Coastal Greenland Limited reported that its controlling shareholder, Coastal International Holdings Limited (CIH), has had a receiver appointed over 153.13 million shares—equivalent to 36.93% of the company’s issued capital—following defaults on two high-interest loan facilities.

The first facility, dated 21 November 2024, provided CIH with a HK$7.00 million six-month term loan at an annualised interest rate of 30%. The loan was secured by a share charge on CIH’s 153.13 million shares in Coastal Greenland. Persistent payment defaults triggered formal demand notices on 20 May 2026.

A supplemental facility dated 19 September 2025 (amended on 16 January 2026) further granted CIH, together with Coastal Realty Development Co. Limited and guarantor Mr. Jiang Ming, access to a maximum HK$25.00 million loan—also at 30% per annum—secured by the same share charge. As of 20 May 2026, the lender demanded settlement of HK$28.86 million, citing continued events of default.

Consequent to unresolved arrears, the lender appointed Mr. Yeung Man Sun of McMillan Woods (Hong Kong) CPA Limited as receiver on 9 July 2026 to enforce security under both loan agreements.

Coastal Greenland is evaluating the legal, financial and operational implications of the enforcement actions and has pledged to provide further updates. Shareholders and potential investors are advised to exercise caution when dealing in the company’s securities.