Ying Li sells Chongqing ICC project to unit of China Evergrande as part of $672 mil deal

Ying Li sells Chongqing ICC project to unit of China Evergrande as part of $672 mil deal

PC Lee
28/11/17, 08:09 am

SINGAPORE (Nov 28): Ying Li International Real Estate, the China‐based developer, has agreed to sell its entire stake in a mixed developement project in the CBD of Chongqing city as part of a RMB3.29 billion ($672 million) deal.

Shengyu (BVI), which is part of the China Evergrande Group, is buying Ying Li’s entire equity interest in its direct wholly‐owned subsidiary Shiny Profit Enterprises, which in turn owns the entire equity interest in Chongqing Yingli Shiny Profit Real Estate Co.

Chongqing Yingli Shiny Profit owns the Ying Li International Commercial Centre project, formerly known as Ying Li Financial Street project, a premium integrated project currently under construction which is located in Chongqing’s core central business district of Jiefangbei and comprises two office tower blocks and a six‐storey retail mall.

As part of the overall deal, Ying Li will also transfer to Shengyu a separate parcel of land in Chongqing not connected to the project at the same price the group currently values the land under its ongoing the land acquisition process. The land parcel transfer is expected to cost Ying Li RMB520 million.

In turn, Shengyu will repay the outstanding inter‐company loans extended by Ying Li to Shiny Profit and Chongqing Yingli Shiny Profit.

Shengyu will also assume all the existing liabilities in Shiny Profit and Chongqing Yingli Shiny Profit amounting to RMB898 million in total.

Ying Li says the disposal deal will speed up the capital recycling process and enable it to pursue new ventures and investment opportunities in Tier 1 and fast‐growing Tier 2 cities in China.

Shares in Ying Li closed at 15 cents on Monday.


Singaporeans to receive SG Bonus 'hongbao' as budget surplus soars to $9.6 bil

SINGAPORE (Feb 19): All Singaporeans aged 21 and above will receive a one-off “SG Bonus” of $100, $200, or $300, depending on their annual income, Finance Minister Heng Swee Keat announced at his 2018 Budget statement on Monday. The budget statement comes after Singapore's trade-reliant economy in 2017 recorded full-year growth of 3.6% – the highest in three years. According to Heng, the “hongbao” is a way to share some of the year’s budget surplus with the nation. The SG Bonus will cost the government some $700 million. This comes after Singapore's revised FY2017 ....

Top marginal buyer's stamp duty for residential properties raised to 4%

SINGAPORE (Feb 19): In the latest Budget 2018, Finance Minister Heng Swee Keat said that the government will be raising the top marginal buyer's stamp duty (BSD) rates for residential properties to 4% from 3%, and applied on the value of residential property in excess of $1 million. The increased top marginal rate will apply to a portion of residential property value which is more than $1 million. The changes will be applied to all residential properties acquired from tomorrow (Feb 20) onwards. There will be a transitional provision for cases where an Option To Purchase (OTP) will be&....

Singapore delays highly-anticipated GST hike to 9% to between 2021-2025

SINGAPORE (Feb 19): Singapore will raise its good and services tax (GST) by 2 percentage points to 9% sometime between 2021 and 2025, according to Finance Minister Heng Swee Keat in his 2018 Budget statement on Monday. "But I expect that we will need to do so earlier rather than later in the period,” he adds. According to Heng, the exact timing of the tax increase will depend on the state of the economy, how much expenditures grow, and how buoyant existing taxes are. "This GST increase is necessary because even after exploring various options to manage our future expenditures throug....