TWO former senior employees of UOB Kay Hian Private Limited (UOBKH) were charged on Wednesday for allegedly lying to the Monetary Authority of Singapore (MAS) in relation to reports on a then Catalist aspirant. Lan Kang Ming, 38, and Wee Toon Lee, 34, each face three charges of providing MAS with false information in October 2018 in relation to due diligence reports on an unidentified company applying to list on the Catalist board of the Singapore Exchange. MAS said in a media statement on Wednesday that it was performing an onsite inspection of UOBKH between June and August 2018, to assess the latter's controls, policies and procedures in relation to its role as an issue manager for Initial Public Offering (IPOs). During the examination, Lan and Wee were said to have provided different versions of a due diligence report relating to background checks on a company applying to be listed on the Catalist board of the Singapore Exchange. UOBKH had acted as the issue manager
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06 August 2015
Chinese developer Fantasia Holdings Group has launched a vacation rental business similar to Airbnb and HomeAway to utilise the scores of homes left unsold as a property boom faded.
Fantasia’s Home ENE online platform, launched last month, will rival Tujia, the Chinese home rental firm that this week raised US$300 million from investors including Singapore-based developer CapitaLand and Hong-Kong’s All-Stars Investment to expand at home and abroad.
“There are more than 50 million vacant units in urban China, which have become a major source of properties for vacation use,” Fantasia chairman and chief executive Pan Jun said in a statement on Wednesday.
He cited research by Chinese Internet consultants iResearch which showed the short-term lease market is set to grow more than double to 10.5 billion yuan (SS$2.3 billion) in 2015 from 4 billion yuan in 2014.
Unsold apartments are a hallmark of many provincial Chinese cities, as local governments used land sales and property development to generate growth.
This inventory, however, has weighed on China’s flagging real estate market, which the government is trying to revive in a bid to stem a slowdown in the economy which looks set to post its softest growth this year in a quarter of a century.
David Ji, the head of China investment at real estate firm Knight Frank, said these unsold properties could provide ideal accommodation for domestic tourists.
“In the future, the tourist destinations won’t be just Beijing and Shanghai, there will be new ones emerging in second and third-tier cities, where hospitality facilities are now inadequate,” he said.
Richard Ji, founding partner at All-Stars Investment which invests in Tujia, also said the company was interested in using unsold apartments.
“China has the world’s largest tourist population. . .and the largest number of vacant houses in its domestic market, which form a fertile ground for the house sharing market,” he told Reuters.
Tujia, which launched in late 2011 and has more than 310,000 properties listed, said on Monday it was now worth US$1 billion. REUTERS