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China PM's son eyes US$1b fund for China deals

http://www.theedgemalaysia.com/index.php?option=com_content&task=view&id=158281&Itemid=79

HONG KONG: New Horizon Capital, whose co-founders include Wen Yunsong, son of Chinese Premier Wen Jiabao, aims to raise a US$1 billion private equity fund for investment in domestic industry leaders ready to make initial public share offerings, says Reuters.

In a report issued on Monday, Jan 25, Reuters said this would be the third and largest private equity fund for New Horizon Capital, which had about US$500 million under management since it was established in 2007, according to sources with direct knowledge of the matter.

New Horizon Capital recently completed raising between US$600 million and US$700 million for its latest fund by the "first-closing" period, with capital commitments from investors including Japan's Softbank Corp and Singapore's state investor Temasek Holdings, the sources said.

New Horizon Capital started pitching the fund as early as 2008. It encountered fundraising difficulties as a result of the financial crisis, and so suspended the fund until early 2009, the sources said.

"That was very tough time, but now people are willing to pour money into the fund again since China is still the focus worldwide," said a source.

Softbank, run by influential Japanese business tycoon Masayoshi Son, and Temasek Holdings were long-time investors since the firm launched its first fund in 2007, the source said.

The sources declined to be identified because of the sensitive nature of Wen's family background. A representative for New Horizon Capital could not be immediately reached for comment.

BACK FROM THE U.S.

Wen Yunsong, also known as Winston Wen, helped form New Horizon Capital in 2005, a few years after graduating with an MBA from Kellogg School of Management at Northwestern University in the United States and returning to China, according to the sources close to Wen.

Between graduation and the launch of New Horizon Capital, Wen founded a telecommunications equipment maker whose key clients included large banks and securities firms, according to Chinese and Hong Kong media reports. Wen later sold the company.

Beijing, which has historically viewed private equity firms as speculators, is becoming more welcoming of foreign private equity funds to boost investment in China, thereby creating more jobs, viewed by the government as a key issue in maintaining social stability.

Despite Wen's background, New Horizon Capital is considered a foreign fund because of its legal structure and the foreign sources of its dollar capital.

New Horizon Capital's first fund was launched in 2007. Soon afterwards, Wen and his management team, which includes long-time friends from Wen's days in the United States, made some quick investments in privately-held Chinese enterprises with the potential to become market leaders.

"They have a very stable team ... They were school-mates or old friends. They know each other very well," said another of the sources.

More recently, New Horizon Capital bought a large stake in Chinese Shenzhen-listed wind power producer Xinjiang Goldwind Science & Technlogy Co, a leading wind power equipment maker in China.

Goldwind is seeking to raise $1.5 billion via a Hong Kong listing this year, Reuters reported last week. - Reuters
 

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Singaporeans invest heavily in local real estate

http://english.vietnamnet.vn/biz/201001/Singaporeans-invest-heavily-in-local-real-estate-891143/

<TABLE class="image center" cellSpacing=0 cellPadding=3 width=200 align=left fck_template="imagecontener"><TBODY><TR><TD> </TD></TR><TR><TD class=image_desc align=middle>Singapore real estate investors are very active in Vietnam</TD></TR></TBODY></TABLE>Singapore-based Keppel Land International Limited last week announced it had signed a joint-venture agreement with Tien Phuoc Company to develop an 11 hectare waterfront residential site for 175 villas along the Saigon river in <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com
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This is the second agreement <ST1:place w:st="on"><st1:PlaceName w:st="on">Keppel</st1:PlaceName> <st1:PlaceType w:st="on">Land</st1:PlaceType></ST1:place> has signed with Vietnamese partners this month. Ang Wee Gee, executive director and chief executive officer of Keppel Land International Limited, said the project would serve the growing middle class, “who have become more discerning in their choice of residences and where they set up their businesses”.
 
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Temasek and Thaksin lost in space

Temasek and Thaksin lost in space
By Peter Brown

When Singapore's state-run investment arm Temasek Holdings bought Thailand's Shin Corp telecommunications conglomerate in 2006, its 73 billion baht (US$2.2 billion) acquisition of Shin Satellite was a strategic afterthought.

Temasek was known to have purchased Shin Corp from company founder and then Thai premier Thaksin Shinawatra for its exposure to Thailand's fast-growing mobile telecom market.

The politically charged transaction came just months before Thaksin was ousted in a military coup. After Temasek's purchase, a military appointed government de facto nationalized Shin Corp's iTV on charges the television subsidiary had violated its state operating concession. Now, Shin Satellite is indirectly embroiled in a closely watched court case that threatens to seize
permanently US$2.3 billion of the now exiled Thaksin's frozen assets on corruption charges.

