Gaoyin Ho Wentian has sold 12.4 billion kings to Pan Sutong

Then there are core areas in the urban area. In 2016, Gaoyin Financial (00530), which won a high price in the first phase of Homantin Street and Homantin Station, announced a major asset reorganization last night, with a total of RMB6.4 billion and RMB 6.602 billion respectively, and even the shareholder loans to sell the above two projects. The 60% and 50.1% of the interest to the major shareholder Pan Sutong [map], involving a total of 12.4 billion yuan. Pan Sutong originally held approximately 40% and 33.4% of the above two projects.

The announcement further disclosed that Gaoyin originally planned to sell 60% of the high-interest financial center of Kowloon Bay High Bank Financial to Pansutong at a consideration of RMB 8.512 billion, and entered into an agreement on April 9, but received the agreement on April 20th. The letter from the Stock Exchange (00388) proposed that after the sale of the three major projects, the company would concern the matters under Article 14.82 of the Listing Rules and therefore decided to terminate the sale of interest in the Kowloon High Finance International Center.

According to Rule 14.82 of the “Listing Rules”, “Once an issuer becomes a cash asset company, that is, all or most of its assets are cash or short-term securities, it will not be considered suitable for listing and will be suspended.”

5.6 billion to buy high-bank financial international center

After Gaoyin ceased its sale, it instead replaced it with a total of RMB 5.6 billion to purchase Panyutong’s 40% stake in Gaoyin Financial International Center. After the above three transactions are completed, Pan Sutong will hold two Ho Man Tin Projects (the first phase of Ho Man Tin Station will be held by a joint venture partner Huarong Financial Holdings (00993) to hold a minority of 16.5% equity interest). Gao Yin Financial will become a wholly-owned subsidiary. Holds the High Bank Financial International Center in Kowloon Bay.

Gaoyin expects that the sale of two Homantin projects will allow the company to make profits of 6.43 billion yuan. Due to the above-mentioned connected and major transactions, it is necessary to be approved by the senior shareholders of Gaoyin. Gaoyin will be suspended from the 9th of this month and will resume trading today.

In March 2016, Gaoyin first won the site of Changsheng Street in Homantin for 6.38 billion yuan, equivalent to a land premium of 1.0889 million yuan; and in December of the same year it won the first-stage development project of Homantin Station Phase I. The disclosure of its land price together with the total development cost reached 13 billion yuan, that is, the land price per party was as high as 17,500 yuan. Today, Gaoyin changes hands on two projects. According to its latest valuation, as of the end of March 2018, the projects at the Changsheng Street and Homantin stations were worth 11.7 billion yuan and 13.7 billion yuan respectively.

As for the high-banking financial international center, its site was Gaoyin Financial, which won RMB 3.4 billion in July 2011. The commercial building was completed and was occupied in 2016. However, the rent is expensive and its position is “hanging”. Has been quiet.

The annual report shows that the total site area of ​​the Changsheng Street project site is approximately 9,074m2. This project plans to build a top-level apartment complex with luxury clubhouse facilities. The project will build more than 400 private residences with a maximum floor area of ​​approximately 586,000 sq ft. Site piling works have been completed and the project is expected to be completed by the end of 2020.