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Update on Legal proceedings against ITG subsidary JXSPD.

LEGAL PROCEEDING AGAINST JIANGXI SINGAPORE PROPERTY DEVELOPMENT CO., LTD

It read like the usual 'he says she says' suit/counter-suit in civil suit proceedings.

(19-04-2013, 05:43 PM)lonewolf Wrote: Update on Legal proceedings against ITG subsidary JXSPD.

LEGAL PROCEEDING AGAINST JIANGXI SINGAPORE PROPERTY DEVELOPMENT CO., LTD

It read like the usual 'he says she says' suit/counter-suit in civil suit proceedings.

Yes, Hopefully not a long battle. Will continue to monitor...

(19-04-2013, 07:22 PM)CityFarmer Wrote:

(19-04-2013, 05:43 PM)lonewolf Wrote: Update on Legal proceedings against ITG subsidary JXSPD.

LEGAL PROCEEDING AGAINST JIANGXI SINGAPORE PROPERTY DEVELOPMENT CO., LTD

It read like the usual 'he says she says' suit/counter-suit in civil suit proceedings.

Yes, Hopefully not a long battle. Will continue to monitor...

Round 1 done... Hopefully no more further round(s)...

Further to the Company’s announcement dated on 19 April 2013, our Directors wish to announce that
the Proceeding commenced on 4 July 2013 by Jiangsu Province First Construction Installation Co.,
Ltd. (“Jiangsu First Construction”) against our subsidiary, Jiangxi Singapore Property Development
Co., Ltd. (“JXSPD”) in the Jiangxi Nanchang Intermediate People’s Court in the People’s Republic of
China (“PRC”), has been dismissed

http://infopub.sgx.com/FileOpen/Ann_Upda...eID=250033

(vested)

The company announced 1HFY2013 result.

http://infopub.sgx.com/FileOpen/ITG_2013...eID=252054

Here are my views
- The property development in JXSPD was still on-going, and ramping up. Base on cash flow statement, a further S$12.8 million was spent in 6 months, versus S$6.5 million in previous 6 months.
- The sale of the property was ramping-up too. Base on balance sheet (statement of financial position), the deferred revenue (mainly sale proceeds collected) was increased from S$39.4 million to S$78.5 million. The deferred revenue includes the Promedia part, bu it is less than S$1 million.
- Cash reserve (ex-restricted part) increased from S$27.5 million to S$35.7 million.
- No debt, and reducing payable, with equity attributable of S$20.8 million

IMO, the development cost will continue to pick-up till end of FY13 (Dec 2013), and will start to taper off starting FY14. The sale will continue to ramp-up, even after FY13. Cash reserve will continue to pile-up.

The company market cap is S$18 million with market price of 13.5 cents...

(vested)

I posts the news report here, since China property is the core business of the company now...

China’s July month-on-month home prices slow

BEIJING — China’s monthly property inflation moderated for a fourth straight month in July, although annual gains were the strongest this year, complicating policymakers’ task of trying to cool the sector without stifling growth elsewhere.

Real estate, which directly affects about 40 other business sectors in the country, is considered to be one of the crucial drivers of activity in the world’s second-largest economy.

Signs of a gathering recovery in the property market coincide with other July data that suggested China may be steadying after more than two years of slumping growth.

Average new home prices in 70 major cities climbed 0.7 per cent in July on the month, easing from June’s rise of 0.8 per cent, according to Reuters calculations from data released by the National Bureau of Statistics (NBS) yesterday.

Compared with a year ago, new home prices rose 7.5 per cent in July, the seventh consecutive rise.

http://www.todayonline.com/business/chin...rices-slow

Loan cutting for home buyers in third- and fourth-tier Chinese cities. Nanchang, the city where the property project is located, is not in the list...

China banks cutting loans for homes in small cities: think-tank

BEIJING – China’s banks have reduced lending to property projects in smaller Chinese cities due to concerns about an excess supply of homes in those areas, the chief economist at a state think-tank said on Wednesday.

Mr Fan Jianping of the State Information Centre said third- and fourth-tier Chinese cities are sitting on a large inventory of unsold commercial homes following big land sales by local authorities in recent years.

Small Chinese cities have been cited by analysts as focal points for the country’s property risks because their oversupply of homes is exacerbated by falling demand, as residents migrate to large towns in search of a better living.

http://www.todayonline.com/business/chin...think-tank

This news may be more relevant to post here.

China tier-1 cities property is always in demand, with the China urbanization policy. The bubble are mainly concentrated in smaller cities, where the boom is supported mainly by wants, rather than needs.

China August home prices rise on gains in major cities

BEIJING — China’s new home prices, spurred by strong home buying in major cities, rose at the fastest rate in at least two-and-a-half years last month despite government measures to keep prices in check.

The central government has been tightening property sector controls for nearly four years to rein in surging house prices, restricting second-home purchases and slowing the flow of credit to developers. But Beijing is also concerned that excessive curbs on the housing sector could derail the country’s fragile economic recovery.
...
http://www.todayonline.com/business/chin...jor-cities

The company share trade halted, pending for announcement.

Update for the legal proceedings? or something else?

The company was offered an exit price by Goh brothers via WHL, a newly incorporated company.

Reference: http://infopub.sgx.com/FileOpen/JointAnn...eID=257586

The offer price is S$0.127, which value the company slightly below S$17 mil. This offer is way too low, IMO, for a company with NAV of more than S$25 mil, and pending for a harvest with the China property project. Base the market response, a higher offer price is expected

There is always a risk of a early buy-out, before asset play materializes, for small-cap.

(vested)

(26-09-2013, 10:39 AM)CityFarmer Wrote: The company was offered an exit price by Goh brothers via WHL, a newly incorporated company.

Reference: http://infopub.sgx.com/FileOpen/JointAnn...eID=257586

The offer price is S$0.127, which value the company slightly below S$17 mil. This offer is way too low, IMO, for a company with NAV of more than S$25 mil, and pending for a harvest with the China property project. Base the market response, a higher offer price is expected

There is always a risk of a early buy-out, before asset play materializes, for small-cap.

(vested)

KP time. The market can expect whatever. No one KP to the press by this weekend. Half battle lost.

Not vested.