Gao Yin intends to acquire Kai Tak Land from Chairman Pan Sutong for nearly 2.2 billion

Gao Yin intends to acquire Kai Tak Land from Chairman Pan Sutong for nearly 2.2 billion

Gao Yin Finance (00530) and Chairman Pan Sutong, in November last year, spent more than 8.9 billion yuan to win the residential land of Kai Tak’s former runway. After nearly half a year, Gaoyin Financial announced that it plans to invest 2.162 billion yuan from Pansutong to acquire a 40% stake in the project company holding the relevant land, which will become a wholly-owned possession of the relevant land.

Premium over 1%

Gao Yin pointed out that the original acquisition cost of the sale shares and sales loans of Pan Supong was approximately RMB 2,137.9 million, implying a slight premium of approximately 1.1% on the purchase price.

The site is the No. 4 site in Area 4B of Kai Tak Runway Area. Last year, the land auction price was 8.906 billion yuan, and the floor area was 576,700 square feet. The average floor price per floor was 15,498 yuan. The price was higher than the new world (00017). The nearby land purchased by the local consortium is about 6.8% higher.

Gao Yin said that the land is designated for private residential use. The company said that the specific plan for the development of the site has not been implemented. It is expected that the development project will begin at the end of this year and will be completed in 2023.

Gao Yin Finance announced that it will convene an extraordinary general meeting to consider the acquisition of the interests of Pan Sutong in the project company. Pan Sutong is required to abstain from voting on the resolution to approve the agreement and the transactions contemplated thereunder.