Date: 30 October 2011
Time: 730pm to 930pm
Venue: Sun Yat Sen Nanyang Memorial Hall, Ah Hood Road
Concert-goes can look forward to a showcase that’ll last a whole 2 hours, yes, FREE! Look forward to performances by MiCapella, The Teng Ensemble, Chou Pi Jiang, Joi Chua, Serene Koong, The Freshman, Derrick Hoh, Jim Lim Chinese Theatre Circle and Zingo Festival Drum Group. Phew, that was really quite a mouthful. Word has it that DJ KoFlow himself will be down to do collaborations with some of the artistes onstage. To add on to the star-studded list, Royston Tan, one of Singapore’s top filmmaker is the artistic director for the showcase. Looks like one can look forward to a meaningful event with a majestic visual feast!
SURVEY
Sunday, October 30, 2011
Friday, October 28, 2011
《美味人生》
CAPITAL 958 城市频道广播剧《美味人生》签名活动，就在明天。 到时，主要演员会到场与您同欢共乐，并在 CD 上签名。 每一位听众只可以索取一张 CD，先到先得！送完为止！ 欢迎来参加我们的广播剧迷聚会！ 日期：10 月 29 号 (星期六) / 时间：下午 2 点 / 地点：美珍香分店 (189 New Bridge Road)
Tuesday, October 25, 2011
SGX Clears First Asian FX Forwards
Singapore Exchange (SGX) on Monday launched its clearing service for over-the-counter (OTC) traded Asian Foreign Exchange (FX) Forwards (non-deliverable).
Deutsche Bank, DBS Bank and OCBC Bank cleared their first Asian FX Forwards with the exchange.
A world’s first, this initiative is aligned with global developments towards central counterparty clearing (CCP) of OTC derivatives to promote systemic stability in financial markets, SGX said.
The clearing of Asian FX Forwards covers non-deliverable Asian currencies, namely the Chinese yuan, Indian rupee, Korean won, Indonesian rupiah, Malaysian ringgit, Philippine peso and Taiwanese dollar.
“Launched in close collaboration with our members, the Asian FX Forwards clearing service will accord our members capital and operational efficiencies. This service is well aligned with global regulatory reform and will encourage the adoption of CCP clearing of OTC traded products in Asia,” Muthukrishnan Ramaswami, President of SGX, said in a statement.
The launch of FX Forwards by SGX follows the November 2010 clearing service for Interest Rate Swaps denominated in Singapore and US dollars.
The 11 SGX Clearing Members eligible to clear FX Forwards are Barclays Bank Plc, Citibank N.A., Credit Suisse AG, DBS Bank Limited, Deutsche Bank AG, The Hong Kong and Shanghai Banking Corporation Ltd, OCBC Bank, Standard Chartered Bank, The Royal Bank of Scotland Plc, UBS AG, and United Overseas Bank Ltd.
SGX said it expects the membership to grow in the next few months with membership interest from all banks active in these products.
Deutsche Bank, DBS Bank and OCBC Bank cleared their first Asian FX Forwards with the exchange.
A world’s first, this initiative is aligned with global developments towards central counterparty clearing (CCP) of OTC derivatives to promote systemic stability in financial markets, SGX said.
The clearing of Asian FX Forwards covers non-deliverable Asian currencies, namely the Chinese yuan, Indian rupee, Korean won, Indonesian rupiah, Malaysian ringgit, Philippine peso and Taiwanese dollar.
“Launched in close collaboration with our members, the Asian FX Forwards clearing service will accord our members capital and operational efficiencies. This service is well aligned with global regulatory reform and will encourage the adoption of CCP clearing of OTC traded products in Asia,” Muthukrishnan Ramaswami, President of SGX, said in a statement.
The launch of FX Forwards by SGX follows the November 2010 clearing service for Interest Rate Swaps denominated in Singapore and US dollars.
