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CDL just sold a HK listed cash company. It was a net net stock.
The Board of Directors of City Developments Limited (CDL or the Company) wishes to announce that further to the announcement released on 25 November 2013, the Company had, through its wholly-owned subsidiaries namely eMpire Investments Limited, Citydev Investments Pte. Ltd. and Educado Company Limited (collectively, the CDL Entities), on 21 December 2013 received a Memorandum of Understanding (Memorandum) from an unrelated third party (the Purchaser), expressing their non-binding interest in acquiring from the CDL Entities an aggregate of 200,854,743 ordinary shares representing approximately 52.52% interest in the issued share capital of City e-Solutions Limited (CES) held by the CDL Group through the CDL Entities.
In the Memorandum, the Purchaser had also expressed their non-binding interest in acquiring CES shares held by Hong Leong Holdings Limited and Hong Leong International (Hong Kong) Limited (collectively, the HL Entities), which when aggregated with the CES shares held by the CDL Entities amount to 226,929,031 CES shares, representing approximately 59.34% of the total issued share capital of CES as at the date of this announcement.
The CDL Entities and HL Entities have accepted the Memorandum on 21 December 2013, which is subject to the finalisation and implementation of each of the transactions contemplated in the Memorandum and the agreement on terms and conditions to be set out in a binding sale and purchase agreement (Formal Agreement) to be entered into by the relevant parties.
Further announcement will be made by the Company when the Formal Agreement is entered into by the CDL Entities.
By Order of the Board
Shufen Loh @ Catherine Shufen Loh
Company Secretary
Date: 23 December 2013
KLB got guts. Not only S chips burnt up all the cash in the market of the rich, middle class and heartlander class, its burning the margin of old boys network of property cartel.
KLB is trying his luck after CEO of Capland fire the probable lifting curbs?
The heart of the problem is land. Gov under pressure is taking out on the rich club members class. Looks to me all got a big stomach ulcer problem.
Business bosses like Mr Quek are rich and probably no need to work anymore with their wealth. I hope policies are formulated not just for the business and developers. They shld formulated to benefit the bulk population. I will not like to see a country with a few ultra rich up there shaking legs and controlling real estates and those below working like mad to make end meets.
"hopeful that some of the cooling measures could be tweaked in due course, particularly in the area of foreign investment.”
The international players are really "damaging", in the view of the local developer, to the extent of crying for help...
City Developments quarterly profit falls 11% on property curbs
City Developments, Singapore’s second-largest developer, posted an 11% fall in fourth- quarter profit on lower sales and said it faces continued challenges in its home market.
Net income declined to $221 million in the three months ended Dec. 31, from S$249.3 million a year earlier, as sales fell 13% to $774 million, the developer said in a statement to the Singapore exchange today. The lower sales was in part due to the absence of a similar gain from the disposal of industrial land parcels in the fourth- quarter of 2012, it said.
City Developments, which hired Grant Kelley from Leon Black’s Apollo Global Management LLC as chief executive officer, is seeking to expand overseas as it faces the lowest total homes sales in the city-state in four-years following the government’s tougher housing curbs to cool record residential prices.
“Macro headwinds are expected to continue to weigh on the domestic property market,” the company said in the statement. It reiterated that it is “hopeful that some of the cooling measures could be tweaked in due course, particularly in the area of foreign investment.”
...
http://www.theedgesingapore.com/the-dail...urbs-.html
(27-02-2014, 10:36 AM)CityFarmer Wrote: [ -> ]"hopeful that some of the cooling measures could be tweaked in due course, particularly in the area of foreign investment.”
The international players are really "damaging", in the view of the local developer, to the extent of crying for help...
City Developments quarterly profit falls 11% on property curbs
City Developments, Singapore’s second-largest developer, posted an 11% fall in fourth- quarter profit on lower sales and said it faces continued challenges in its home market.
