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Asia Food & Properties planning demerger of its China property business

Posted on 24 Sep 2009 | Comments Off

Mainboard-listed Asia Food & Properties (AFP) on Thursday said it is planning a demerger of its China property business.

The firm’s China property business will now be held under a new unit called Bund Center Investment, which will be listed on the Singapore exchange.

The demerger will take place through a capital reduction in AFP, and a distribution of shares in the capital of Bund Center Investment to AFP shareholders.

After the move, AFP will focus on the Southeast Asia property market, with a few interests in selected mixed developments in China.

The Bund Center Group will be a China-centric property investment firm, and may venture into property development in future.

AFP said the demerger will help it to more effectively manage the two distinct geographical segments of Southeast Asia and China, which have unique market and competitive conditions.

The firm added that the demerger could also help it to raise funds more easily, as its credit ratings are currently subject to analyses of the political, national, regional and economic risks of both China and Southeast Asia, although the factors affecting one region may not directly impact the other.

AFP said the separation of operations and management will provide financial independence to both AFP and the Bund Center Group, and facilitate future access into the capital markets for debt and equity funding to pursue growth opportunities.

Source : Channel NewsAsia – 24 Sep 2009

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Posted in Overseas Property

Tagged Asia Food & Properties, Bund Center Investment, China Property

UK mortgage approvals up 81.4% in Aug

Posted on 24 Sep 2009 | Comments Off

But consumer credit and demand for re-mortgaging remains subdued

British banks approved 81.4 per cent more home purchase loans in August than the same month a year ago but consumer credit and demand for re-mortgaging remained subdued, a survey showed yesterday.

The British Bankers’ Association (BBA) said that 38,095 mortgage applications were approved last month.

That was similar to the 38,186 approved in July but significantly higher than August 2008 when activity in the housing market had almost ground to a halt.

The figures chime with other surveys showing that record low interest rates have helped stabilise Britain’s housing market after sharp price declines last year.

However, BBA director of statistics David Dooks noted that the big banks had picked up market share from smaller lenders and the broader picture may not be so robust.

‘The main high street banks’ mortgage lending has stabilised in a market where other lenders are largely inactive,’ he said. Continue reading →