SingHaiyi

SingHaiyi: First piece of development with regards to the real estate space in the US, as SingHaiyi's US partner American Pacific International Capital (APIC) entered into the final stages of negotiations for the purchase of an existing office building and a residential development site. SingHaiyi has a right of first refusal to participate in real estate projects in US encountered by APIC. In addition, SingHaiyi has entered into a MOU with ChinaSF and APIC in connection with the financing, development, planning and design, marketing and management for the proposed San Francisco China Centre. The project is located at Pier 19 at the Port of San Francisco, and will have a site area of c.100k sf comprising office, retail, exhibition and convention space. ChinaSF is an economic initiative of San Francisco in close partnership with the San Francisco center for Economic Development. Separately, shareholders have approved a recent proposed rights issue and share placement to raise $226.5m for its plans to invest in US real estate. This will bring its cash balance (as of 31 Mar) to a total of $312m, and a net gearing of 0.41x (from 1.02x).