GGRAsia – Summit Ascent provides loan to Suntrust for Manila scheme ggrasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ggrasia.com Daily Mail and Mail on Sunday newspapers.
Suncity Group Holdings Ltd is to receive a cash payment of circa CNY155.3 million (nearly US$24.03 million) for disposal of a loss-making mainland China property development and leasing firm with interests in Guangdong province.
A Sunday filing by Hong Kong-listed Suncity Group Holdings – a firm led by Alvin Chau Cheok Wa, who also leads privately-held Macau casino junket brand Suncity Group – said the deal agreed in principle that day, was for the entire issued share capital of Access Achievement Ltd, a British Virgin Islands firm wholly-owned by the listco.
The disposal group recorded unaudited consolidated net liabilities of approximately CNY845.57 million as of December 31.
GGRAsia – Suncity listco US$24mln cash under China property disposal ggrasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ggrasia.com Daily Mail and Mail on Sunday newspapers.
BusinessWorld
February 16, 2021 | 12:04 am
MEGAWIDE Construction Corp. on Monday said it bagged âmultipleâ contracts amounting to P26.3 billion from Suntrust Home Developers, Inc. for its Westside City Resorts World project.
âThe initial letters of award from Suntrust â totaling P6.3 billion â included initial works such as pile cap, excavation, and lateral support direct contract, worth P2.3 billion, and Site B main contract, including basement substructure, superstructure, and architectural builders works and finishes, amounting to P4 billion,â the listed engineering and construction company said in an e-mailed statement.
The company added that it was awarded a supplemental agreement amounting to P20 billion on Dec. 18 last year.
The Philippines’ Securities and Exchange Commission (SEC) has certified the incorporation of a subsidiary of Suntrust Home Developers Inc that will handle the group’s hotel and other tourism-related businesses in that country’s capital, Manila.
The subsidiary is called Suncity WC Hotel Inc, according to a Wednesday filing from Philippine-listed Suntrust. Suncity WC Hotel will be responsible for “operating, managing, and/or maintaining hotels, health and wellness shops, cinema, car parks, entertainment centers, amusement centers and other tourism-related facilities,” said the parent company.
Suntrust is involved in the development of a casino hotel scheme (pictured in artist rendering) at the Westside City Project, located at Entertainment City in Manila. Suntrust is a company controlled by Hong Kong-listed Suncity Group Holdings, the latter controlled by Macau junket boss Alvin Chau Cheok Wa.