The Embassy Suites By Hilton Palm Desert is among EHT’s ill-fated assets
Leading today’s roundup of Asia real estate happenings is more bad news for a Singapore-listed hotel trust, which has just lost three of its remaining six directors, according to an announcement to the stock exchange today.
Also, in the headlines, the chairman of Singaporean developer CDL seeks to reassure investors about some new additions to his board after losing a separate trio of decision-makers over an unpopular investment in a mainland developer, and Hong Kong conglomerate Lai Sun has announced the passing of its chairman.
Trio of Eagle Hospitality Trust Directors Resign
Three Eagle Hospitality Trust (EHT) independent directors – Tarun Kataria, Lau Chun Wah and Kelvin Tan – who were among those previously arrested and released on bail, have resigned from the firm’s board.
Last October, EHT announced that six of its former and current Singapore-based directors had been arrested on “reasonable suspicion” that disclosure requirements may have been breached. The remaining directors are Salvatore G Takoushian, Carl Gabriel Florian Stubbe and Ng Kheng Choo. Read more>>
CDL Chair Defends Replacement Board Directors
City Developments (CDL) executive chairman Kwek Leng Beng has come out to defend recent appointments to the board and reassure investors after an exodus of directors put the spotlight on bitter internal divisions over the group’s investment in Chinese real estate developer Sincere Property Group.
In a letter to the media on Wednesday, Mr Kwek said the departures of several directors “offer CDL an opportunity to renew its board bench” as the new independent non-executive directors bring “diversified skill sets and perspectives”. Read more>>
Lai Sun Chairman Lam Kin-ming Dies
Lai Sun companies and Crocodile Garments announced that chairman, Lam Kin Ming passed away today.
Lam was also an executive director, the chief executive and an authorized representative of Crocodile Garments, and the chairman, an executive director and an authorized representative of Lai Sun Garment, a non-executive director of Lai Sun Development and deputy chairman, an executive director and an authorised representative of Lai Fung. Read more>>
Guangzhou Regulator Clamps Down on Homeowner Price-Fixing
The move by some homeowners in Guangzhou to collude on inflating prices has infuriated the housing watchdog, which is initiating stringent measures to cool the recent run up in property prices in one of the main Greater Bay Area cities.
The Housing and Construction Bureau of Guangzhou said on Wednesday it was carrying out special rectification measures to maintain order in the property market and protect buyers’ rights. The regulator also said it would crack down hard on those jacking up home prices, posting fake property information and resorting to advertisement and sales gimmicks. Read more>>
Wheelock Set to Launch Kai Tak Project Next Week
Wheelock Properties opened show flats for Monaco in Kai Tak today and plans to launch sales next week.
The developer will release the first price list today. Monaco is expected to be the first new project to kick off sales in the primary market this year. The project offers 399 units, ranging from 280 to 760 square feet. Read more>>
Former Hong Kong Minister Leads Kwok Challenge to Convoy Board
Convoy Global Holdings, one of Hong Kong’s largest pension advisers, saw a dramatic twist in its boardroom tussle when a breakaway caucus of shareholders voted in six directors nominated by the second-largest shareholder to challenge the incumbent board.
The rebels, led by former Secretary for Financial Services and the Treasury, Frederick Ma Si-hang, said they are backed by shareholders with a combined 53.53 per cent of Convoy’s voting rights. He led a walkout by scores of investors from Convoy’s head office in Wan Chai just 20 minutes into a shareholders’ meeting haosted by the current board on Thursday evening. Read more>>
Home of Defrauded SG Widow Put Back on Market at S$10M Discount
The house that former China tour guide Yang Yin nearly cheated from a rich Singaporean widow is up for sale again, at a lower price of $25 million, or about $785 per sq ft (psf) on land area.
The property was put up for sale by real estate consulting firm Edmund Tie yesterday, nearly three years after the previous tender in February 2018. Read more>>
Evergrande’s Aggressive Share Buybacks Fail to Impress Investors
China Evergrande Group’s latest round of share buybacks is falling flat with investors, even after the embattled developer snapped up shares at a premium and took major steps to avert a debt crisis.
The Chinese real estate firm resumed its buyback spree in the final quarter of 2020, spending HK$1.3 billion (S$222.7 million) to buy shares for as much as HK$17.48 apiece. The buyback has done little to shore up the stock, which closed at HK$14.28 in Hong Kong on Thursday. The shares are down 12 per cent since the last buyback on Dec 2, compared with a 3.8 per cent gain in the benchmark Hong Kong index. Read more>>
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