China New Town

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#1
Is this a good stock to hold for longer term view?
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#1
Is this a good stock to hold for longer term view?
Reply
#2
Municipal government usually will not pay good price for business deal. May be this round is different...

(not vested)

China New Town Development to sell Wuxi project for $227 million

SINGAPORE (Dec 3): China New Town Development ( Financial Dashboard) is selling its town development project in Wuxi for RMB1.13 billion ($227 million).

The developer will book a net gain of about RMB675.3 million from the sale and use the proceeds for other real estate investments in China, it said in a regulatory filing today.

The buyer is Wuxi Municipal New Town Development Group, a company owned by the Wuxi Municipal People's government.
...
http://www.theedgemarkets.com/sg/article...27-million
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#2
Municipal government usually will not pay good price for business deal. May be this round is different...

(not vested)

China New Town Development to sell Wuxi project for $227 million

SINGAPORE (Dec 3): China New Town Development ( Financial Dashboard) is selling its town development project in Wuxi for RMB1.13 billion ($227 million).

The developer will book a net gain of about RMB675.3 million from the sale and use the proceeds for other real estate investments in China, it said in a regulatory filing today.

The buyer is Wuxi Municipal New Town Development Group, a company owned by the Wuxi Municipal People's government.
...
http://www.theedgemarkets.com/sg/article...27-million
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#3
Biz as usual, base on company announcement. I am not sure the reason, might due to China anti-graft movement. The company has intensive dealings with local government officials, for projects...

(not vested)

China New Town's controlling shareholder under custody

SINGAPORE (June 10): China New Town Development Company ( Financial Dashboard) has revealed that controlling shareholder Shi Jian has been placed under custody in a designated residence by the Changzhou Procuratorate.

When queried, the Procuratorate was also unable to disclose the reasons behind Shi’s custody as the investigation was at an early stage.

A comprehensive internal checking by the company after receiving the news found that all its businesses, subsidiaries and assets are operating and performing as usual; none of the assets of the company has been frozen or seized and that no event of default under the existing facilities of the group has been triggered.

In addition, no other member of the group has been hauled up by the Chinese authority to assist in the relevant investigations.

While Shi is an executive director of the company, he is not involved in its daily operations.

Nevertheless, China New Town’s board has appointed non-executive director Li Yao Min to temporarily assume Shi’s responsibilities.

The counter was trading at 8.9 cents before a trading halt was called.
http://www.theedgemarkets.com/sg/article...er-custody
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
Reply
#3
Biz as usual, base on company announcement. I am not sure the reason, might due to China anti-graft movement. The company has intensive dealings with local government officials, for projects...

(not vested)

China New Town's controlling shareholder under custody

SINGAPORE (June 10): China New Town Development Company ( Financial Dashboard) has revealed that controlling shareholder Shi Jian has been placed under custody in a designated residence by the Changzhou Procuratorate.

When queried, the Procuratorate was also unable to disclose the reasons behind Shi’s custody as the investigation was at an early stage.

A comprehensive internal checking by the company after receiving the news found that all its businesses, subsidiaries and assets are operating and performing as usual; none of the assets of the company has been frozen or seized and that no event of default under the existing facilities of the group has been triggered.

In addition, no other member of the group has been hauled up by the Chinese authority to assist in the relevant investigations.

While Shi is an executive director of the company, he is not involved in its daily operations.

Nevertheless, China New Town’s board has appointed non-executive director Li Yao Min to temporarily assume Shi’s responsibilities.

The counter was trading at 8.9 cents before a trading halt was called.
http://www.theedgemarkets.com/sg/article...er-custody
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
Reply
#4
(10-06-2015, 09:51 AM)CityFarmer Wrote: Biz as usual, base on company announcement. I am not sure the reason, might due to China anti-graft movement. The company has intensive dealings with local government officials, for projects...

(not vested)

China New Town's controlling shareholder under custody

SINGAPORE (June 10): China New Town Development Company ( Financial Dashboard) has revealed that controlling shareholder Shi Jian has been placed under custody in a designated residence by the Changzhou Procuratorate.

When queried, the Procuratorate was also unable to disclose the reasons behind Shi’s custody as the investigation was at an early stage.

A comprehensive internal checking by the company after receiving the news found that all its businesses, subsidiaries and assets are operating and performing as usual; none of the assets of the company has been frozen or seized and that no event of default under the existing facilities of the group has been triggered.

In addition, no other member of the group has been hauled up by the Chinese authority to assist in the relevant investigations.

While Shi is an executive director of the company, he is not involved in its daily operations.

Nevertheless, China New Town’s board has appointed non-executive director Li Yao Min to temporarily assume Shi’s responsibilities.

