Goldin Properties Gets Privatization, Restructuring Proposal

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Goldin Properties Holdings Ltd., the Hong Kong developer which has had recent one-day share-price swings of more than 40 percent, received proposals for privatizing or restructuring.

The company’s major shareholder, billionaire Pan Sutong, hasn’t made a decision, according to Chief Financial Officer Kenas Chan, who told a media conference call that the firm’s financial situation is stable, with no bank loans or bonds outstanding.

“Our boss doesn’t like to borrow from banks,” Chan said on Monday, referring to Pan.

Investors should use “extreme caution” when dealing in Goldin’s stock because of the high concentration of shares among a small number of investors, Hong Kong’s financial watchdog said Monday.

Pan has a 64.4 percent stake, while another 13 shareholders hold 30.75 percent of the issued shares, leaving 4.84 percent for other investors, according to a company statement on the Securities and Futures Commission website. Goldin Properties will respond to the SFC, Chan said.

While Goldin’s shares have rallied more than 200 percent in 2015, the stock is down 45 percent from a May high. It has had one-day gains and losses of more than 40 percent within the past three weeks.

The share price swings, coupled with those of sister company Goldin Financial Holdings Ltd. and Hanergy Thin Film Power Group Ltd., have prompted calls for more regulatory oversight in Hong Kong.

Goldin Financial has also issued statement on the SFC website disclosing concentration of ownership, saying Pan owned 70.29 percent of the stock and that 19 other investors held 28.29 percent as of March 4.

Separately, Goldin Properties’ 228-hectare (220-acre) Tianjin development will be completed as planned and progress has been smooth, Executive Director Edmond Ting said on the same call.

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