Hmmm... I'm just connecting the dots.
I have not seen any news in the Singapore side about the problems at Macao Studio City where Capitaland may have paid Sin$132m to Sin$240m in 2007.
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DJ eSun: US Hedge Fund Passport Sold Entire 28.78% Stake2010-05-03 17:10:00
HONG KONG (Dow Jones)--eSun Holdings Ltd. (0571.HK) said Monday that U.S. hedge fund Passport Management LLC
sold its entire 28.78% stake in the company April 30. The entertainment company, which is involved in the
stalled Macao Studio City project, said in a statement it hadn't been informed of the buyer or buyers of the shares.
The statement also didn't give a reason for the stake sale by Passport.
Source: Kate O'Keeffe, Dow Jones Newswires
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And this was the news release in Jan 2007 ...
CapitaLand signs Share Purchase Agreement for a prime integrated leisure and entertainment development project in MacauSingapore, 9 January 2007 – CapitaLand Limited (CapitaLand) has signed a Share Purchase Agreement with eSun Holdings Limited, one of Asia’s leading media and entertainment companies and an associate company of Lai Sun Development, a leading hotel and property developer.
The Agreement effectively gives CapitaLand a 20% strategic interest in a prime integrated leisure and entertainment development project in Macau to be named
Macao Studio City. This will be CapitaLand’s first investment in Macau.
The remaining interests in the project will be held by eSun Holdings (40%) and by New Cotai, LLC (40%). The latter is a consortium of US-based investors including David Friedman, a veteran resort and gaming developer who will be the co-Chairman and co-Chief Executive Officer of Macao Studio City; and the private US-based investment firms, Silver Point Capital, L.P, and Oaktree Capital Management, LLC.
The share acquisition cost for
CapitaLand’s 20% effective interest is HK$658 million (S$132 million), based on the current approved plot ratio. Application to further increase the plot ratio for the development is currently in progress and the total share acquisition cost will be adjusted to reflect such increase subject to a
maximum share acquisition cost of HK$1.118 billion (S$240 million). http://www.capitalandilec.com/newsfile/ ... 9Jan07.pdf