The 11 SGX Clearing Members eligible to clear FX Forwards are Barclays Bank Plc, Citibank N.A., Credit Suisse AG, DBS Bank Limited, Deutsche Bank AG, The Hong Kong and Shanghai Banking Corporation Ltd, OCBC Bank, Standard Chartered Bank, The Royal Bank of Scotland Plc, UBS AG, and United Overseas Bank Ltd.
SGX said it expects the membership to grow in the next few months with membership interest from all banks active in these products.
Sunday, October 23, 2011
WILD ABOUT WINGS REVIEW
1000 East Coast Parkway
#01-A10
Singapore 424886
Mon - Fri: 15:00 - 23:00
Sat: 12:00 - 01:00
Sun: 12:00 - 23:00
On 151011 4pm , I was invited to sample the chicken wings with different flavours. 2 female bloggers and a few other male photographers were there too.
I tasted the honey lemon wing and lemon garlic wing. The difference in tastes is actually from the sauces applied on the crispy skin of the chicken wings. Next up is the spicy hot (mild) wing which left a little burning sensation in the mouth after tasting. The spicy hot flavour actually has 3 different levels of hotness namely mild, hot and fire.
Lastly , we tasted the GHOST CHILE WING ! A little advice for those who want to challenge their tolerance for hotness , be prepared to have lots of water on standby. We all know that indians have fondness for hot stuff as they like curry. Can you imagine the hotness if one of the indian photographers tried it and cried ? For me , I managed to take 3 small bits before I surrender !
As I have another event to attend in the evening , I left before I can tryout all the different flavours available. On a final note , the best time to tryout their chicken wings is actually during their happy hour !
#01-A10
Singapore 424886
Mon - Fri: 15:00 - 23:00
Sat: 12:00 - 01:00
Sun: 12:00 - 23:00
On 151011 4pm , I was invited to sample the chicken wings with different flavours. 2 female bloggers and a few other male photographers were there too.
I tasted the honey lemon wing and lemon garlic wing. The difference in tastes is actually from the sauces applied on the crispy skin of the chicken wings. Next up is the spicy hot (mild) wing which left a little burning sensation in the mouth after tasting. The spicy hot flavour actually has 3 different levels of hotness namely mild, hot and fire.
Lastly , we tasted the GHOST CHILE WING ! A little advice for those who want to challenge their tolerance for hotness , be prepared to have lots of water on standby. We all know that indians have fondness for hot stuff as they like curry. Can you imagine the hotness if one of the indian photographers tried it and cried ? For me , I managed to take 3 small bits before I surrender !
As I have another event to attend in the evening , I left before I can tryout all the different flavours available. On a final note , the best time to tryout their chicken wings is actually during their happy hour !
Tuesday, October 18, 2011
SGX’s 1QFY2012 Profit Rises 18 Per cent to S$88 million
The Singapore Exchange (SGX) announced on Monday that it recorded a net profit of S$88 million in 1QFY2012 (ending 30 September 2011), up 18 per cent from S$74 million a year ago.
Overall revenue rose 12 per cent to S$178 million, compared with S$159 million in the previous corresponding period.
However, Listings revenue decreased by 3 per cent to S$9 million as fund raising activities slowed down due to unconducive market conditions spawned by ongoing macroeconomic concerns, it noted.
SGX said that while Securities and Issuer Services revenues were flat in the quarter, revenues from Derivatives, Depository, Member Services and Connectivity and Market Data grew by 27 per cent year-on-year to S$90 million in 1QFY2012.
The exchange’s securities daily trading value (SDAV) for the quarter was S$1.6 billion, on par with that of 1QFY2011 and about 9 per cent higher than the S$1.4 billion in the preceding quarter (4QFY2011).
Derivatives volume was 33 per cent higher at a record volume of 322,152 contracts a day.
“We are pleased with our results in this quarter. SGX had record derivatives volumes and continued to see growing interest for listings and new memberships,” Magnus Bocker, CEO of SGX, said.