The charges include allegations that Thaksin's government illegally granted Shin Satellite a preferential eight-year tax holiday on its foreign operations, a policy that prosecutors have claimed cost the state over 16 billion baht in lost revenues. The decision in the case is due on February 26, and according to analysts it's unclear what legal implications a guilty verdict would have on the Temasek-owned company's finances and state concession agreement.

Temasek's investment in Shin Corp's mobile telecom arm, Advanced Info Services, has been profitable and promises new revenue streams with the belated launch of third-generation, or 3G, services in Thailand. Yet as political risks rise, there have been reports in the Thai media suggesting that Temasek may try to unload its 41% majority stake in Shin Satellite, which it recently re-branded as Thaicom, apparently to disassociate the company from its past links to Thaksin. Market analysts have suggested that Thailand's Samart might be interested in the stake, but there is no indication that a transaction is either feasible or imminent.

While revenues have grown, Thaicom has not turned a profit in years and its regional outlook dimmed substantially amid the global economic downturn. According to Thomson Reuters, the sale of bonds worth 7 billion baht in November will help Thaicom repay debts and issue a dividend to shareholders this year - the first paid out since 2004. While official figures have not been released, analysts estimate the company's net loss was around 349 million baht in 2009.

Peter J Brown is a satellite journalist from the US state of Maine.

(Copyright 2010 Asia Times Online (Holdings) Ltd. All rights reserved. Please contact us about sales, syndication and republishing.)

http://atimes.com/atimes/Southeast_Asia/LB03Ae01.html
 

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Developer granted $60 mln loan for residential project

Last Update: 5:40 p.m. (GMT+7), Tuesday, February 02, 2010

Developer granted $60 mln loan for residential project

Tuoi Tre

A Singapore-Vietnam joint venture last week signed a loan agreement to borrow US$60 million from Vietnam Joint Stock Commercial Bank for Industry and Trade to develop a residential project in Hanoi.

The loan will be allocated to fund the development of the Mulberry Lane in the Mo Lao Urban Zone in the city’s Ha Dong District.

Covering an area of 2.4 hectare, the complex comprises five residential towers with an estimated 1,500 high-end apartments, Thoi Bao Kinh Te Sai Gon (Saigon Economic Times) newspaper reported.

The US$250 million complex is a project of the CapitaLand – Hoang Thanh Co., Ltd, a joint venture between Singaporean real estate firm CapitaLand and a local partner, the Hoang Thanh Investment and Infrastructure Development Joint Stock Company.

The project, whose work started in the third quarter of last year, is scheduled for completion in 2014.

Some 451 units in Mulberry Lane have been sold for the prices ranging from US$1,350 to $1,900 per square meter.

Last month, CapitaLand also signed a joint venture agreement with Hoang Thanh to develop a $170 million residential project covering 1.4 hectares in Ha Dong District.

The joint venture, whose a 70 percent stake owned by the Singaporean firm, will build a residential projects including four towers housing 960 apartments in the Mo Lao Urban Zone.

CapitaLand is a multinational company who has business interests in real estate, hospitality and real estate financial services. The Singapore-based firm has made its presence in more than 110 cities in 20 countries.

It is currently developing four real estate projects with more than 4,000 housing units in Hanoi and Ho Chi Minh City.

Copyright © 2009 Tuoi Tre
 

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Vincent Tan said to be selling 33% in U Mobile to STT

Wednesday February 3, 2010

Vincent Tan said to be selling 33% in U Mobile to STT

By B.K. SIDHU

[email protected]

PETALING JAYA: U Mobile Sdn Bhd’s major shareholder Tan Sri Vincent Tan is said to have struck a deal to sell a 33% stake in the celco to Singapore Technologies Telemedia Pte Ltd (STT) in a deal that could be worth RM626mil or RM5 a share.

It is learnt that a term sheet was signed this week by Tan’s company, U Television Sdn Bhd, and STT, the parent of Singapore’s second largest telco, StarHub.

Singapore Exchange-listed StarHub is a info-communication company that delivers a full range of information, communications and entertainment services over fixed, cable, mobile and Internet platforms in the republic.

Tan Sri Vincent Tan
It operates a 3G network in additional to GSM and given its expertise and knowhow in the telecoms sector, StarHub is seen as the logical choice to drive U Mobile once the deal is formalised in the next few weeks.

Sources said talks with STT began last September and a due diligence on U Mobile is said to have been completed.

As at September last year, the paid-up share capital of U Mobile was 379.403 million RM1 shares and 33% of that works out to 125.203 million shares.

If the deal is formalised, it would put an end to the search for a strategic investor for U Mobile that had last September witnessed the departure of two strategic foreign investors, Japan’s NTT DoCoMo and South Korea’s KT Freetel.

