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SHARE of losses from associates and jointly controlled entities and absence of fair-value gain dealt a blow to property firm Ho Bee Land's second-quarter earnings.
Net profit plunged 79.9 per cent to S$14.4 million from the previous year, as its Shanghai and Zhuhai associates faced accrual of land appreciation tax amounting to S$20.5 million. For its share of results from jointly controlled entities, Ho Bee captured losses from its residential development project in Tangshan and in-progress Australia projects, which expensed marketing and promotional expenses.
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More real estate news from Singapore
- Banyan Tree launches Skypark, Phuket project in Singapore
- ET&Co sees sales of auction properties hit nearly $20 mil in July
- Sale of Older HDB Flats Up 40% From Last Year
- Best HDB Flats To See The National Day Fireworks
- Updated CPF, loan rules give HDB resale market 'new lease of life': OrangeTee
News from outside of Singapore
- Japan’s Nomura Real Estate drives Asian expansion with Vietnam deal
- Allianz, Gaw Capital buy Singapore’s DUO complex for US$1.17bn
- Gaw Capital Leads $325M Purchase of Hollywood Shopping Mall
- Demand Surges in Modern Logistics Properties
Other news and useful tips
- Number of HDB resale flats sold in Q2 2019 grew nearly 30%, prices dip for 4th straight quarter
- Should Your First Property be an Investment?
- Can singles buy HDB flats?
- Designing A Home That Speaks Of Your Personality
Previous news selection:
Singapore sheds household debt as housing market slows: HSBC
About Agent.sg Daily Property News Selection
Agent.sg's Daily Property News Selection brings you the most important property market news in and around Singapore. We list the best articles on real estate development, property investment and on the property listing market on a daily basis - whoever stays out, misses out.
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