The counter was trading at 8.9 cents before a trading halt was called.
http://www.theedgemarkets.com/sg/article...er-custody

Is time to buy ?
Reply
#4
(10-06-2015, 09:51 AM)CityFarmer Wrote: Biz as usual, base on company announcement. I am not sure the reason, might due to China anti-graft movement. The company has intensive dealings with local government officials, for projects...

(not vested)

China New Town's controlling shareholder under custody

SINGAPORE (June 10): China New Town Development Company ( Financial Dashboard) has revealed that controlling shareholder Shi Jian has been placed under custody in a designated residence by the Changzhou Procuratorate.

When queried, the Procuratorate was also unable to disclose the reasons behind Shi’s custody as the investigation was at an early stage.

A comprehensive internal checking by the company after receiving the news found that all its businesses, subsidiaries and assets are operating and performing as usual; none of the assets of the company has been frozen or seized and that no event of default under the existing facilities of the group has been triggered.

In addition, no other member of the group has been hauled up by the Chinese authority to assist in the relevant investigations.

While Shi is an executive director of the company, he is not involved in its daily operations.

Nevertheless, China New Town’s board has appointed non-executive director Li Yao Min to temporarily assume Shi’s responsibilities.

The counter was trading at 8.9 cents before a trading halt was called.
http://www.theedgemarkets.com/sg/article...er-custody

Is time to buy ?
Reply
#5
(11-06-2015, 10:10 PM)hiautong Wrote: Is time to buy ?

I reckon the Pandora box has just opened, and more will come. I have no insight on the case, but the risk is always there, without more visibility.

(not vested)
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
Reply
#5
(11-06-2015, 10:10 PM)hiautong Wrote: Is time to buy ?

I reckon the Pandora box has just opened, and more will come. I have no insight on the case, but the risk is always there, without more visibility.

(not vested)
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
Reply
#6
More detail on the company's controlling shareholder, Shi Jian...

China New Town suspends vice-chairman Shi Jian over sister company's probe

SINGAPORE (Sept 25): China New Town Development Co ( Valuation: 0.90, Fundamental: 1.25) has suspended vice-chairman and executive director Shi Jian as sister company SRE Group investigates certain alleged unauthorised transactions carried out by Shi.

Hong Kong-listed SRE Group said on Thursday that Shi had, without the knowledge of SRE Group's other directors, undertaken certain agreements with third-party financial institutions that required SRE Group to guarantee the repayment obligations of certain subsidiaries of China New Town Development.

Most of those subsidiaries were sold to SRE Investment Holding, a substantial shareholder of China New Town Development and a 51.01% shareholder of SRE. Shi is the controlling shareholder of SRE Investment.

SRE Investment in March delayed its payment to China New Town Development for the assets, although Shi had provided a guarantee for the punctual payment of that consideration.

China New Town Development last traded at 5.7 cents on Wednesday.
http://www.theedgemarkets.com/sg/article...anys-probe
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
Reply
#6
More detail on the company's controlling shareholder, Shi Jian...

China New Town suspends vice-chairman Shi Jian over sister company's probe

SINGAPORE (Sept 25): China New Town Development Co ( Valuation: 0.90, Fundamental: 1.25) has suspended vice-chairman and executive director Shi Jian as sister company SRE Group investigates certain alleged unauthorised transactions carried out by Shi.

Hong Kong-listed SRE Group said on Thursday that Shi had, without the knowledge of SRE Group's other directors, undertaken certain agreements with third-party financial institutions that required SRE Group to guarantee the repayment obligations of certain subsidiaries of China New Town Development.

Most of those subsidiaries were sold to SRE Investment Holding, a substantial shareholder of China New Town Development and a 51.01% shareholder of SRE. Shi is the controlling shareholder of SRE Investment.

SRE Investment in March delayed its payment to China New Town Development for the assets, although Shi had provided a guarantee for the punctual payment of that consideration.

China New Town Development last traded at 5.7 cents on Wednesday.
http://www.theedgemarkets.com/sg/article...anys-probe
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
Reply
#7
China New Town uploaded its annual report. Got both English and Mandarin versions:-

http://infopub.sgx.com/FileOpen/e101.ash...eID=395643

http://infopub.sgx.com/FileOpen/c101.ash...eID=395644

Revenue is on a falling trend  Dodgy


Attached Files
.pdf   China New Town.pdf (Size: 131.95 KB / Downloads: 0)
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#7
China New Town uploaded its annual report. Got both English and Mandarin versions:-

http://infopub.sgx.com/FileOpen/e101.ash...eID=395643

http://infopub.sgx.com/FileOpen/c101.ash...eID=395644

Revenue is on a falling trend  Dodgy


Attached Files
.pdf   China New Town.pdf (Size: 131.95 KB / Downloads: 0)
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#8
CNTD revenue is lumpy, depends on land sales and resettlement and redevelopment. So
So no Long term trend.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
Reply
#8
CNTD revenue is lumpy, depends on land sales and resettlement and redevelopment. So
So no Long term trend.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
Reply


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