Since the departure of NTT and KT, Tan has been looking out for a strategic investors with the right expertise and technical knowhow to jumpstart the smallish celco that has about 4% share of the country’s mobile market.

U Mobile is one of four 3G spectrum holders; the others being Maxis Communications Bhd, Celcom Axiata Bhd and DiGi.Com Bhd. It would be interesting to see how STT via StarHub shapes U Mobile in a competitive market which is controlled by established players.

NTT and KT sold their combined 33% stake in U Mobile to U Television for US$200mil (RM680mil) in September, citing differences with management for their exit.

U Television’s acquisition raised its stake in U Mobile to 96.04% from 63.04%.

It was reported then that U Mobile shares were pledged to AmBank as part of a fund raising exercise for Tan to buy out NTT and KT.

Since U Mobile is a loss-making concern, there was a put option arrangement offered by Multi-Purpose Holdings Bhd (MPHB) that acted as a sort of guarantee against any loan default. This option was for 41.63% block in U Mobile at RM280mil which was for 13 months, starting September 2009. In the process, MPHB also bought a 3.96% stake in U Mobile.

If the deal goes as planned, this would be the second attempt by a Singaporean telco to enter Malaysia’s telco market via an equity stake purchase.

A few years ago Singapore Telecommunications tried to buy about 30% in Time dotCom Bhd but the deal could not be concluded as too many parties objected to the entry of a Singapore telco in Malaysia.
 

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Temasek Starts Global Investment Company Seatown, Names Ong CEO

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Temasek Starts Global Investment Company Seatown, Names Ong CEO
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By Netty Ismail and Bei Hu


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Feb. 10 (Bloomberg) -- Temasek Holdings Pte has set up a wholly owned global investment company run by its chief strategist Charles Ong that will employ a variety of strategies investing in assets ranging from stocks to bonds.
Seatown Holdings Pte, which may manage billions of dollars, will target absolute returns, three people with knowledge of its plan said earlier, asking not to be identified because the information is private.
Temasek, which managed S$172 billion ($121 billion) as of July 31, has transformed from a passive holder of stakes in government-controlled companies to an investor with more than two-thirds of its underlying assets abroad. Chief Executive Officer Ho Ching said in July Singapore’s state investment firm may invite the public to co-invest and seek “sophisticated investors” and retail investors within a decade.
“Hedge funds give them a lot of flexibility in terms of the investment strategies,” said Melvyn Teo, a director at the BNP Paribas Hedge Fund Centre at Singapore Management University. “This would definitely boost returns if they can earn fees and at the same time deliver good returns to investors and to themselves.”
Seatown is a global investment company wholly owned by Temasek, Ong said in an e-mailed statement today, without giving further details.
Temasek already has a fund-management unit, Fullerton Fund Management Co., which invests in hedge funds and other assets such as equities and bonds.
Fullerton
The sovereign wealth fund, which may be trying to attract and retain talent, “might have known more about hedge funds from their experience” with Fullerton, Teo said.
The size of the hedge fund may be $3 billion, AsianInvestor reported on its Web site earlier today, without saying where it got the information.
Nasser Ahmad, co-founder of New York-based DiMaio Ahmad Capital LLC, a hedge-fund firm specializing in credit products, will be Seatown’s co-CEO and Margaret Lui will be chief operating officer.
“We have a small core team seconded from Temasek, and are still in the process of building up the Seatown team,” Jeffrey Fang, a spokesman at Temasek, said in a statement. He declined to provide more details about the new investment company.
Temasek is “exploring the feasibility of creating one more group of stakeholders” by inviting the public to co-invest, Ho said in July. Before doing this, Temasek would first pilot the relevant structures and “rules of engagement” between the state-owned investment company and other sophisticated investors, she said.
Profit Drop
The company has had an annual return of 16 percent since its inception in 1974, according to its annual report in September, down from 18 percent annualized it reported in August 2008.
Its net income fell a record 66 percent to S$6.2 billion in the 12 months ended March 31, 2009, as a collapse in credit markets drove down the value of its stakes in Bank of America Corp. and Barclays Plc. The value of investments, which plunged S$55 billion in the period, rebounded to S$172 billion as of July 31.
Ong joined Temasek in 2002 from Deutsche Bank AG. He started his career as an investment banker with Lazard Freres & Co., according to Temasek’s Web site.
Temasek, which means sea-town in Javanese, is an ancient name of Singapore dating from the 15th century.
Biggest Holder
Temasek, set up to foster the development of Singapore’s banks, airlines and ports, is the biggest shareholder in five of Singapore’s 10 biggest publicly traded companies by market value including Singapore Telecommunications Ltd., Southeast Asia’s biggest phone company, and DBS, the region’s largest bank by assets.
Hedge funds had their best annual performance in six years in 2009. The Eurekahedge Hedge Fund Index, tracking more than 2,000 funds, rose 19 percent in 2009, according to Eurekahedge Pte, a Singapore-based research firm. The annual return was the highest since 2003, when the index rose 21 percent.
Hedge funds are private, largely unregulated pools of capital whose managers can buy or sell any assets, bet on their falling as well as rising values and participate substantially in profits from money invested.
To contact the reporter on this story: Netty Ismail in Singapore [email protected].
Last Updated: February 10, 2010 02:03 EST








