradictions, economic instability, high-yield abandonment of Kai Tak billion land
Gao Yin Financial suspends the No. 4 land transaction in the fourth district of Kai Tak Commercial Land, and announced that it will suspend financial arrangements for its investment in Jun Teng Investment to complete the transaction. Gao Yin’s statement said that the recent social conflicts and economic instability will have an impact on the commercial real estate market, and this decision was made. Chun Teng earlier landed a land of $11,214 million. If it is abandoned, the $25 million deposit will be confiscated by the government.
The listed company Gaoyin Finance issued a statement in the evening yesterday, saying that the non-executive director Shi Liqian’s proposal to convene a board meeting, Shihe and two other non-executive directors Deng Yaorong, Huang Weiliang, and three executive directors Zhou Xiaojun, Huang Rui and Xu Huimin all supported the suspension of Jun Teng Provide financial arrangements to pay for the Kai Tak commercial land that Jun Teng had invested in more than $10 billion.
25 million deposit will be forfeited
The six directors believe that the recent social conflicts and economic instability will have a negative impact on the growth of the commercial real estate market in Hong Kong. Although Chairman of the Board Pan Sutong and non-executive Director Gao Min held objections, they voted to suspend trading.
In the 18th year of the year, Gao Yin won the No. 4 plot of the 4th B District of Kai Tak through its Swift International for 8.9 billion yuan. This year, it also won the No. 4 plot of the fourth C area through Jun Teng.
The financial arrangement is not currently provided for Junteng. The government has the right to cancel the sale of the site and confiscate the deposit of $25 million.