Yung Kee Restaurant faces liquidation if family members fail to agree on a proposed stake sale before a court-appointed deadline Wednesday.
Negotiations on the sale of a 45 percent stake in the Hong Kong landmark have collapsed, the Hong Kong Economic Journal reports.
Representatives of Kam Kin-sing (甘建成), the late eldest son of founder Kam Shui-fai (甘穗輝), and second son Kam Kwan-lai (甘琨禮) have failed to reach an agreement, according to sources.
Kam Kin-sing’s widow, Leung Sui-kwan (梁瑞群), wants HK$1.3 billion (US$166.73 million) for the stake but Kam Kwan-lai is standing firm on his HK$1.2 billion purchase offer.
Last week, the Court of Final Appeal extended the deadline for the company’s liquidation after giving the parties 28 days to negotiate a deal.
KPMG, hired by Kam Kwan-lai to assess the business, put its value at HK$990 million to HK$1.11 billion.
The liquidation order will be carried out at midnight if the parties cannot reach an agreement by 5 p.m. on Wednesday.
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