Gordon Tang

Chip Eng Seng in joint $47.5 mil investment of China distressed property company

SINGAPORE (June 15): Chip Eng Seng and controlling shareholder Haiyi Investment are jointly investing RMB240 million ($47.5 million) in a distressed property company based in Taicang city in Jiangsu province, China.

Chip Eng Seng says the investment will enable the project company to discharge its outstanding liabilities such that its assets will be unsealed and restart a project involving the development and construction of a residential development on a land area of 38,000 sqm, with a gross floor area of 111,111 sqm.

Why Singapore is a magnet for REIT listings

SINGAPORE (May 3): Singapore Exchange is the largest global REIT platform in Asia, with a market capitalisation of US$70 billion ($95.4 billion).

“We have the largest global REIT platform. You could start with a US portfolio and decide 10 years later to pick up European assets, and investors here would not have a problem with that,” says Ronald Tan, director of Equity Capital Market at the SGX, during Manulife US Real Estate Investment Trust’s Investor Day event.

SingHaiyi undertakes rights issue to raise $143 mil in net proceeds

SINGAPORE (Dec 27): SingHaiyi Group is selling up to 1.435 billion new shares at 10 cents each.

The issue price of 10 cents represents a discount of 11.8% to the theoretical ex-rights price of 11.3 cents each, says the property group in a Tuesday night filing.

As at 10.50am, shares in SingHaiyi are trading at 12 cents.

The rights issue is to raise proceeds to pursue property investments and for general corporate and working capital purposes.

Shareholders will be entitled to one rights share for every two existing shares held.

SingHaiyi submits winning bid of $81.1 mil in en bloc purchase of How Sun Park

SINGAPORE (Nov 28): SingHaiyi Group has emerged as the winning buyer in the collective purchase for the property at How Sun Park, a freehold property with a site area of 5,104.3 sqm.

The winning bid of $81.1 million was submitted by SingHaiyi Huajiang Amber, a subsidiary of SingHaiyi, was duly accepted by the owners of the property on Tuesday.

Gordon Tang of Singhaiyi becomes substantial unitholder in OUE C-REIT

SINGAPORE (March 20): Chinese tycoon Gordon Tang has emerged as a substantial shareholder in OUE Commercial REIT (OUE C-REIT).

Tang, who heads property developer Singhaiyi Group, now owns 7.68% of OUE C-REIT, up from his previous holding of 4.88%, following a private placement.

Tang was a cornerstone investor in OUE Commercial REIT when it was listed in 2014.

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