GuocoLand

[millionairemind]

Published April 23, 2010

Guocoland aims to double China property investment

(BEIJING) Guocoland Ltd, the developer controlled by Malaysian billionaire Quek Leng Chan, plans to double investment in China property to more than US$9 billion on confidence government efforts to avert a bubble will work.

Guocoland, whose projects include shopping malls, apartments, offices and hotels, said a year ago it planned to invest 33 billion yuan (S$6.6 billion) in new commercial properties in China.

'We should very easily double that,' Violet Lee, head of Guocoland's China operations, said in an interview in Beijing. 'We have much more confidence now because we can sense the central government is taking things very seriously.'

The Chinese government last month ordered state-owned companies to pull out of property development if it's not part of their main business, creating an opportunity for foreign developers.

'The recent policies focus on curbing demand, but China's urbanization and the rising demand for housing are still there over the long term,' said Dai Fang, a Shanghai-based analyst at Zheshang Securities Co. 'With the expectation of a yuan appreciation, it also makes sense for foreign companies to build up investment in China.'

Guocoland's new investments will focus on integrated projects in major cities like Beijing and Shanghai as well as provincial centres, Ms Lee said. The company is also considering expanding its land holdings.

The Singapore-based developer, part of Malaysia's Hong Leong Group, aims to increase its investments over about two years, she added. Ms Lee also sees a 'big, big opportunity' in the Chinese government's demand that 78 state-owned companies exit the property market because real estate isn't their main business.

The company plans to take advantage of the move through 'mutually beneficially working relationships,' she said.

China this week ordered developers not to take deposits for sales of uncompleted apartments without proper approval and barred them from charging 'abnormally high' prices. Real estate prices in Haikou, capital of the southern island of Hainan, jumped 53.9 per cent last month.

The average cost of land in 105 Chinese cities rose 8.1 per cent in the first quarter from a year earlier to 2,700 yuan per sq m, the Ministry of Land and Resources said yesterday.

'We're looking at crazy prices,' Ms Lee said. 'A lot of land prices are beyond what the market can accept. The flour is more expensive than the bread.' The government's measures to cool the housing market won't have any 'major impact' on Guocoland as they mainly target residential projects rather than the company's main operations, Ms Lee said. -- Bloomberg

[ichew]

http://info.sgx.com/webcoranncatth.nsf/ ... penelement

they just release a note on this ...

We refer to the article headlined “GuocoLand aims to double China property investment” which appeared in The Business Times today.

GuocoLand Limited (“GLL” or the “Company”) wishes to clarify that the source for The Business Times article appears to be from Bloomberg News of 17 April 2009 and 22 April 2010.

The comments in Bloomberg News are attributed to Ms Violet Lee, head of GuocoLand’s China operations. The figure of Rmb33 billion was purportedly made
previously by her to Bloomberg. This figure was erroneously reported and should have been Rmb3.3 billion, on the basis of land tenders which GuocoLand China had planned to or participated in. Not all of these tenders have been successful. Participation in land tenders is in the normal course of the Group’s business.

Ms Lee’s comment that “We should very easily double that” has been misconstrued as the Group’s intention to double its planned future investments in China. Ms Lee made these comments in the context that since April 2009, property prices in the key cities of China such as Beijing and Shanghai have moved up substantially. Ms Lee’s comments were not intended to be a forecast or prospective statement by the Company on future investments by the Group.
The Group is positive on the China real estate market for the medium term. As and when opportunities arise, the Group will continue to evaluate prospects there. These can only be crystallised when such opportunities arise.

[LenaHuat]

Actually I saw the news runner on Bloomberg TV last nite. I was really floored when I read RMB33 billion So it should be RMB3.3 billion.

[millionairemind]

April 23, 2010, 2.47 pm (Singapore time)

GuocoLand's Q3 jumps 95% on China contributions

By ANGELA TAN

Property group, Guocoland Limited, reported a 95 per cent year-on-year jump in its net profit to S$9.54 million for the third quarter ended March 31, 2010 due to the higher contribution from property development projects in China.

Revenue, however, slipped 15 per cent to S$107.56 million. The decrease was mainly due to lower contribution from property development projects in Singapore.

GuocoLand said with regard to the acquisition of the Dongzhimen project in Beijing, various legal actions taken by GuocoLand (China) Limited, the group's wholly-owned subsidiary, to defend and protect its 90% interest in the project are still pending hearing and/or adjudication before PRC courts.

[winston]

Ms Violet Lee, head of GuocoLand’s China operations.

I think she was a Miss Singapore a long time ago ..

[winston]

Not vested. From DBS:-

Maintain HOLD on Guocoland, TP S$2.08 (from S$2.09).

Around 20% of its current RNAV is exposed to China residential with another 10% exposed to China commercial. Its China residential exposure is mainly in Tier 2 cities of Nanjing and Tianjin.

[winston]

Not vested

GuocoLand says in S$532.5 mln rights issue

SINGAPORE - Singapore property developer GuocoLand said on Friday it plans to raise S$532.5 million (US$393.3 million) through a rights issue to fund potential acquisitions and strengthen its balance sheet.

GuocoLand has proposed issuing about 296 million new shares at S$1.80 each, which represents a discount of about 15.9 per cent to its last closing price of S$2.14.

Under the proposed rights issue, one rights share will be distributed for every three existing ordinary GuocoLand share.

Its parent, Hong Kong-based Guoco Group, will subscribe for its pro-rata entitlement of the rights shares and any others which are not taken up by other shareholders of GuocoLand, it said in a statement.

Source; REUTERS

[winston]

GUOCOLAND - GuocoLand said on Wednesday its wholly-owned subsidiary has jointly won the bid for a land parcel in Shanghai for 3.04 billion yuan ($454.7 million) together with a unit of Guoco Group <0053.HK>.

Source: Reuters

[winston]

Not vested

GuocoLand's Q1 earnings climbs 9% to $13.4m By UMA SHANKARI

GuocoLand on Friday reported that its net profit for the first quarter ended Sept 30, 2010 rose 9 per cent to $13.4 million (US$10.3 million) from $12.4 million a year ago.

Revenue rose 15 per cent to $109.9 million from $95.7 million, mainly due to progress in the construction of well-received residential development projects such as Goodwood Residence, Sophia Residence and Elliot at the East Coast in Singapore.

Earnings per ordinary share rose to 1.62 cents from 1.50 cents.

Looking ahead, GuocoLand said that healthy growth was experienced by its core Singapore and China markets. But while the group is pursuing attractive opportunities, it 'remains mindful and cautious of the inherent risks', it said.

GuocoLand shares closed unchanged at $2.44 on Friday.

http://www.businesstimes.com.sg/sub/lat ... 64,00.html?

[ichew]

http://dichan.sina.com.cn/zt/zsjdzlwt/
新加坡国浩巴厘岛风情变成泥巴岛

anyone seen this?
is guocoland china responsible for this?