Real Estate
Friday, 13 July 2012 10:44
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HONG KONG: Two of Hong Kong's richest property tycoons were charged with corruption on Friday along with a former senior official, in the biggest graft scandal the regional banking hub has seen, reports said.
Sun Hung Kai Properties co-chairmen Thomas and Raymond Kwok were among five people charged under anti-graft laws and will appear in court later Friday, public broadcaster RTHK reported.
Former chief secretary Rafael Hui was also charged, along with another Sun Hung Kai director, Thomas Chan, and Francis Kwan, former non-executive director of New Environmental Energy Holdings Ltd. media reports said.
Sun Hung Kai was suspended from trading 18 minutes after the market opened, pending the release of a potentially price sensitive announcement, it said in a filing to the stock exchange.
The Independent Commission Against Corruption (ICAC) and Sun Hung Kai refused to confirm the reports. No details of the allegations have been made public.
The Kwok brothers and Hui were ...
DUBAI: Limitless, the indebted property arm of Dubai World is close to sealing a $1.2 billion debt deal, potentially ending talks that have lasted more than two years, sources close to the negotiations said on Tuesday.
The developer, a vehicle for most of Dubai World's overseas property investments, has proposed paying interest of 175 basis points over the London interbank offered rate (Libor) under the new terms, one banking source said.
Lenders would be paid beginning in ...
BEIJING: China must firmly maintain its property tightening measures by targeting specualtive demand over a long period, Premier Wen Jiabao was quoted as saying on Saturday.
"Currently, the property market adjustment is still at a crucial stage and we must unswervingly continue the work and make the fight against speculative property investment demand a long-term policy," the official Xinhua news agency quoted Wen as saying during a trip to the eastern province of Jiangsu.
Officials have repeatedly ...
HONG KONG: Chinese major provinces are seeking more than Rmb100bn (US$15.7bn) in loans to back a series of government-backed housing projects, sources said.
The Shanghai government is raising up to Rmb40bn in loans, while Hunan is seeking up to Rmb30bn.
According to banking sources, Chongqing, Gansu, Guangzhou, Henan, Jiangxi and Shanxi are also seeking loans for their subsidised housing projects.
Copyright Reuters, 2012 ...
KUALA LUMPUR: Gas-rich Qatar's sovereign wealth fund plans to build luxury hotels in Malaysia, Paris, London and China named after Harrods, the world's famous department store, a report said Wednesday.
Under a $636 million plan Qatar Holding will partner a local Malaysian firm Jerantas to construct a hotel in Kuala Lumpur's golden triangle's shopping district of Bukit Bintang.
Construction work is expected to begin next year on the development, which will comprise up to 300 hotel rooms, ...
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