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CapLand pledges to build 6 schools in China

Posted on 15 Nov 2009 | Comments Off

CAPITALAND celebrates 15 years of doing business in China with a pledge to build another six CapitaLand Hope Schools in China, bringing the total to 15. The new schools are located in Inner Mongolia, Zhejiang Province and Guangdong Province. They form the CapitaLand Hope Schools project to provide improved schooling and living facilities for children in China’s rural areas. In addition, CapitaLand has pledged a conservation donation to support the 10-year collaborative programme for the Giant Panda population in China.

FINE FURRY FRIENDS
Chief corporate officer, Jennie Chua with Mr Liew; CapLand is also supporting the 10-year collaborative programme for the Giant Panda

Liew Mun Leong, president and CEO of CapitaLand Group, said: ‘Over the last 15 years, CapitaLand has actively participated in China’s urbanisation.

‘Today, we have an extensive presence with a portfolio worth over $20 billion (on a when-completed basis) comprising about 100 projects spanning 40 cities across China. This conservation donation is yet another testament of CapitaLand’s long-term commitment to China.’

It also launched a ‘15 Years in China’ exhibition at Raffles City Shopping Centre showcasing the group’s achievements in China. The exhibition includes videos and archived photographs of its projects across the country as well as models of Raffles City Beijing and Raffles City Chengdu. CapitaLand will soon have a total of five ‘Raffles Citys’ in China in addition to 50 shopping malls. It also employs about 5,000 people in China, 97 per cent of whom are local Chinese. The exhibition was opened to the public from yesterday evening and will run till 10pm on Monday.

Source : Business Times – 14 Nov 2009

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Posted in Developers, Overseas Property

Tagged Capitaland, CapitaLand Hope Schools, China Property, Liew Mun Leong

Metro sinks $41.7m into three Chinese properties

Posted on 15 Nov 2009 | Comments Off

MAINBOARD-LISTED Metro Holdings announced yesterday that it is investing $41.7 million to acquire stakes in three developments in Anshan, Fushan and Qinhuangdao, in a move aimed at building its presence in China.

Crown Investments Ltd, a wholly-owned subsidiary of Metro China Holdings, has set up an associated company, Diamond Wind Company Limited. Crown holds a 21.4 per cent stake in Diamond Wind and the balance 78.6 per cent is held by an independent party controlled by a Hong Kong-based private property equity fund.

Diamond Wind was incorporated to acquire a 50 per cent stake in each of three companies – Sunelite China Investment Holdings Ltd, Northeast Asia Investment & Development Holdings Ltd and Tesco Anshan Co Ltd (collectively HK Holding Companies) – and Diamond Wind has entered into share purchase agreements with their holding company, China Property Holdings (HK) Limited (CPHL). CPHL is a wholly-owned subsidiary of grocery retailer giant Tesco plc.

Diamond Wind plans to invest US$137.8 million in the three companies to develop three properties in Anshan, Fushun and Qinhuangdao, of which Crown’s share of the investment is US$30 million. This gives Metro a 10.7 per cent stake in HK Holding Companies.

Separately, the property developer and retailer released its results for the second quarter ended Sept 30, 2009. Net profit came in at $9.33 million compared with a loss of $4.9 million in the previous corresponding quarter while revenue grew by 7.4 per cent to $36.24 million.

Earnings per share for the quarter was 1.48 cents versus a loss of 0.77 cents in the previous corresponding quarter.

For the six months ended Sept 30, net profit totalled $22.41 million, up from $671,000 previously. Revenue was up 5.1 per cent at $69.68 million.

Metro shares rose one cent yesterday, closing at 76 cents.

Source : Business Times – 14 Nov 2009