Goldin Financial Holdings has agreed to sell a residential site on Hong Kong’s former airport at a HK$2.6 billion ($340 million) loss, due to the uncertain outlook in the property market and the overall economic downturn in Hong Kong.
The buyer was unnamed, but the announcement said it is a “well-established integrated company principally engaged in property development and related businesses.”
The sales price is estimated at HK$7.05 billion ($910 million). Proceeds of the sale will provide Goldin with capital to shore up its cash reserves and reduce the group’s borrowings.
Goldin paid HK$8.9 billion ($1.15 billion) to acquire the 9,708-square-meter (104,496-square-foot) piece of the undeveloped Kai Tak plot known as New Kowloon Inland Lot 6591 in 2019.
