SINGAPORE EXPORTS FELL 8.8% LAST MONTH
SINGAPORE'S exports last month extended the longest run of declines since the global financial crisis, suggesting economic growth last quarter may have been less than the Government initially estimated.
Non-oil domestic exports slid 8.8 per cent from a year earlier, falling for a fifth month, trade-promotion agency International Enterprise Singapore said in a statement yesterday. While the country's economy grew at the fastest pace in more than two years last quarter, improvements have not been matched in shipments to the United States or Europe.
SPH TO RAISE $504m IN REIT OFFERING
SINGAPORE Press Holdings (SPH) said it will raise S$504 million in a real-estate investment trust (Reit) offering after pricing the initial public offering at S$0.90 per share, the top of its indicative range of $0.85-$0.90.
SPH has projected a yield of 5.79 per cent for its financial year next year.
The retail tranche for the IPO opened yesterday and the listing will be on Wednesday.
Called SPH Reit, the trust's assets will include Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
CHINA'S RICHEST MAN TO UP MALL BUSINESS
MR ZONG Qinghou, China's richest man who is worth an estimated US$11.3 billion (S$14 billion), plans to add more malls across Chinese cities as he considers an initial public offering for those operations.
There is no specific time frame for the share sale, Mr Zong said at a press conference in Beijing yesterday.
The billionaire controls food-and-beverage conglomerate Hangzhou Wahaha Group, which plans to have about 100 malls in China in the next three to five years.