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The Company has not formalised a dividend policy. It is in the interest of the Company that dividend shall be proposed by management and recommended to the Board for consideration, prior to any such declaration by the Board after taking into consideration the Group' s business expansion and development plans, its financial performance, capital commitments, projected financial position and available resources as well as other relevant factors from time to time. Declaration of dividends, if any, are clearly communicated to Shareholders and in the event where dividends are not recommended or declared, explanations are given to the Shareholders too. Such communications with Shareholders are made via SGXNET announcements.

[BEIJING] China is preparing to mobilise companies owned by the central government in Beijing to purchase unsold homes from distressed property developers, following the limited success of a previous initiative that relied on local governments, according to people familiar with the matter.

Regulators are planning to ask some of the biggest state-owned enterprises and bad debt managers including China Cinda Asset Management to help clear the housing glut, said the people, asking not to be identified discussing a private matter. The firms will be allowed to tap 300 billion yuan (S$53.4 billion) of funding that the central bank earmarked for the programme last year, one of the people said.

The renewed effort, which is still under discussion, could help speed up the clearance of China&rsquo s 408 million square metres of excess inventory &ndash larger than the size of Detroit &ndash and ease the financial burden of the troubled developers. Officials are also considering scrapping a price cap for the programme, in a bid to accelerate the process and improve the economics of the plan for both developers and state buyers, people familiar said in March.

 

The housing ministry and Cinda did not immediately respond to requests for comment.

While the move to enlist bad-debt managers might help improve sentiment, the impact may be limited by the firms&rsquo own stretched finances. The plan comes as China&rsquo s property sector hits a new low with the delisting of China Evergrande Group and new-home sales by the 100 largest developers falling more than 20 per cent for two consecutive months.

The People&rsquo s Bank of China (PBOC) launched a nationwide relending programme in May 2024 to help local state-owned companies buy unsold homes, and said a few months later it will ramp up the initiative. There are about 60 million unsold apartments in the country, which will take more than four years to sell without government aid, Bloomberg Economics estimated in May last year.

The housing ministry and Cinda did not immediately respond to requests for comment.

While the move to enlist bad-debt managers might help improve sentiment, the impact may be limited by the firms&rsquo own stretched finances. The plan comes as China&rsquo s property sector hits a new low with the delisting of China Evergrande Group and new-home sales by the 100 largest developers falling more than 20 per cent for two consecutive months.

The People&rsquo s Bank of China (PBOC) launched a nationwide relending programme in May 2024 to help local state-owned companies buy unsold homes, and said a few months later it will ramp up the initiative. There are about 60 million unsold apartments in the country, which will take more than four years to sell without government aid, Bloomberg Economics estimated in May last year.