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Optus will stay in the fold, says SingTel

Optus will stay in the fold, says SingTel

Colin Kruger
February 10, 2010 - 12:00AM

SINGAPORE TELECOM offered assurances yesterday that it had no plan to offload Optus. Its Australian subsidiary powered a strong third-quarter performance for SingTel, with help from a rising Australian dollar and SingTel's other overseas operations.
''No decision has been made on selling or listing Optus,'' the chief executive of SingTel, Chua Sock Koong, told reporters yesterday in reply to persistent speculation that the company was preparing for a partial sale of its Optus stake.
''I would also emphasise that SingTel remains a long-term strategic shareholder in Optus.''
SingTel reported a 24 per cent rise in net profit to $S999 million ($809 million) for the three months to December 31 on a 20 per cent rise in group revenue to $S4.5 billion.
Based on an 11 per cent expansion in its mobile service revenue, Optus's chief executive, Paul O'Sullivan, said the company had continued to take market share from its local mobile rivals.
Optus also grabbed a record 164,000 post-paid customers for the quarter. Its overall mobile customer base declined for the quarter as the company deactivated 272,000 inactive pre-paid customers, a move that had no revenue impact, Mr O'Sullivan said.
Nathan Burley, an analyst with the research firm Ovum, said: "In our view this is a good rather than great performance, with Optus only slightly outgrowing the industry in mobile. But we will not know for certain until Telstra and [Vodafone Hutchison Australia] numbers are announced [on] Thursday and later this month respectively.''
The mobile division dominates Optus, accounting for 63 per cent of revenue and 68 per cent of earnings, Ovum said. Optus continued to tread water in its corporate and consumer business groups, it said.
Optus reported a 4.8 per cent increase in revenue to $2.3 billion while underlying earnings grew 3.6 per cent to $529 million. Profit margins were stable at 23 per cent.
With the Australian dollar gaining 27 per cent against the Singaporean dollar during the quarter, Optus's modest revenue rise translated into a 33.1 per cent rise for its parent.
Pre-tax earnings from SingTel's regional mobile associates increased 22 per cent to $S592 million. Indonesia was the strongest contributor, providing $S238 million, a 53 per cent gain.
SingTel's dual-listed stock finished 2.5 per cent higher on the ASX yesterday, closing 6c up at $2.43.

AT A GLANCE

Sales $4.5b +9.1%
Profit $999m +13.6%
EPS 6.22c +13.6%
Dividend n/a n/a

This story was found at: http://www.smh.com.au/business/optus-will-stay-in-the-fold-says-singtel-20100209-npry.html
 

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ANZ seeks buyer for 10% stake in Vietnam bank

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<HR><SCRIPT>getTimeString('2010/03/17 07:18:39');</SCRIPT>Last Update: 07:18 a.m. (GMT+7), Wednesday, March 17, 2010
ANZ seeks buyer for 10% stake in Vietnam bank
Reuters
Australia and New Zealand Banking Group Ltd (ANZ) is looking for a buyer for its 10 percent stake in Vietnam's Sacombank (STB), an executive at the Vietnamese bank said, becoming the first foreign bank to sell its stake in a domestic lender.
The move follows ANZ's Vietnamese unit obtaining permission to operate as a fully foreign-owned bank in October 2008. ANZ is one of 10 foreign banks to have bought shares in Vietnamese lenders.
Sacombank has worked with ANZ on the issue, the Vietnamese bank's chairman Dang Van Thanh said in a statement issued after its annual shareholder meeting on Monday. He added that ANZ was looking for a buyer for its stake.
Thanh did not say who might buy the stake, but state-run media reported that a Singaporean bank could be picked, though it did not mention names.
United Overseas Bank holds 15 percent of Phuong Nam Bank, and Oversea-Chinese Banking Corp Ltd owns 15 percent of VPBank.
Shareholders approved Sacombank's targets for this year to raise total assets by almost half to VND146 trillion ($7.65 billion), registered capital by 37 percent to VND9.18 trillion and annual gross profit by 26 percent to VND2.4 trillion.
Sacombank, also known as Saigon Thuong Tin Commercial Bank, has also targeted annual credit growth of 45 percent to around VND87 trillion ($4.65 billion) and aims to increase deposits by 50 percent to VND129 trillion.
Sacombank has said its gross profit jumped 35 percent to $15.7 million in the first two months of this year.


