Sydney Chinese dining icon Golden Century planning relaunch, after going into voluntary administration

Owners of the dining institution are scrambling behind the scenes to seal a financial deal so it can relaunch once lockdowns lift.

Golden Century owners Linda and Eric Wong. The restaurant has entered voluntary administration. Picture: Bradley Hunter

Collapsed Sydney Chinese institution Golden Century is seeking to relaunch after the Covid-19 pandemic subsides after filing for voluntary administration.

The restaurant on Sussex Street, famously popular with politicians, went into administration on August 17 after 31 years of trading in Sydney’s Chinatown.

The coming renewal of its major commercial lease, coupled with the ongoing lockdowns of Sydney, was the last straw for the long-suffering restaurant.

Golden Century was started in 1989 by owners Eric and Linda Wong, who had moved from Hong Kong.

Chifley Advisory administrator Desmond Teng said the business planned to put together a rescue plan and relaunch.

Mr Teng said the company planned to put together a deed of company arrangement, which would see all employees at least paid in full, with a potential to relaunch the business after the pandemic subsided.

“The company would be restarted. That will give them breathing space,” Mr Teng said.

Owner of famous Sydney Chinese restaurant Golden Century, Eric Wong, pictured checking the temperatures of staff members before lunchtime service. Picture: Sam Ruttyn

The owners of the business approached Mr Teng last week to scope out the potential administration of Golden Century.

The Wongs also own restaurants XOPP at Darling Square and The Century, at the Star.

There is no suggestion either of these businesses is insolvent.

Preparing food in the kitchen of Golden Century. Picture: Bradley Hunter

Mr Teng said the Wongs had chosen to shut Golden Century after it was clear it couldn’t continue.

“They knew they were burning cash every month. They knew they wouldn’t be able to come to an agreement with the commercial lease with the landlord,” he said.

“They wanted to freeze the trade.”

Originally published as Sydney Chinese dining icon Golden Century planning relaunch, after going into voluntary administration