Lai Sun Development

Investors approve swap

Shareholders of Lai Sun Development (LSD) and its subsidiary, Lai Sun Hotels (International), have approved a HK$1.08 billion asset swap.

Friday, 30 June, 2000, 12:00am

Lai Sun nears plan to wipe $4b off debt

Lai Sun Development is in the final stage of mapping out a restructuring proposal that could reduce its debt to HK$5 billion from HK$9 billion.

A formal proposal would be presented to creditors early next month, said Mark Lee Po-on, director of parent Lai Sun Garment (International).

29 Apr 2000 - 12:00am

Hefty provisions sink Lai Sun to $1.3b loss

Lai Sun Development filed a loss of HK$1.33 billion for the first half to January 31, stemming mainly from a provision for the sale of the Furama hotel and the fall in value of its hotel subsidiary Ritz-Carlton Hong Kong.

The company had a year-earlier interim loss of HK$1.36 billion.

In the year to July 31, Lai Sun had a loss of HK$6.83 billion.

28 Apr 2000 - 12:00am

Poor conditions bring Lai Fung issue to an end

Shares in Lai Fung Holdings, the mainland property arm of Lai Sun Development, slipped 9.1 per cent after the company decided against raising $63.7 million from the sale of new shares.

Lai Sun Development had intended to place 70 million existing Lai Fung shares at 91 cents each to independent investors and to subscribe to the same number of new shares at the same price.

15 Oct 1999 - 12:00am

Lai Fung proceeds aimed at mainland

Lai Fung Holdings is making a $63.7 million share placement to finance development in the mainland.

The shares will be sold at 91 cents each, a 6.18 per cent discount on the 97 cents they last traded at on Monday. Lai Fung shares were suspended from trading yesterday.

13 Oct 1999 - 12:00am

Lai Fung soars on debt sale to BOC

Shares in Lai Fung Holdings - the mainland property unit of Lai Sun Development (LSD) - surged 21.42 per cent after it announced a bond issue with Bank of China (BOC) and a Shanghai property deal with Lai Sun Hotels International.

Lai Fung closed yesterday at 68 cents - its first day of trading since suspension on May 12.

18 May 1999 - 12:00am

Stock on hold as LSD grants Lai Fung option

Shares of Lai Sun Development (LSD) and its mainland property arm Lai Fung Holdings were suspended from trading yesterday pending an announcement. The stock exchange said it related to LSD's granting of an option to a wholly owned subsidiary of Bank of China to subscribe for 250 million shares in Lai Fung.

9 Apr 1999 - 12:00am

Lai Sun sells NY hotel

Directors of debt-ridden Lai Sun Development and its subsidiaries have announced the completion of the disposal of their 49.9 per cent stake in Four Seasons Hotel in New York. The deal was valued at US$275 million. It was sold to a company called 57 BB Property.

17 Mar 1999 - 12:00am

Far East takes up Lai Sun allotment

Property developer Far East Consortium International yesterday confirmed it would take up its allotment of shares in a controversial $600 million four-for-one rights issue by Lai Sun Garment (International).

28 Dec 1998 - 12:00am

Rents in Shanghai show sharp drop

Lai Fung Holdings, a mainland arm of Lai Sun Development, said rents for office space in Shanghai have fallen as much as 50 per cent since the beginning of the year.

26 Nov 1998 - 12:00am

Lai Sun to sell residential-commercial site in Shamshuipo

Debt-ridden Lai Sun Development and its parent have agreed to sell its residential-commercial site in Shamshuipo to textile and property tycoon Chen Din-hwa for $88.7 million - a loss of $153 million on book value.

Mr Chen owns 18.18 per cent of Lai Sun Development through privately run Nan Fung Textiles Consolidated.

19 Nov 1998 - 12:00am

Lai Sun group disappoints as property arm plunges 65pc

The Lai Sun group of companies, controlled by the family of chairman Lim Por-yen, has reported disappointing results for the year to July 31.

Property arm Lai Sun Development, the group's largest source of income, saw net earnings plunge by a higher than expected 65.8 per cent to $309.38 million from $904.69 million in the preceding year.

12 Nov 1998 - 12:00am