<HR>Copyright © 2009 Tuoi Tre <INPUT style="FLOAT: right; MARGIN-RIGHT: 20px" id=btnPrint onclick=window.print(); value="Print this Article" type=button> <INPUT style="FLOAT: right; MARGIN-RIGHT: 20px" id=btnBack onclick=history.back(); value=Back type=button>

 

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Arriva receives £1.4bn takeover approach from Deutsche Bahn

http://www.telegraph.co.uk/finance/...4bn-takeover-approach-from-Deutsche-Bahn.html

Bus and rail operator Arriva has received a takeover approach, pitched at around 700p a share, from Germany's state-backed rail operator Deutsche Bahn.

There has been talk that Singaporean transport group Comfort DelGro and private equity group KKR are also eyeing Arriva, though one transport banker said: "No-one is going to take on Deutsche Bahn or SNCF."
 

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Sembcorp awarded Ekofisk topsides

SINGAPORE -- Sembcorp subsidiary SMOE has won a $550 million contract to build ConocoPhillips Skandinavia’s new Ekofisk accommodation platform topsides.

The scope involves engineering, procurement, and construction of a 10,000-metric-ton (11,023-ton) structure that will accommodate 552 personnel in this latest expansion of the North Sea complex. Additionally, SOME will supply two bridges, a bridge connector, and a helideck. The platform will also feature a centralized telecommunications centre and a control tower.

A team of SMOE engineers will initially perform two months of engineering design work on the accommodation cabins in Norway. Construction should then get under way this summer, with delivery scheduled for installation in 2013 installation.

The new platform will be deployed at the Greater Ekofisk Area, 300 km (186 mi) offshore Stavanger, in a water depth of 80 m (262 ft).
 

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Jurong Shipyard to convert Roncador floater

SINGAPORE -- Jurong Shipyard has won a S$130 million ($93 million) order from Petrobras Netherlands for pre-conversion of a VLCC to the FPSO P62.

The scope of work involves renewal of the hull structure steel; fabrication and installation of new steel work; blasting and painting works; renovation, fabrication, and installation of piping; and refurbishment of accommodation. The vessel is due to be completed during 2Q 2011.

The FPSO P62 is part of the 4th Phase of the Roncador field development plan. It will be installed in around 1,600 m (5,249 ft) of water, and will be capable of processing more than 180,000 b/d of oil, injecting over 250,000 b/d of water, and producing 6 MMcm of gas, with an oil storage capacity of 1.6 MMbbl. It is designed to remain on station at the field for up to 25 years without the need for drydocking.
 

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Vietnam Fails to Replicate China as Volatility Deters Investors

http://www.businessweek.com/news/20...ate-china-as-volatility-deters-investors.html



Temasek in Vietnam


Since opening its first representative office in Vietnam in 2005, Temasek -- which doesn’t disclose the value of its Vietnam portfolio -- has invested in the country through its holdings in Minh Phu Seafood Joint-Stock Co., transportation company Vietnam Sun Corp. and Kinh Do, according to stock exchange filings.
“Vietnam fits well with our overall themes of investing in transforming economies and the growing middle income group,” Derek Lau, Temasek’s chief representative in Vietnam, says. “We actively look for opportunities along these general themes. Overall, our sentiment towards the investment environment in Vietnam remains positive.”
That bullishness is partially in recognition of how far the country has moved away from its founding collectivist ideals.
On April 30, 1975, a North Vietnamese tank rammed through the gates of the presidential palace in Saigon, an act symbolizing the control of the country by communist forces.
 

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SIH pitches for My Dinh space

