Pan Sutong's Goldin Financial Holdings wins land site for HK$6.38b
Foray into Hong Kong's residential market is the first for billionaire who made fortune in electronics
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Hong Kong
HONG KONG's exclusive club of residential property developers will have to make room for a new entrant after billionaire Pan Sutong's Goldin Financial Holdings Ltd beat other bidders including Cheung Kong Property Holdings Ltd to win a land site for HK$6.38 billion (S$1.1 billion).
Goldin, a relatively unknown company that is among the worst performers in Hong Kong's stock market this year, could build about 500 units in Hong Kong's Ho Man Tin site with a maximum gross floor area of 54,444 sq m, the city's Lands Department said in a statement on its website on Wednesday. The price was in line with the expectations at Savills plc and JPMorgan Chase & Co, while exceeding the estimate at CLSA Ltd.
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