THE trouble that Millennium & Copthorne New Zealand, a subsidiary of City Developments Ltd (CDL), has with a Chinese joint-venture (JV) partner has taken an ugly turn. Properties are said to have been sold by the partner unlawfully. CDL shares ended 2.27 per cent lower at $11.22 yesterday despite an assurance on Monday that there was unlikely to be a material impact on its financials, as its...
First Sponsor Capital Limited
Millennium & Corpthorne Hotels New Zealand Limited, a subsidiary of Millennium & Corpthorne Hotels, one of the largest hotel owners and operators in the world announced on Monday, an update on the difficulties arising from actions initiated by one of its partners in a Chinese joint venture - First Sponsor Capital Limited (FCSL). Cheung Ping Kwong who controlled FSCL, in March seized the company...