THE following companies saw new developments that may affect trading of their shares on Thursday:
Fortune Reit: Hong Kong and Singapore dual-listed Fortune Reit will delist from the mainboard of the Singapore Exchange (SGX), citing administrative overheads, costs of compliance and low trading volume in Singapore as some reasons for the move. Fortune Reit's manager is ARA Asset Management. The SGX has advised that it has no objection to the delisting, subject to conditions such as Fortune Reit bearing costs like fees for the unit transfer process, and a three-month notice period before the delisting date, it said in a Wednesday bourse filing in Singapore. Units in Fortune Reit closed flat at HK$10.60 on Wednesday before the announcement.
Yanlord Land: Yanlord Land sold 283 apartment units during its first launch over the weekend at Yanlord Four Seasons Gardens in Shenzhen at 51,000 yuan (S$10,100) per square metre, it said in a bourse filing on Wednesday. The units sold chalked up pre-sales of about 1.34 billion yuan for the 26,300 sq m in gross floor area sold. This was out of 323 apartment units launched. Phase 1 of 1,433 units, including the first launch, is expected to be completed in 2021. For the whole development, completion is expected around 2025. The project is situated in the downtown of Longgang District in Shenzhen City. Yanlord shares closed on Wednesday at S$1.25, up S$0.02 or 1.63 per cent.
Pan Hong Holdings Group: Mainboard-listed Pan Hong has made a successful 275 million yuan (S$54.4 million) bid for the land use rights of a plot located in Huzhou City in China's Zhejiang province. The land, sold by the Huzhou Bureau of Natural Resources and Planning, is for residential use. It has a total site area of 36,122 square metres (sq m) and maximum gross floor area of 65,020 sq m, the property firm said on Wednesday. Pan Hong said that the land will be used for the development of a residential project, which will increase the group's investment proportion in residential properties. The counter closed at eight Singapore cents on Tuesday, up 5.3 per cent, or 0.4 cent.
USP Group: Mainboard-listed USP and the potential buyer of its 93.09 per cent-owned biofuel subsidiary, have until July 5 to enter into a definitive sales and purchase agreement (SPA) for the S$5.59 million deal. On June 18, the buyer, AJ Jetting, and USP amended the term sheet for the proposed disposal of Biofuel Research, extending the deadline for the SPA from June 15 to July 5 to allow for further negotiations. Pursuant to the extension, USP received a good-faith advance payment of S$1.4 million from the buyer, subject to completion of the sale, USP said in a filing late on Wednesday night. USP’s shares ended Wednesday down 0.5 Singapore cent, or 6.25 per cent at 7.5 Singapore cents. The counter is currently placed on SGX's watch-list.