Singapore's second-largest developer City Developments (CDL) said it is not looking to put in top-dollar bids on land tenders just to grow its land bank in Singapore. This is due to the so-called "qualifying certificate", which requires developers of high-end residential projects to sell their new homes within two years. CDL's Executive Chairman Kwek Leng Beng said: “It will be suicidal to keep on...
China Developers
Singapore-listed Guangzhou Investment (GZI) said it is proposing to streamline its operations in order to focus on the property business. The streamlining will involve the separation of its non-property related business and a change of its company name to Yuexiu Property Company. Following the completion of the reorganisation, Yuexiu will focus solely on the property business. The other assets currently...
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...
Singapore-listed Pan Hong Property Group has posted a S$7.8 million loss for the financial year ended March. This reverses a S$39.2 million profit in the previous financial year. The China-based developer said the net loss was mainly due to a sharp drop in revenue as it sold fewer residential units during the financial year. Revenue for the period fell 93 per cent to S$8.4 million. Giving an update on...
Property developers pull out all stops to boost sales CHINA'S property market is facing a downturn. This has prompted some Chinese developers to resort to publicity stunts and even gimmicks to revive interest among prospective buyers. Following a slowdown in June, the property market in China is expected to remain sluggish in the last quarter of this year. In its report, Singapore's DBS Group Research...
Property developer Yanlord Land on Friday said its first quarter net profit more than tripled on year to S$9.3 million. This was due mainly to a sustained growth in demand and higher average selling prices for its high-end residential units in the quarter. Revenue rose 30 per cent on year to S$116.2 million. China-based Yanlord said the mainland's real estate sector continues to show strong growth...