Hong Kong’s High Court has liquidated Paul Y. Engineering, a construction and civil engineering company founded in 1946, after it defaulted on debt repayments.
Paul Y. is currently involved with 13 public works projects, 12 of which involve joint venture partners, reports South China Morning Post.
On 21 February, PricewaterhouseCoopers (PwC) was appointed as a provisional liquidator for Paul Y. and its subsidiaries.
PwC stated that the group “has been facing financial distress since mid-2024 and is currently the main contractor for a number of construction projects in Hong Kong”.
One affected project is the University of Hong Kong’s Pokfield Campus development, which was due to be completed in three phases from 2025 to 2027.
The university is now trying to find another main contractor.
Two contracts for the Lok Ma Chau Loop involving road construction, cycle paths and a public transport interchange, will also be affected.
They were due to be completed in 2025 and 2026.
Paul Y. Engineering was founded in Shanghai before moving to Hong Kong in 1949 amid the Chinese Communist Revolution. It has worked on projects such as Singapore’s Merdeka Bridge (pictured) and Hong Kong’s Cheung Kong Center central.
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