Singapore’s SIH last week demanded land on Pham Hung street, a golden land area of Hanoi, as compensation for its scrapped four-star hotel project in Thong Nhat park.
In the wake of public outcry that Thong Nhat Park was a historical heritage and the capital’s green lung, Prime Minister Nguyen Tan Dung in April last year decided to stop construction of the Novotel Hanoi On The Park, and required the Hanoi People’s Committee to find another land lot for the investor.
The Hanoi Planning and Investment Department had introduced a 7.657 square metre land lot at 94 Lo Duc street for the investor to set up a four-star hotel.
However, in a meeting between SIH and the municipal People’s Committee last week, the investor asked to develop another 24,000sqm land lot on Pham Hung street for a trade centre, office and hotel building, in addition to the lot on Lo Duc street, citing the land site on Lo Duc street was much smaller than the project site in Thong Nhat park.
Nguyen Van Tu, deputy director of the department, told VIR that the proposal from the investor had been recognised by city authorities. However, he said, it would take a long time to consider the proposal.
Tu said My Dinh being a sensitive area and Hanoi’s masterplan not yet approved by the Politburo or the government meant the proposal needed to see opinions from related bodies. “The department has decided to introduce the land lot on Lo Duc street to the investor because it meets all of the different conditions required by the city authorities.”
Moreover, he said, this land lot was suitable for the investor’s proposal for a hotel, but not a residential development, a segment which city authorities planned to limit in the city’s centre in order to decentralise the population.
Although the final decision was not made, Tu confirmed that the city’s authorities would treat the investor well to protect its rights and compensate its expenses from the old Thong Nhat Park location. According to the project’s investor, project expenses were around $80 million. However, the figure needed to be revised and audited by the independent consultant Grant Thornton.
SIH also asked the committee to transfer the investor’s expenses from the project to the 50-year land leasing tax for the two future projects. Hanoi People’s Committee deputy chairman Phi Thai Binh requested the investor and other related bodies calculate the expenses so the committee could give a final evaluation.
Originally in 2008, a joint venture between Singapore’s SIH Investment and the Hanoi Tourism Corporation received a license to invest $40 million in a four-star, 376-room hotel inside Thong Nhat Park.
The project was designed to cover 10,300sqm, of which 9,000sqm would have encroached upon the park. It was scheduled to be completed in time for Hanoi’s 1,000th anniversary in October, 2010.
The construction then received criticism from local residents and architects.
The 50 hectare Thong Nhat Park was built in 1958 and inaugurated in 1961. At that time, the country was divided, with two different political regimes. The park was named Thong Nhat to express hope for the country’s “reunification”.
VIetNamNet/VIR
 

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Vietnam PM halts controversial hotel in park: govt

Vietnam's prime minister has stopped a 40-million-dollar hotel development at a city park amid fears over possible damage to the capital's "green lung", the government said Wednesday.
The project, known as SAS Hanoi Royal, is a joint venture between Hanoi Tourism Company and SIH Investment Limited of Singapore, the government said on its website.
French-based Accor would manage the completed hotel under its Novotel brand, an Accor spokesman said.
Prime Minister Nguyen Tan Dung ordered a "suspension" of construction while an alternate site is sought, the government said.
Dung asked relevant authorities "to choose a different location and recommend that to the investor", the government said, adding that public opinion, including that of architects and planning experts, said building the hotel in Thong Nhat park would seriously affect the city's environment.
Sealed off behind a high green fence in one corner of park, the site has been churned up and metal rods inserted into the ground but there was no evidence of active construction when AFP visited.
Plans called for a five-storey, four-star hotel with 376 rooms, the government said.
Evan Lewis, Accor's regional vice-president of communications, said he received media reports of the prime minister's decision but had not been officially informed, and so declined to comment.
Thong Nhat, once known as Lenin Park, contains neatly-laid flower beds, tree-lined pathways, children's rides and a lake. The park is a popular spot for exercising in the heart of an increasingly congested capital.
 

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DBS Group selling entire Indian joint venture stake

Mar 31, 2010

DBS Group selling entire Indian joint venture stake

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DBS Group Holdings yesterday said it had agreed to sell its entire stake in its Indian joint venture, Cholamandalam DBS Finance, ending what has proved to be a difficult time with the financial services firm.
In October 2008, Chola DBS said it was closing 75 branches - more than a quarter of its branches - owing to a sharp slowdown in demand.
In January last year, DBS said it injected 1.5 billion rupees ($46 million) into Chola DBS. This recapitalisation would help provide for ascertained and anticipated loan losses.
DBS bought a 37.48 per cent stake in the financial services company in 2005.
India's Murugappa Group holds another 37.48 per cent. The rest is owned by public shareholders.
Yesterday, DBS said that it has reached an agreement with the Murugappa Group for the latter to buy over its stake in Chola DBS.
The purchase by Murugappa Group was made at 91 rupees per share or $2.84 per share, representing a 1.2 per cent premium to Monday's closing price for the shares. The transaction is expected to be completed on or before April 12 and not expected to have any material impact on the financial performance of DBS.
DBS said yesterday it remains committed to India and wants to focus on corporate clients and the high net-worth and emerging affluent segments in India.
DBS India has expanded its branch network from two branches in 2005 to 10 branches now across the country.
DBS chief executive Piyush Gupta said in a statement yesterday that with a growing network in India and other major emerging markets in Asia, DBS is well-positioned to ride the region's growth. 'With the rising middle class and with growing intra-Asia trade flows, we're excited about the opportunities ahead,' he said.
DBS said that the bank and Murugappa Group remain open to 'future collaboration opportunities' in areas such as wealth management and the distribution of financial products.
 

