SGX too busy creating new toxic pdts !!
(01-10-2013, 05:21 PM)specuvestor Wrote: [ -> ]Wouldn't that require a fine or at least slap on wrist by SGX... or SGX also bo cho kang?
I don't know if the following document is up to date but it seems like failure to comply is punishable with fine.
Penalties
- Failure to notify Singapore Exchange, the REIT and/or the business trust - offence punishable with fine not exceeding S$25,000 and further fine of S$2,500 for each day of continuing offence upon conviction
- Failure to notify corporation – offence punishable with fine not exceeding S$5,000 and further fine of S$500 for each day of continuing offence upon conviction
http://www.imas.org.sg/uploads/media/201...ations.pdf
(02-10-2013, 10:12 AM)Boon Wrote: [ -> ] (01-10-2013, 05:21 PM)specuvestor Wrote: [ -> ]Wouldn't that require a fine or at least slap on wrist by SGX... or SGX also bo cho kang?
I don't know if the following document is up to date but it seems like failure to comply is punishable with fine.
Penalties
- Failure to notify Singapore Exchange, the REIT and/or the business trust - offence punishable with fine not exceeding S$25,000 and further fine of S$2,500 for each day of continuing offence upon conviction
- Failure to notify corporation – offence punishable with fine not exceeding S$5,000 and further fine of S$500 for each day of continuing offence upon conviction
http://www.imas.org.sg/uploads/media/201...ations.pdf
Khoo Teck Puat case would be interesting reference case:
http://www.presidiopenthouse.com/tycoonv...dwood.html
Now to see if SGX got cho kang go through the disclosures, or if anyone here free to go complain
I would think those with vested interest probably would keep quiet
http://infopub.sgx.com/FileOpen/Board_Co...eID=259462
Changes in Board Composition
- Appointment of Independent Non-Executive Directors: Mr John Lim Kok Min, Mr John Ting Kong Lee and Mr Paul Kwok Kin Cheng
-
Resignation of CEO Mr Richard David, Mr Graham Sugden and Mr Steven Xu. Still in process of searching for new CEO
- Appointment of Eric Chung as Non-Executive Chairman of the Board
New Board. New beginnings. New Lobangs.
“Forterra Real Estate Pte. Ltd ("FRE”), as trustee-manager of Forterra Trust (the “Trustee-Manager”), wishes to announce that it is realigning the composition of its board of directors (the “Board”), with a view to promoting new perspectives, skills, experience, knowledge, energy, contact bases and direction for the benefit of unitholders of Forterra Trust (“Unitholders”). The Trustee-Manager believes that the realignment of the Board’s composition would give focus to the Board’s strategic direction and objectives, and would also further build and develop Forterra Trust’s corporate governance, financial oversight and operational framework for the benefit of unitholders[/b] of Forterra Trust (“Unitholders”).”[/i][i]
Let’s see what benefit the new controlling shareholder would bring to the unitholders, if all the actions are not a prelude to a GO - looking forward to the 3Q2013 results, to be announced on 29 November before trading.
Wing Tai unit sets new record for Shanghai land prices
Written by The Edge
Tuesday, 03 December 2013 10:15
Winmine, a subsidiary of Singapore-listed Wing Tai Holdings, has set a new record for land prices in Shanghai this year when it acquired a plot in downtown Huangpu District for RMB42,821 psm ($8,831).
The land parcel, which had a starting price of RMB748 million, or 29,013 psm, was sold for RMB1.104 billion, a premium of 47.6%, designated for office and commercial purposes.
Winmine fought off rivals including China SCE Property Holdings and Shanghai Yongye Group to put in the winning bid of 8,594-square-meter parcel next to the Xintiandi area.
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Singapore Developer Sets Shanghai Land Price Record with Huangpu Buy
By Michael Cole On December 2, 2013
China’s rebounding real estate market continues to drive up land prices, as a subsidiary of Singapore’s Wing Tai group recently set a new record by paying RMB 42,821 (US$7,028) per square metre for a plot near Xintiandi.
The final price paid at last week’s auction of the 8,594 square metre lot was RMB 1.1 billion (US$180.6 million), a premium of 47 percent over the starting price of RMB 748 million.
According to a report in the Shanghai Daily, Winmine Investment Pte, Ltd, a wholly-owned vehicle of Singapore-listed Wing Tai beat out Xiamen-based China SCE Property Holdings and privately-held local company Shanghai Yongye Enterprise Group in the bidding.
New Price Records Set Monthly
November was the third month in a row that a new price record was recorded in China’s “super cities” of Shanghai and Beijing, as the real estate market has accelerated rapidly during the second half of 2013.
The consideration paid by Winmine breaks the previous record set by Hong Kong-based developer K. Wah Group during October this year when it paid RMB 40,106 per square metre for a 5,665 square metre riverfront residential site in Pudong.
The existing record for a commercial site in Shanghai had been the RMB 37,264 per square metre that Hong Kong developer Sun Hung Kai had set in September when it bought a plot in Xujiahui.
However, the prices paid in Shanghai still lag far behind the RMB 73,000 per square metre that Sunac paid for in September for a residential site in northeast Beijing.
Land Prices Rising Despite Increase in Supply
Shanghai’s home sales have rebounded sharply in recent months the volume of space sold increasing as much as 60 percent year on year, and prices showing a 14 percent rise from October 2012 to October 2013, according to a report by Shanghai Uwin Real Estate Information.
The flood of demand, coupled with government policies designed to drive the creation of more housing supply are encouraging developers to bid up land prices.
Shanghai land sales for 2013 are expected to total more than RMB 200 billion, compared to only RMB 87.58 billion in 2012, when land revenues dropped to a three year low.
With the government still holding back introducing meaningful restrictions on the market, the announcement of the next land price record may not be long arriving.
(vested)