Overseas Property | 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

Regency Hotel eyeing overseas expansion

Posted on 27 Aug 2009 | Comments Off

The operator of Regency Hotel, Regency International Hotel Incorporated Sdn Bhd is planning to expand its hotel network into London, New York, Bangkok, Jakarta and Istanbul, said executive chairman Matshah Safuan.

‘We are still looking at it. It depends on the property market.

We will go for it when the time is right,’ he told Bernama recently.

Established 23 years ago, Regency currently owns nine hotels, of which one is in Bali, three in Sarawak, two each in Kedah and Negeri Sembilan and a newly launched hotel in Kuala Lumpur.

Located strategically in front of the Chow Kit wet market, more than RM100 million (S$40.9 million) has been invested for the new hotel, Mr Matshah said. Continue reading →