Iconic Sydney restaurant Golden Century set to be rescued from closure

A rescue plan to save beloved Sydney Chinese restaurant Golden Century from administration has been approved.

The dining favourite could soon reopen after creditors voted to accept a rescue plan proposed by the family owners of perhaps the city's best known Chinese establishment.

The Haymarket institution of more than 30 years was a victim of coronavirus lockdowns, as it was forced to do take-away only for months.

It went into administration last month.

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Golden Century was well-known for its walls lined with seafood tanks.

Wine worth $1.2 million will be sold as part of a $4.5 million rescue plan.

Paperwork noted the company made a profit of almost $825,000 for the year ending June 30, 2021, and then a loss of over $450,000 between July 1 and August 30 this year, which was when Sydney went back into lockdown.

Owner Billy Wong at Golden Century in 2018.

Golden Century first opened at a smaller site in 1989 before moving to its current location two years later.

It was founded by Eric and Linda Wong, who had moved to Australia from Hong Kong.

The restaurant became renowned for its clientele, hosting such guests as Lady Gaga, Rihanna, US President George H.W. Bush and Rod Stewart.

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It also became a famous haunt for chefs, dining there once their own shifts had ended at other Sydney restaurants.

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