According to Sing Tao, Ferrier Hodgson,the provisional liquidator of Peace Mark, has confirmed that part of Peace Mark’s assets, namely the retail operations of Peace Mark in Hong Kong, Macau and China, have been sold to New World Development’s Chow Sang Sang Enterprises (led by Cheng Yu-Tung), a well-know jewelry retailer in Hong Kong for around HKD 700 – 800 million. As Peace Mark’s outstanding debt is a round HKD 3.6 billion, this sale seems to be the substantial part of Peace Mark, the debtors don’t seem to be able to recover even half of the total amount outstanding.
The paper also said that Yeung Sau Sing, chairman of the Emperor group (which also owns a big jewelry retail chain in Hong Kong), was also bidding for Peace Mark but lost the bid at the end.
This is an amazingly quick process of liquidation. Maybe Hong Kong is really efficient after all.
