Property group CapitaLand announces a slew of management changes aimed at strengthening its next level of leadership. For its retail business, the property giant has appointed Mr Tony Tan as Deputy CEO of its CapitaRetail China Trust Management. He will also continue to hold his current position as head of finance in the same unit. At CapitaMalls Asia (CMA), Hazel Chew, who currently heads the finance...
Capitaland
CapitaLand said it has dissolved an indirect subsidiary - CapitaLand Sadeco. The company, incorporated in Vietnam had been placed under members' voluntary liquidation. CapitaLand said the dissolution of the subsidiary is not expected to have any material impact on the net tangible assets or earnings per share of the group. Source : Channel NewsAsia – 21 Apr...
$800m worth units sold here in Q1 and sales are continuing CONTRIBUTIONS from residential development projects helped lift CapitaLand's financial results for the first quarter ended March 31, 2010. The property giant reaped a net profit of $115.4 million in Q1 - some 2.7 times the year-ago profit of $42.9 million. Its revenue climbed 41 per cent over the same period to $687.3 million. CapitaLand...
PROPERTY giant CapitaLand has shelled out some $39.2 million to acquire a majority stake in Hersing Corporation's fast-growing self-storage business. Yesterday, the two companies said that they have set up a joint venture (JV) company - which is 62 per cent owned by CapitaLand and 38 per cent owned by Hersing - to buy over four self-storage properties under Hersing's StorHub brand, as well as the brand...
HIGHER residential sales in Singapore, China and Vietnam gave CapitaLand's net profit for the first quarter a substantial lift. Earnings for the three months to March 31 shot up 169 per cent to $115.4 million, compared to $42.9 million a year ago. Revenue could not match that stellar performance but still rose 41 per cent to $687.3 million, from $487 million the year before. Turnover from residential...
Mainboard listed CapitaLand said Friday its net profit surged 169 per cent on-year to S$115.4 million in the first quarter ended March 31. Its revenue grew 41 per cent to S$687.3 million compared to the same period last year. The group said this is largely from residential development projects in Singapore, China and Vietnam, as well as increased contribution from its serviced residences operations. In...
CAPITALAND president and chief executive Liew Mun Leong said at a forum yesterday that there is no widespread asset bubble in China, because outside certain major cities, people's mortgage payments have not become unaffordable relative to their incomes. Mr Liew told students at the National University of Singapore Business School that there are 'speculative forces' in major cities like Beijing, Shanghai,...
CAPITALAND president and CEO Liew Mun Leong's total remuneration last year was $5.8 million, down 22 per cent from $7.42 million in 2008. This was despite his bonus rising 29 per cent to $3.83 million from $2.98 million. This bonus is largely from an economic value added (EVA) incentive plan. EVA measures the net operating profit after tax less cost of capital employed. According to CapitaLand's 2009...
FOR the second year running, CapitaLand has paid a portion of staff bonuses in the form of shopping vouchers. About 700 managerial staff in Singapore will receive a total of $1 million worth of vouchers redeemable at CapitaMalls Asia (CMA) malls here. The value of the vouchers each staff member gets ranges from $750 to $10,000, depending on the size of the bonus. CapitaLand came up with this scheme last...
Property developer CapitaLand said the present property boom in China cannot be labelled as a bubble. It is of the view that current market conditions are driven mainly by physical demand. While it notes there is some degree of speculative demand in the Tier 1 cities, CapitaLand said there is no subprime danger in China, unlike in the US. It added that it is comforting to note that the Chinese government...