Developers | Lush Dream Home

Singapore-listed Chinese property developer Pan Hong said Thursday it will receive compensation for a delay in the handover of a land parcel that it bought.

The firm said it will receive 4 million yuan (about S$846,000) from authorities in China’s Fuzhou city due to the delay.

Pan Hong had bought the rights to the Fuzhou site in 2007 at a cost of 200 million yuan.

But an unspecified delay on the authorities’ part has led to Pan Hong getting the monetary compensation.

As part of the compensation, Pan Hong will also only be required to pay 60 per cent of the local levies.

That will result in cost savings of about 9.8 million yuan.

Source : Channel NewsAsia – 27 Aug 2009

Wing Tai posts loss of $53.9m in Q4

Posted on 26 Aug 2009 | Comments Off

Results hit by $109.7m fair value losses on investment properties

WING Tai Holdings yesterday reported a net loss of $53.9 million for the fourth quarter ended June 30, 2009, as it booked fair value losses of $109.7 million on its investment properties. Net profit in the same three months a year ago was $96.3 million.

Revenue in the three months, however, rose 78 per cent to $191.5 million, from $107.3 million in Q4 2008.

The fair value loss also hit the developer’s full-year results. Net profit for financial year 2009 fell 91 per cent to $21.0 million, from $229.4 million for FY2008. Excluding the fair value losses on investment properties, the net profit of the group would have been $108.9 million in FY2009, compared with $157.8 million in the previous year, Wing Tai said.

Revenue for the full year rose 18 per cent to $507.3 million, from $428.2 million in the previous year, boosted by progressive sales recognised from Continue reading →