“We successfully rolled out a number of new initiatives, including reduced minimum bid-ask spreads, all-day trading in our securities market and Reach – our new securities trading engine. We also revised our listing rules to improve corporate governance,” he added.
However, he said SGX remained cautious amid “uncertain global financial markets and continuing macroeconomic challenges in Europe and the US.”
For the period under review, SGX recorded S$150 million in IPO funds from six new listings, compared with S$82 million from eight new listings in 1QFY2011.
It also recorded S$1.1 billion in secondary funds raised, compared with S$1.4 billion in the previous corresponding period.
In addition, S$25 billion of debt capital programmes were listed through 54 issues.
SGX said EBITDA rose 15 per cent to S$115 million. Driven by increased revenues, its earnings per share was 18 per cent higher at S$0.082 and the ROE improved to 10.1 per cent.
Expenses were 10 per cent higher at S$75 million, mainly driven by technological expenses on increased depreciation of new platforms and the phased roll-out of the Reach initiative that began in April this year.
SGX cautioned that market activity in the near term could be adversely affected by the prevailing uncertainty and challenging global macroeconomic outlook.
But it said it would nonetheless continue with its current initiatives and investments.
SGX also announced that its Board of Directors has declared an interim dividend of S$0.04 per share, payable on 16 November 2011.
Overall revenue rose 12 per cent to S$178 million, compared with S$159 million in the previous corresponding period.
However, Listings revenue decreased by 3 per cent to S$9 million as fund raising activities slowed down due to unconducive market conditions spawned by ongoing macroeconomic concerns, it noted.
SGX said that while Securities and Issuer Services revenues were flat in the quarter, revenues from Derivatives, Depository, Member Services and Connectivity and Market Data grew by 27 per cent year-on-year to S$90 million in 1QFY2012.
The exchange’s securities daily trading value (SDAV) for the quarter was S$1.6 billion, on par with that of 1QFY2011 and about 9 per cent higher than the S$1.4 billion in the preceding quarter (4QFY2011).
Derivatives volume was 33 per cent higher at a record volume of 322,152 contracts a day.
“We are pleased with our results in this quarter. SGX had record derivatives volumes and continued to see growing interest for listings and new memberships,” Magnus Bocker, CEO of SGX, said.
“We successfully rolled out a number of new initiatives, including reduced minimum bid-ask spreads, all-day trading in our securities market and Reach – our new securities trading engine. We also revised our listing rules to improve corporate governance,” he added.
However, he said SGX remained cautious amid “uncertain global financial markets and continuing macroeconomic challenges in Europe and the US.”
For the period under review, SGX recorded S$150 million in IPO funds from six new listings, compared with S$82 million from eight new listings in 1QFY2011.
It also recorded S$1.1 billion in secondary funds raised, compared with S$1.4 billion in the previous corresponding period.
In addition, S$25 billion of debt capital programmes were listed through 54 issues.
SGX said EBITDA rose 15 per cent to S$115 million. Driven by increased revenues, its earnings per share was 18 per cent higher at S$0.082 and the ROE improved to 10.1 per cent.
Expenses were 10 per cent higher at S$75 million, mainly driven by technological expenses on increased depreciation of new platforms and the phased roll-out of the Reach initiative that began in April this year.
SGX cautioned that market activity in the near term could be adversely affected by the prevailing uncertainty and challenging global macroeconomic outlook.
But it said it would nonetheless continue with its current initiatives and investments.
SGX also announced that its Board of Directors has declared an interim dividend of S$0.04 per share, payable on 16 November 2011.