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Sinopec discussing joint project in Singapore

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Sinopec discussing joint project in Singapore

By Xin Zhiming (chinadaily.com.cn)
Updated: 2010-04-16 17:51



<!--enpproperty <date>2010-04-16 17:51:03.0</date><author>Xin Zhiming</author><title>Sinopec discussing joint project in Singapore</title><keyword>Sinopec,EDB,NDRC,Singapore</keyword><subtitle></subtitle><introtitle></introtitle><siteid>1</siteid><nodeid>1022421</nodeid><nodename>Web Exclusive</nodename><nodesearchname>2@webnews</nodesearchname>/enpproperty--><!--enpcontent-->Beijing - China's second largest oil company Sinopec is currently in discussion with the Singapore Economic Development Board (EDB) to build a storage base for both crude and refined oil in the island country, a source familiar with the matter said.
The project would start soon, the source said, without elaborating on the exact timetable.
Meanwhile, a senior Singaporean official, who declined to be named, said the two would implement a series of oil-related cooperative projects, including a storage base for oil and lubricant.
The National Development and Reform Commission, the country's top economic planner, has approved the project for a lubricant base in January.
Sinopec could not be reached for comment, but it is widely believed that the new project is part of its effort to internationalize its business.
Tan Choon Shian, deputy managing director of Singapore EDB, the country's lead government agency responsible for planning and executing economic policies, said he believed that Sinopec has chosen Singapore for investment because of Singapore's unique role as a convenient regional business hub connecting to other parts of the world.

<TABLE style="FONT-SIZE: 14px" border=1><TBODY></TBODY></TABLE><TABLE style="FONT-SIZE: 14px" border=0 cellSpacing=0 cellPadding=1 width=244 bgColor=#f3f3f3 align=left><TBODY><TR><TD><TABLE border=0 cellSpacing=0 cellPadding=1 width=231 bgColor=#c1cddb align=left><TBODY><TR><TD width=229><TABLE border=0 cellSpacing=0 cellPadding=5 width=231 bgColor=#fffde8><TBODY><TR><TD colSpan=3>Related readings:
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</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>"I think it should have taken Singapore as a platform for overseas expansion," he told reporters in an interview in Singapore.
"Singapore's investment policies are transparent...and risks (of investment) are low," he said.
He also said the country, thanks to its high-caliber labor force and stable business and political environment, is an ideal place for Chinese investors with a global vision.
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A painful lesson being learnt

Last update 00:25, Sunday, 18/04/2010 (GMT+7)


VietNamNet Bridge - A heavyweight compensation claim stemming from the controversial Novotel On The Park hotel project is facing public scrutiny.


The project developer, Singapore’s SIH Investment, plans to claim $80 million for compensation following Hanoi authorities’s decision to stop construction of the hotel as local residents and architects had protested the project. Critics said Thong Nhat Park, where the hotel was built, was an historical heritage site and the project would drastically reduce Hanoi’s green space.

Originally in 2008, a joint venture between Singapore’s SIH Investment and the Hanoi Tourism Corporation received a licence to invest $40 million in a four-star, 376-room hotel inside Thong Nhat Park.

The project was designed to cover 10,300sqm, of which 9,000sqm would have encroached upon the park. It was scheduled to be completed in time for the 1,000th anniversary of Hanoi in October, 2010.

The investor recently sent documentation to Hanoi People’s Committee asking for $80 million to cover its project expenses and damage faced after the project was cancelled.

According to the documentation, the sum included in-cash contributions of $8.4 million to the project’s budget, $4.5 million in loans, $220,000 in added loans and $1.57 million in fees for contractors and consultants. Some $63.7 million was claimed as “opportunity costs”.

Former deputy minister of Natural Resources and Environment Dang Hung Vo told VIR the opportunity costs were reasonable, however it must be carefully calculated by competent bodies.

“The compensation, on one side must be appropriated in line with international practices, but on the other side must reflect Vietnam’s situation,” Vo said. Nguyen Quoc Hiep, an independent financial consultant in Hanoi, said the investor must be compensated, however, the sum was a big question.

“I doubt whether a $40 million project could receive double the amount for opportunity costs, especially as the hotel business in recent years has not seen much success,” Hiep said. Ken Atkinson, managing partner of Grant Thornton Vietnam Ltd - which is auditing the compensation sum, refused to comment on the matter.

However, Atkinson said the opportunity cost was the return that the company could have had on its money during the time it was invested and the loss of profits due to the hotel’s delayed opening.

VIR has learnt that Hanoi had earmarked a 7,657 square metre land lot at 94 Lo Duc street for the four-star hotel to replace the Thong Nhat Park site. However, the investor preferred another 24,000sqm land in My Dinh commune, apart from the one in Lo Duc street.

“I think it [the foreign investor] must reconsider this requirement, because its initial project was for hotel development only. The replacement site, therefore, also has to be for hotel development, but not other functions,” Vo said.