Net income declined to $221 million in the three months ended Dec. 31, from S$249.3 million a year earlier, as sales fell 13% to $774 million, the developer said in a statement to the Singapore exchange today. The lower sales was in part due to the absence of a similar gain from the disposal of industrial land parcels in the fourth- quarter of 2012, it said.
City Developments, which hired Grant Kelley from Leon Black’s Apollo Global Management LLC as chief executive officer, is seeking to expand overseas as it faces the lowest total homes sales in the city-state in four-years following the government’s tougher housing curbs to cool record residential prices.
“Macro headwinds are expected to continue to weigh on the domestic property market,” the company said in the statement. It reiterated that it is “hopeful that some of the cooling measures could be tweaked in due course, particularly in the area of foreign investment.”
...
http://www.theedgesingapore.com/the-dail...urbs-.html
Do the Chinese developers ask the government to tweak the rules when the foreign developers encroached on their territory? The Chinese have fought back by establishing a new battle front outside China. Haha..
All the developers are fighting ferociously in London, Sydney and Melbourne.
CDL warns of tough times as property curbs remain.
SINGAPORE — The Republic’s property market is in for another challenging year with cooling measures set to stay in place and with the introduction of new measures in the construction sector, City Developments Limited’s Executive Chairman Kwek Leng Beng said yesterday after the company reported an 11 per cent fall in fourth-quarter net profit.
http://m.todayonline.com/business/cdl-wa...rbs-remain
(28-02-2014, 10:12 AM)cfa Wrote: [ -> ]CDL warns of tough times as property curbs remain.
SINGAPORE — The Republic’s property market is in for another challenging year with cooling measures set to stay in place and with the introduction of new measures in the construction sector, City Developments Limited’s Executive Chairman Kwek Leng Beng said yesterday after the company reported an 11 per cent fall in fourth-quarter net profit.
http://m.todayonline.com/business/cdl-wa...rbs-remain
I moved the post into CDL thread. The news report also have been posted before
Regards
Moderator
(28-02-2014, 10:12 AM)cfa Wrote: [ -> ]CDL warns of tough times as property curbs remain.
SINGAPORE — The Republic’s property market is in for another challenging year with cooling measures set to stay in place and with the introduction of new measures in the construction sector, City Developments Limited’s Executive Chairman Kwek Leng Beng said yesterday after the company reported an 11 per cent fall in fourth-quarter net profit.
http://m.todayonline.com/business/cdl-wa...rbs-remain
I don't see any problems here. He is after all speaking up for his own interest.
From article
"“When you see that volume starts to swing and prices come down maybe 0.1 to 0.2 per cent, you may think it’s nothing, but adding that up can be quite a lot (of declines) per annum. I believe the government is fully aware but it’s a question of when is the right time to press the button, and the right time can be a judgment call,” he said."
Why is it the Govt must do things? The developers can cut prices if they want to move sales. They have plenty of margin to play with. If not, they can hold until the QC extension kicks in.
"Mr Kwek also called for changes to the Qualifying Certificate (QC) rule, which applies to developers whose shareholders and directors are not all Singaporeans, as doing so will help to moderate bidding for land.
“I believe with QC in place, competition for every site (is intense) … Without any sites, business comes to a standstill so developers have no choice but to bid higher and higher,” he said."
If SG developers are allowed to hoard land collectively, prices will shoot upwards even higher. QC is a good policy to make holding costs higher. Thus self regulating housing supply. CDL is big landbanker. Vested interests talking.
"“We want to build an international external wing, and that’s why we have decided to appoint Mr Grant Kelley (as the Chief Executive) because he can bring in an external angle … We cannot forever be Singapore-centric and do the way we have been doing; a company evolves over time,” Mr Kwek said."
CDL China property is not at the right places. Mainly Chongqing.
(28-02-2014, 01:29 PM)opmi Wrote: [ -> ]CDL China property is not at the right places. Mainly Chongqing.
Why Chongqing is not a right place? It might not be as good as Shanghai, but also a tier 1 city, right?
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