Sunday, October 16, 2011
LIVERPOOL VS MAN UTD - LIVE AT THE COLISEUM @ RWS
Yesterday , I went to attend the event as a MAN UTD supporter . I reached the entrance about 7pm as the
match start at 7.45pm . To my horror , there is a long queue outside as the part-time tiger girl is explaining to
the supporters that the venue is full . At the front of the queue is a family of 5 with an angry father and a
dissappointed little boy . From their conversation , the angry father wants to talk to the manager as they have
spent $50 to come and watch the match . When the tiger manager comes out , she was immediately
bombarded left , right and centre by the unhappy crowd . I felt pity for the tiger manger as she is in her 20s
and almost break-down in tears . The angry father demanded that his little boy be let in to watch the live
match . After liasoning with the security at hard rock cafe , a few more slots were opened up and I am lucky
to be the last one to be allowed entry . I could hear those behind me arguing with the security . As I stepped
into the watching area , the place looks like 80% full with more spaces furthest to the entrance . What is
meant by fullhouse by the management ? The most ironic is that the VIP tables are quite empty as many of
them did not turn up . I even managed to have a place at the VIP area . The supporters become excited
after liverpool scored the first goal around 70th minute . Just as the cowd thinks that liverpool will win ,
MAN UTD equalised around the 80th minute . After that , the supporters for both teams shouted more and
louder but in a friendly way . Quite amused by the couple in front of me as the female supports MAN UTD
but the male supports liverpool . Technically , liverpool should win as they are on home-ground and have
more shots on target . But luck seems to be neutral that night . Even though there is a second match to watch
between MAN CITY VS ASTON VILLA , most of the crowd left . Hope the next event will not have the
hiccups again !
match start at 7.45pm . To my horror , there is a long queue outside as the part-time tiger girl is explaining to
the supporters that the venue is full . At the front of the queue is a family of 5 with an angry father and a
dissappointed little boy . From their conversation , the angry father wants to talk to the manager as they have
spent $50 to come and watch the match . When the tiger manager comes out , she was immediately
bombarded left , right and centre by the unhappy crowd . I felt pity for the tiger manger as she is in her 20s
and almost break-down in tears . The angry father demanded that his little boy be let in to watch the live
match . After liasoning with the security at hard rock cafe , a few more slots were opened up and I am lucky
to be the last one to be allowed entry . I could hear those behind me arguing with the security . As I stepped
into the watching area , the place looks like 80% full with more spaces furthest to the entrance . What is
meant by fullhouse by the management ? The most ironic is that the VIP tables are quite empty as many of
them did not turn up . I even managed to have a place at the VIP area . The supporters become excited
after liverpool scored the first goal around 70th minute . Just as the cowd thinks that liverpool will win ,
MAN UTD equalised around the 80th minute . After that , the supporters for both teams shouted more and
louder but in a friendly way . Quite amused by the couple in front of me as the female supports MAN UTD
but the male supports liverpool . Technically , liverpool should win as they are on home-ground and have
more shots on target . But luck seems to be neutral that night . Even though there is a second match to watch
between MAN CITY VS ASTON VILLA , most of the crowd left . Hope the next event will not have the
hiccups again !
Wednesday, October 12, 2011
Internal Audit Should be Part of SGX’s Listing Rules: SIAS
The Securities Investors Association (Singapore), or SIAS, has called for an independent internal audit function to be part of SGX’s listing rules and for companies to include the internal audit report in the annual report.
This message was stressed by Mr David Gerald, President and CEO of SIAS, at a Memorandum of Understanding (MOU) signing ceremony in Singapore Management University (SMU) on Monday evening where he spoke to reporters.
The signing marked a three-year collaboration between SIAS, Institute of Internal Auditors Singapore (IIAS) and SMU to establish an Internal Audit Excellence Award as part of the SIAS annual Investors’ Choice Awards.
The new award seeks to recognise public-listed companies that have established an effective internal audit function to enhance corporate governance, risk management and internal controls.
Noting that having an internal auditor is currently seen as a best practice, Mr Gerald said: “We would like to see the internal audit process developing into an independent function where the internal auditor would be the eyes and ears of investors…and report directly to the board and audit chairman. We would like to see this as part of the (Singapore Exchange’s) listing rules and not just as part of the corporate governance code.”
Mr Gerald added that it is important to preserve the audit report’s independence because that is what investors want, and an independent internal auditor could provide “early warning signals” that would allow the board to make urgent decisions to prevent any scam.
