(Bloomberg) -- Goldin Financial Holdings Ltd. said the sale of its eponymous Hong Kong skyscraper failed to complete in a blow to the embattled property firm’s attempts to repay debt. 

The agreement by receivers to sell the Goldin Financial Global Centre was terminated and the deposit paid by the purchaser was forfeited, according to a statement to the Hong Kong stock exchange. The company did not elaborate on why the deal was not completed. 

The office tower is at the heart of an asset grab by creditors as Goldin Financial struggles to make timely payments on its outstanding debt. The flagship building of tycoon Pan Sutong’s firm was seized by creditors in September 2020. 

The company had said in a filing in March that all outstanding loans and notes will be satisfied if the transaction is completed.

The building is estimated to have a value of around HK$10 billion ($1.3 billion), SCMP reported earlier. The 27-story super grade A office located in Kowloon Bay includes a single floor area of around 35,000 square feet, according to the company’s website.

Goldin Financial was informed by the purchaser that it will dispute the alleged wrongful termination, and the deal will be subject to the outcome of the legal proceedings, according to the statement.

Shares of Goldin Financial have been suspended in Hong Kong since April 1 after it failed to publish earnings ahead of the March 31 deadline. 

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