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anyone gg to metro agm later?
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Today's AGM refers.
Mnagement confirmed that properties in China can become 0 value if the lease of the land are not renewed by the local gov. as the gov will own the building after expiry of the land lease. Metro can only say China do not need money for land extending fees, so the only hope to get the land lease extended is base on relationship . So far management has been talking to the local partners but to no avail. They will continue to talk to them on this issue.
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(25-07-2012, 05:36 PM)tonylim Wrote: Today's AGM refers.
Mnagement confirmed that properties in China can become 0 value if the lease of the land are not renewed by the local gov. as the gov will own the building after expiry of the land lease. Metro can only say China do not need money for land extending fees, so the only hope to get the land lease extended is base on relationship . So far management has been talking to the local partners but to no avail. They will continue to talk to them on this issue.
Hi Tony Lim
Quite curious here - why would the Govt walk away from getting trillions of dollars worth of commercial properties freely across the PRC without some sort of land extension fee ? Isn't that the concept behind leasehold properties ?
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Quite obvious the government will take back the properties for sales or re-lease again, after the lease expiry , this is the whole purpose of leasehold land property, unless it is sitting on a freehold land.
“risk comes from not knowing what you’re doing.”
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25-07-2012, 09:19 PM
(This post was last modified: 25-07-2012, 09:21 PM by pianist.)
no one at AGM today asked about their 10.7% partnership with Tesco-Life Space. I saw one of the malls running in Anshan or Fushun since 2010...the occupancy was less than 80%.
and there was a good question on their investment loss provision - and that investment turned out to be TopSpring.
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Is the question of Jopie Ong remuneration of S$8.8 millions in FY2012 brought up again?
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(25-07-2012, 11:19 PM)ngcheeki Wrote: Is the question of Jopie Ong remuneration of S$8.8 millions in FY2012 brought up again?
One guy mentioned this issue and others . One of the director, gerald ong was rather agitated but this Goh or Ho guy asked him not to be upset because the management asked the floors if they have any questions and he raised some questions and why he wasn't happy. Ong was put to shame by him. Kudo to this guy.
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
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