“We don’t want a situation where the audit report is interfered with in any way or altered to suit certain people within the organisation,” he said. “We want investors to have the comfort of knowing that there is someone inside (the company) who is independent and will report immediately any lapses in integrity.”
A key finding of the KPMG Singapore Fraud Survey Report 2011 was that 46 per cent of fraud incidents was perpetrated by employees, while management, including board members and senior management officers, were responsible for a significant 17 per cent of such cases.
The KPMG report also noted that an average of nine incidents is reported per fraud-hit company in 2011, up sharply from 3.8 in 2008. Also, the total estimated cost of these incidents is S$6.5 million in 2011, an increase from S$5.3 million in 2008.
There should be mandatory corporate action when the chief auditor resigns possibly because he refused to leave out certain things in the audit report as requested by the CEO and this is a “very telling sign”, said Loh Uantchern, President of IIAS, who signed the MOU with Mr Gerald and Professor Arnoud De Meyer, President of SMU.
Internal audit has traditionally been seen as the third line of defence after internal controls and risk management.
However, Loh noted that the latter two functions have been increasingly challenged amid today’s economic turbulence and high-profile cases such as the recent UBS incident.
“We believe that the internal audit function has to go beyond the third line of defence…the role of internal audit has to be at the first, second and third lines of defence,” Loh said.
If the organisation allows the internal auditor to be present everywhere to know what is happening in various departments, the value of internal audit would not be questioned, he added.
Mr Gerald acknowledged that the effectiveness of the internal audit function is based on the assumption that top leaders and board members are people of integrity. However, he stressed that internal audit is still crucial as an additional layer of corporate governance to ensure accountability.
Regarding the short-listing of companies for the Internal Audit Excellence Award, Loh said the internal audit head, board chairman, the CEO and the external auditor will fill up and submit four questionnaires to a selection committee comprising members from SIAS, IIAS and SMU. Then, the questionnaires will be scored quantitatively and, together with qualitative considerations, will determine the award winners.
The Internal Audit Excellence Award will be given out at the SIAS 12th Investors’ Choice Awards ceremony on October 27.
This message was stressed by Mr David Gerald, President and CEO of SIAS, at a Memorandum of Understanding (MOU) signing ceremony in Singapore Management University (SMU) on Monday evening where he spoke to reporters.
The signing marked a three-year collaboration between SIAS, Institute of Internal Auditors Singapore (IIAS) and SMU to establish an Internal Audit Excellence Award as part of the SIAS annual Investors’ Choice Awards.
The new award seeks to recognise public-listed companies that have established an effective internal audit function to enhance corporate governance, risk management and internal controls.
Noting that having an internal auditor is currently seen as a best practice, Mr Gerald said: “We would like to see the internal audit process developing into an independent function where the internal auditor would be the eyes and ears of investors…and report directly to the board and audit chairman. We would like to see this as part of the (Singapore Exchange’s) listing rules and not just as part of the corporate governance code.”
Mr Gerald added that it is important to preserve the audit report’s independence because that is what investors want, and an independent internal auditor could provide “early warning signals” that would allow the board to make urgent decisions to prevent any scam.
“We don’t want a situation where the audit report is interfered with in any way or altered to suit certain people within the organisation,” he said. “We want investors to have the comfort of knowing that there is someone inside (the company) who is independent and will report immediately any lapses in integrity.”
A key finding of the KPMG Singapore Fraud Survey Report 2011 was that 46 per cent of fraud incidents was perpetrated by employees, while management, including board members and senior management officers, were responsible for a significant 17 per cent of such cases.
The KPMG report also noted that an average of nine incidents is reported per fraud-hit company in 2011, up sharply from 3.8 in 2008. Also, the total estimated cost of these incidents is S$6.5 million in 2011, an increase from S$5.3 million in 2008.