Vo added that the two sides should seat together and find out an “acceptable way” to address the case. “Going to court would cost much of money. The best way is to negotiate,” Vo said. If an agreement was not reached, Vo said an arbitrator such as the Vietnam or Singaporean Chamber of Industry and Commerce should be invited to mediate the case.

This case was a “big lesson” for Vietnam, Vo said. “I do not want to mention who is responsible for this case. However, this shows that Vietnamese authorities have been working unprofessionally. This unprofessionalism leads to unnecessary complications, wasting time and money,” Vo said.

The Hanoi People’s Committee recently announced that it would ask State Audit to calculate the damage of the project. Before that, the committee also requested the city’s financial department cooperate with related bodies to calculate this sum according to international practices and report to the committee this month.

The Hanoi Investment and Planning Department was assigned to get all related issues and propose the solutions to the committee before May 10.

Source: VIR
 

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Transfer pricing rears its ugly head

Last update 00:10, Sunday, 18/04/2010 (GMT+7)


VietNamNet Bridge - A handful of foreign-backed enterprises have reported losses for several consecutive years to avoid paying tax, while expanding their businesses and production.

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According to the Ho Chi Minh City Taxation Department, 60 per cent of the 3,500 foreign-invested enterprises (FIEs) operating in the city reported losses in 2009 and 50 per cent in 2008.
One enterprise reported it had incurred losses for 11 years despite its turnover and operating scale jumping nearly 100-fold during the period, from $6.9 million in the first year of operation to $508.7 million in 2009.
Nguyen Trong Hanh, deputy chief of Ho Chi Minh City Taxation Department, said it was impossible for an enterprise to expand its business 100 times, while having reported to be in the red for over 10 years.
“It is unreasonable that during the same time, in the same industry and in the same business environment, domestic garment enterprises such as Saigon 1, Saigon 2 and Viettien still attained annual turnover growth, while FIEs must bear losses for such a long time,” Hanh told VIR.
South Korean firms made up 30 per cent of the loss-reporting companies, followed by Singaporean (12.57 per cent), Japanese (9.04 per cent) and Taiwanese (7.49 per cent) ones. Most of the loss-reporting enterprises specialise in manufacturing garments and footwear.
The city’s tax department had examined about 20 large-scale FIEs which have significant turnovers, but have been reporting losses. As a result, 17 of them finally declared profits in their 2009 tax statements.
Hanh said “transfer pricing” was responsible for the situation, which meant that FIEs raised the prices of materials bought from their parent companies abroad to evade taxes.

“This activity fetched real profits for parent companies abroad, but caused false losses to the FIEs in Vietnam. It also helps FIEs dodge corporate income tax and remittance fees,” Hanh added.
Hanh said it was unacceptable that FIEs used transfer pricing to avoid paying tax. “FIEs operating and benefiting in Vietnam should have a responsibility for its development. If they only take care of their personal profits and evade taxes, it is not only an illegal activity but also a moral problem,” Hanh said.
Meanwhile, a transfer-pricing specialist at PricewaterhouseCoopers Vietnam, Poh Wen Jean said there was no specific transfer pricing penalty in Vietnam. However, any non-compliance, for instance a failure to submit the annual transfer pricing declaration, with the transfer pricing requirements would expose a company to various types of penalties under the general tax administration laws.
“The Vietnamese transfer pricing rules set out in Circular 117/2005/TT-BTC are somewhat more stringent and rigorous compared with other countries in the region. Taxpayers in Vietnam need to proactively look at and manage transfer pricing risks and compliance requirements. Understanding the tax authorities’ intentions as well as the embedded challenges ahead would be a good first step,” said Jean.

Source: VIR
 

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Singapore to Review Fund Regulations



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<!-- date published -->April 22, 2010, 7:06 am <!-- date updated --><!-- <abbr class="updated" title="2010-04-22T07:06:23+00:00">— Updated: 7:06 am</abbr> --><!-- Title -->Singapore to Review Fund Regulations

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Singapore is launching a formal review of its rapidly growing fund management industry, including hedge funds and private equity firms, as the country seeks to ensure a strong regulatory framework for investors, according to press reports.
The Monetary Authority of Singapore announced Wednesday that it would begin a public consultation within two weeks on proposals “to enhance our regulatory regime to ensure that it remains sound and responsive,” The Financial Times reported.
As part of the review, the M.A.S. will conduct “a re-examination of how we regulate investment managers (including alternative fund managers) and the way in which they interact with their investors and other stakeholders,” the newspaper quoted the regulator as saying in a statement.
“They’re aware of the need to find the right balance,” Melvyn Teo, a director at the BNP Paribas Hedge Fund Centre at Singapore Management University, told Bloomberg News. “It will make Singapore less appealing to really small, young hedge funds, but the industry is maturing at the moment. We might still be quite attractive to more established larger ones.”

 
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