STOCKS | Pioneer Corp Says Hang Seng Bank Sold Mortgaged Shun Tak Centre Units

Pioneer Corp (0176) said it has received several demand letters from Hang Seng Bank, and was told a receiver has forcibly sold certain properties mortgaged to the bank at Shun Tak Centre West Tower. according to Ming Pao, about $49.78 million and $75.48 million of the sale proceeds were used to offset outstanding principal and interest on two of the company’s term loans owed to Hang Seng Bank.