01-Dec-2006 15:07:19
The Board of Directors refers to the media articles titled, "Pan Hong bets growth on China" and "Pan Hong says profit to drop 12% this year", published in Reuters and the Business Times on 30 November and 1 December 2006 respectively (collectively the "Articles"). Copies of the Articles are attached to this Announcement for the easy reference of the Shareholders.
In response to the Articles, the Board of Directors wishes to inform the Shareholders that the information set out in the Articles which relate to the Company, in particular the profit forecast for the financial year ended 2006 and 2007, are in response to certain queries raised at a telephone interview between Reuters and our Chairman, Mr Wong Lam Ping on 30 November 2006 and are reflective of the current views of the management taking into consideration various factors including the current circumstances and economic conditions, ongoing and anticipated sales of its development projects as well as the expected schedule of completion of its future development projects. The Board of Directors wishes to highlight that such information set out in the Articles should be read in conjunction with the information previously disclosed in the Company's prospectus dated 11 September 2006 under the sections "Risk Factors" (on page 40) and "Prospects" and "Future Plans" (on pages 136 to 143).
In addition, there is also a reference in the Articles that Pan Hong would soon announce the acquisition of a property company in the southwest province of Guangxi. The Board of Directors would like to clarify that the Company is currently only in preliminary discussions with the relevant parties and has not entered into any agreement. The Board of Directors would also like to highlight that the Company is constantly seeking opportunities to acquire new and suitable land reserves, whether directly or indirectly, and inform the Shareholders at an appropriate time when such acquisitions materialise.
Note: The initial public offering of the Company's shares was sponsored by CIMB-GK Securities Pte. Ltd.
Reuters.pdf | PanHong-BT-1Dec2006.PDF |
SINGAPORE, Dec 1 (Reuters) - Pan Hong Property (PNHG.SI: Quote, Profile , Research), a developer in southern China, expects its net profit to more than triple next year, underpinned by strong housing demand in China's smaller cities. For more details, click on [ID:nSIN337992].
Pan Hong Property Group Limited is a property developer for residential and commercial properties in the People's Republic of China, and it focuses on developing cities, such as Hangzhou City and Huzhou City in Zhejiang Province and Nanchang City in Jiangxi Province. In addition, to the development of residential and commercial properties, the Company also owns commercial units for investment purposes and to rent out to suitable tenants for rental income. As of December 31, 2005, the Company had land reserves of approximately 457,635 square meters in the People's Republic of China.