There should be mandatory corporate action when the chief auditor resigns possibly because he refused to leave out certain things in the audit report as requested by the CEO and this is a “very telling sign”, said Loh Uantchern, President of IIAS, who signed the MOU with Mr Gerald and Professor Arnoud De Meyer, President of SMU.
Internal audit has traditionally been seen as the third line of defence after internal controls and risk management.
However, Loh noted that the latter two functions have been increasingly challenged amid today’s economic turbulence and high-profile cases such as the recent UBS incident.
“We believe that the internal audit function has to go beyond the third line of defence…the role of internal audit has to be at the first, second and third lines of defence,” Loh said.
If the organisation allows the internal auditor to be present everywhere to know what is happening in various departments, the value of internal audit would not be questioned, he added.
Mr Gerald acknowledged that the effectiveness of the internal audit function is based on the assumption that top leaders and board members are people of integrity. However, he stressed that internal audit is still crucial as an additional layer of corporate governance to ensure accountability.
Regarding the short-listing of companies for the Internal Audit Excellence Award, Loh said the internal audit head, board chairman, the CEO and the external auditor will fill up and submit four questionnaires to a selection committee comprising members from SIAS, IIAS and SMU. Then, the questionnaires will be scored quantitatively and, together with qualitative considerations, will determine the award winners.
The Internal Audit Excellence Award will be given out at the SIAS 12th Investors’ Choice Awards ceremony on October 27.
Friday, October 07, 2011
Party at Holland Village Circle Line station
SMRT will be organising a free Circle Line Carnival on Saturday, October 8, to celebrate the full opening of the Circle Line.
It said there will be live music and dance, stilt walking and fire twirling performances and also Mardi Gras performers and samba percussionists on the street level at Holland Village Station from 6pm to 9pm.
Local bands Matterfour, The Dirt Radicals and Timmy! Band will also be entertaining commuters.
SMRT said it has also arranged for commuters to enjoy on that day foot reflexology and massage services by masseuses from the Singapore Association of the Visually Handicapped.
A discount voucher booklet will also be given out at any Circle Line MRT station that day, with discounts at more than 70 merchants.
With the opening of the Circle Line, SMRT said travel time can be shortened by up to 17 minutes.
For example, someone travelling from Bishan to Holland Village will only spend 14 minutes, compared to 31 minutes using the North-South line and making a transfer by bus.
It said there will be live music and dance, stilt walking and fire twirling performances and also Mardi Gras performers and samba percussionists on the street level at Holland Village Station from 6pm to 9pm.
Local bands Matterfour, The Dirt Radicals and Timmy! Band will also be entertaining commuters.
SMRT said it has also arranged for commuters to enjoy on that day foot reflexology and massage services by masseuses from the Singapore Association of the Visually Handicapped.
A discount voucher booklet will also be given out at any Circle Line MRT station that day, with discounts at more than 70 merchants.
With the opening of the Circle Line, SMRT said travel time can be shortened by up to 17 minutes.
For example, someone travelling from Bishan to Holland Village will only spend 14 minutes, compared to 31 minutes using the North-South line and making a transfer by bus.
Saturday, October 01, 2011
Hang Lung, CapitaMalls Plan Chinese Shopping Centres to Tap Luxury Market
Hang Lung Properties Ltd and CapitaMalls Asia Ltd have announced plans to build new shopping malls in China, underscoring their confidence in the country’s growing luxury consumer market.
Hang Lung, the Hong Kong developer that is building high-end shopping centres in other parts of China, and its parent bought two sites in Kunming in the southwest for RMB3.5 billion (US$547 million), it said in a stock exchange filing Thursday.
Singapore-based CapitaMalls said Friday it plans to trade its shares in Hong Kong, a day after announcing a venture to invest RMB6.7 billion in a mall and office development in Suzhou, a city west of Shanghai.
