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Philippine firm in $1.07bn JV with Okada MANILA: Philippine property firm Empire East on Tuesday confirmed it would invest more than $1 billion in a joint venture with Japanese gambling tycoon Kazuo Okada. Empire East said in a disclosure to the stock exchange that it would develop "at least 25 upscale residential towers" in Entertainment City, a gambling and resort complex on Manila Bay. The firm, owned by Filipino real estate tycoon Andrew Tan, would invest 45 billion pesos ($1.07 billion) and have a majority stake in the project, it said. Its partners in the joint venture are the Okada Group, Tiger Resort Leisure and Entertainment, and Eagle 1 Landholdings. Philippine authorities are looking to turn Manila into the world's number-two gaming destination ahead of Singapore and Las Vegas, and behind only Macau. Empire East, primarily known for middle-income housing, did not say how much Okada's group would be investing in the project, and Empire East spokesmen could not be contacted for ...

China to invest $5bn to renovate rural houses: Xinhua SHANGHAI: China will provide 31.87 billion yuan ($5 billion) in subsidies for the renovation of rural households this year, the state-run Xinhua News Agency said on Saturday. The pilot scheme will cover 4 million poor rural homes, the agency cited a joint statement by the Ministry of Housing and Urban-Rural Development, the Ministry of Finance and the National Development & Reform Commission. Each dilapidated house will be given 7,500 yuan on average, while 130,000 poverty-stricken rural households ...
Hong Kong property tycoons charged with graft: reports 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, ...
Dubai Limitless nears $1.2bn debt deal: sources 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 ...
Wen vows to keep property curbs 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 ...

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln