Tag Archives: China Property

Pan Hong to get compensation for delay in site handover

Posted on 27 Aug 2009 | Comments Off on Pan Hong to get compensation for delay in site handover

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

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CapitaLand allots $1b to Ascott, China, Viet arms

Posted on 19 Aug 2009 | Comments Off on CapitaLand allots $1b to Ascott, China, Viet arms

Group expects to reduce cash levels from $2.8b to $1-2b over 6-12 months

PROPERTY giant CapitaLand has deployed about $1 billion from its $1.8 billion rights issue earlier this year to grow its China, Vietnam and Ascott businesses. The money will be used to increase the respective capital base of these three wholly owned businesses of the group.

CapitaLand group CFO Olivier Lim said that, over the next 6-12 months, the group expects its corporate treasury cash levels to be reduced from the existing $2.8 billion to $1-2 billion, partly by pre-paying debt that matures in the next two to three years, and partly by deploying capital to investment opportunities that may arise.

The $2.8 billion corporate treasury cash is part of the $4.2 billion cash and cash equivalents as at June 30, 2009, as reported with CapitaLand’s first-half results last month.

Half or $500 million of the additional capital deployment will go to CapitaLand China Holdings, $299 million to CapitaLand (Vietnam) Holdings Continue reading →

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