Goldin Properties soars after 18b yuan China deal

Hong Kong

BILLIONAIRE Pan Sutong's Goldin Properties Holdings surged the most since 2007 in Hong Kong trading after the company raised US$2.8 billion selling commercial properties. The shares soared as much as 65 per cent and closed before the holidays 54 per cent higher at HK$11.98.

Goldin Properties said on Wednesday it sold one-fourth of its flagship commercial project in the Chinese city of Tianjin for 18 billion yuan (S$3.9 billion) to a company owned by Mr Pan and an unidentified, independent firm. Mr Pan said the developer will use part of the proceeds to repay its existing debt, leaving room for more investment.