Luxury-products makers such as Prada SpA and LVMH Moe Hennessy Louis Vuitton SA are expanding in China, where the number of millionaire households jumped 31 per cent to 1.11 million in 2010 from a year earlier, according to a Boston Consulting Group survey. Demand for retail space helped drive a 42-per cent surge in commercial real estate investments in the country last year, according to Cushman & Wakefield Inc.
“There are a lot of opportunities in retail property in China,” said Sherman Yeung, Beijing-based director of retail services for North China at Colliers International. “The population is big and the country needs domestic consumption to boost the economy.”
Hang Lung fell 1.4 per cent to HK$24.05 as of 10:25 am in Hong Kong trading, while its parent Hang Lung Group gained 1.8 per cent to HK$40.10. CapitaMalls climbed 1.7 per cent to S$1.22 in Singapore, the first advance in three days.
Chinese consumers will be the world’s largest luxury spenders by next year, according to a HSBC Holdings Plc report last month. The nation’s retail sales climbed 17 per cent in August from a year earlier, after increasing 17.2 per cent the previous month, the statistics bureau said earlier this month.
Foreign developers may have an advantage in acquiring commercial projects over local rivals, who are “short of capital,” Yeung said.
Chinese developers are facing an “increasingly severe” credit outlook that may force them to cut prices and borrow on higher interest rates, Standard & Poor’s said in a September 27 report. Fewer than half of the 70 cities monitored by the government in August posted month-on-month gains in home prices for the first time, according to Samsung Securities Co.
CapitaLand unit CapitaMalls said in a statement to the Hong Kong exchange Friday that it plans to start trading its shares in the city on October 18 after applying for a secondary listing. The stock started trading in Singapore two years ago.
China makes up 44 per cent of CapitaMalls’ S$6.19 billion (US$4.8 billion) of assets, and is its biggest market.
Hang Lung, the Hong Kong developer that is building high-end shopping centres in other parts of China, and its parent bought two sites in Kunming in the southwest for RMB3.5 billion (US$547 million), it said in a stock exchange filing Thursday.
Singapore-based CapitaMalls said Friday it plans to trade its shares in Hong Kong, a day after announcing a venture to invest RMB6.7 billion in a mall and office development in Suzhou, a city west of Shanghai.
Luxury-products makers such as Prada SpA and LVMH Moe Hennessy Louis Vuitton SA are expanding in China, where the number of millionaire households jumped 31 per cent to 1.11 million in 2010 from a year earlier, according to a Boston Consulting Group survey. Demand for retail space helped drive a 42-per cent surge in commercial real estate investments in the country last year, according to Cushman & Wakefield Inc.
“There are a lot of opportunities in retail property in China,” said Sherman Yeung, Beijing-based director of retail services for North China at Colliers International. “The population is big and the country needs domestic consumption to boost the economy.”
Hang Lung fell 1.4 per cent to HK$24.05 as of 10:25 am in Hong Kong trading, while its parent Hang Lung Group gained 1.8 per cent to HK$40.10. CapitaMalls climbed 1.7 per cent to S$1.22 in Singapore, the first advance in three days.
Chinese consumers will be the world’s largest luxury spenders by next year, according to a HSBC Holdings Plc report last month. The nation’s retail sales climbed 17 per cent in August from a year earlier, after increasing 17.2 per cent the previous month, the statistics bureau said earlier this month.
Foreign developers may have an advantage in acquiring commercial projects over local rivals, who are “short of capital,” Yeung said.
Chinese developers are facing an “increasingly severe” credit outlook that may force them to cut prices and borrow on higher interest rates, Standard & Poor’s said in a September 27 report. Fewer than half of the 70 cities monitored by the government in August posted month-on-month gains in home prices for the first time, according to Samsung Securities Co.
CapitaLand unit CapitaMalls said in a statement to the Hong Kong exchange Friday that it plans to start trading its shares in the city on October 18 after applying for a secondary listing. The stock started trading in Singapore two years ago.
China makes up 44 per cent of CapitaMalls’ S$6.19 billion (US$4.8 billion) of assets, and is its biggest market.
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