Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Sign Up / Login Logout

Lost your password?
Register
Forgotten Password
Cancel

Register For This Site

A password will be e-mailed to you.

  • Capital Markets
  • Events
    • Join the Mingtiandi Proptech Forum 2021
      • Asia Proptech 2021: COVID-19 Accelerates a Trend
      • Panel Talk: Tech Adoption in Logistics Real Estate
    • Promote Your Brand with the Mingtiandi Proptech Forum 2021
    • 2021 Mingtiandi Event Calendar
    • More Events
  • MTD TV
  • People
  • Logistics
  • Asia Outbound
  • Retail
  • Design & Construction
  • Research & Policy
  • Advertise

CK Asset Director Joins Goldin Board as Vice Chair of Troubled HK Developer

2020/07/24 by Michael Cole Leave a Comment

gerald ma lai chee

Gerald Ma has been working for Li Ka-shing since 1996

A top strategist from Li Ka-shing’s CK Asset has joined the board of defaulting developer Goldin Financial Holdings as rumours fly of buyouts and restructuring in Hong Kong’s real estate world.

Gerald Ma Lai-chee, an executive with 24 years of experience with the property business of Hong Kong’s richest man, was appointed as vice chairman of Goldin on Wednesday, just one day after the developer, which had its Kowloon Bay headquarters seized by creditors last week, announced that it was in the process of arranging HK$8.7 billion ($1.12 billion) in new funding.

Yardi Investment Manager 2

Ma, who is an executive committee member and general manager at CK Asset, also serves as a non-executive director at Li Ka-shing-invested ARA Asset management and Fortune REIT.

While originally appointed as an independent, non-executive director on Goldin’s board on Wednesday, Ma was brought into Goldin’s operation on Thursday, the same day that his appointment took effect, as his independent status was removed, with the developer announcing to the stock exchange that the change would allow the CK veteran “to devote more time and involvement in the financial and restructuring affairs of the Company and its subsidiaries.”

Restructuring a Troubled Developer

“We will actively study Goldin’s financial and debt status,” CK Asset said in a statement, without specifying what assets might have potential resale value or commenting further on its involvement in Goldin’s anticipated restructuring.

Pan Sutong Goldin

Goldin boss Pan Sutong has an extensive personal portfolio in Hong Kong

In announcing Ma’s appointment on Wednesday, Goldin said that Li’s lieutenant, “will focus on providing financial and restructuring advice to the Company and its subsidiaries.” That advice might involve significant sales of assets, as Goldin is reported to be under pressure to repay nearly HK$10.3 billion in obligations being sought by its creditors in Hong Kong.

Last week Goldin chairman Pan Sutong appears to have pledged more than half of his 70.86 percent holding in the developer in an effort to raise cash, with a 28.18 percent slice transferred to ICBC Macau on behalf of an unspecified beneficiary.

Proptech Registration Column

In May of this year Goldin announced that it had agreed to sell a residential plot which it had purchased on Hong Kong’s former airport site at Kai Tak last year to an unnamed buyer for HK$7.04 billion. That disposal came after the company had purchased the 9,708 square metre site for HK$8.9 billion in November 2018.

Goldin’s commercial portfolio, which includes the 900,000 square foot Goldin Financial Global Centre, which was taken over by receivers appointed by Deutsche Bank last week, is already heavily financed and said to be of little interest to potential buyers.

Pan’s Personal Portfolio

Last week Pan took out second and third mortgages worth a total of HK$600 million on his mansion in Hong Kong’s Deep Water Bay area, which is located just a few doors down the road from the primary residence of Li Ka-shing and his son Victor.

Proptech Registration Column

Pan, who was ranked as Hong Kong’s 22nd richest man by Forbes in 2019, also personally owns a number of development projects or potential redevelopment sites in Hong Kong, including a pair of residential projects in the Ho Man Tin area of Kowloon.

Pan also owns the Oriental Daily News industrial building in the To Kwa Wan section of Kowloon Bay.

Related Stories

  • Hong Kong Court Paves Way for Sale of Goldin’s Kowloon East HQHong Kong Court Paves Way for Sale of Goldin’s Kowloon East HQ
  • Goldin Names Purported Buyer of Kowloon HQ as Bankruptcy LoomsGoldin Names Purported Buyer of Kowloon HQ as Bankruptcy Looms
  • Goldin Agrees to Sell HK$8.9B Kai Tak PlotGoldin Agrees to Sell HK$8.9B Kai Tak Plot
  • Goldin Forfeits HK$25M Deposit to Walk Away From Record Kai Tak Land PurchaseGoldin Forfeits HK$25M Deposit to Walk Away From Record Kai Tak Land Purchase

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Finance Tagged With: CK Asset Holdings, daily-sp, Featured, Gerald Ma Lai-chee, Goldin Financial Holdings, highlight, Hong Kong

Proptech Registration Jumbo

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Yardi Lease Manager

Get Mingtiandi Delivered

Proptech Registration Column

Latest Stories

John Pattar KKR

KKR Announces $1.7B Final Closing for First Dedicated Asia Real Estate Fund

Mango Halts China Store Openings and More Asia Real Estate Headlines

Blackstone Buying Disney Building in Singapore’s One North for $135M

George Agethen

Ivanhoé Cambridge, PAG Launch $400M Japan Last Mile Logistics JV

Sponsored Features

CK Lau

Asia Pacific Logistics Sector: Increasingly Varied Sector Requires Multiple Approaches Sponsored Feature

COVID-19 Uncertainty Creates New Priorities for Real Estate Investors Sponsored Feature

Urban planning

Urban Placemaking with Big Data and Little People Sponsored Feature

Hines’ One Museum Place Celebrates One Year of a New Shanghai Landmark Sponsored Feature

More Sponsored Features>>

MTD-QR-Code-320

Top Stories

CapitaLand China Retail REIT Sells Wuhan Properties and More Asia Real…CapitaLand China Retail REIT Sells Wuhan Properties and More Asia Real Estate Headlines

Blackstone Buying Disney Building in Singapore’s One North for $135MBlackstone Buying Disney Building in Singapore's One North for $135M

JLL Names New Country Heads for Singapore, ThailandJLL Names New Country Heads for Singapore, Thailand

KKR Announces $1.7B Final Closing for First Dedicated Asia Real Estate FundKKR Announces $1.7B Final Closing for First Dedicated Asia Real Estate Fund


Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • Events
    • Join the Mingtiandi Proptech Forum 2021
      • Asia Proptech 2021: COVID-19 Accelerates a Trend
      • Panel Talk: Tech Adoption in Logistics Real Estate
    • Promote Your Brand with the Mingtiandi Proptech Forum 2021
    • 2021 Mingtiandi Event Calendar
    • More Events
  • MTD TV
  • People
  • Logistics
  • Asia Outbound
  • Retail
  • Design & Construction
  • Research & Policy
  • Advertise

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Newsletter Subscription
  • Terms of Use
  • Privacy
  • Advertise
  • Join the Mingtiandi Team

We use cookies in accordance with our Privacy policy to provide the best user experience on Mingtiandi and to safeguard user data. By continuing to browse you consent to the policy. AcceptRefuse