Company Briefs: Frasers Centrepoint Limited

Frasers Centrepoint Limited

The Australian division of Singapore-listed Frasers Centrepoint has reported strong sales at an apartment project in inner suburban Sydney launched last week.

Frasers Property Australia said A$229 million (S$236 million) worth of apartments had been sold at DUO. DUO is on a larger site called Central Park, a major urban redevelopment project in the suburb of Chippendale on the fringes of the city's central business district.

Frasers Property sales and marketing director Paul Lowe said: "We've now successfully sold over 1,800 apartments across the entire Central Park precinct to date. The average apartment sales price at the DUO launch was just over A$1 million."

YCH Group

Logistics firm YCH has signed a new contract with Carrefour Group to manage a distribution centre in China.

The 40,000 sq m facility in Tianjin will receive goods from more than 300 suppliers across China, to be distributed to over 40 Carrefour hypermarts in Hebei, Beijing, Tianjin, Shanxi and Shangdong.

The centre was officially opened yesterday , marking YCH's second major collaboration with Carrefour this year - the company has also been appointed to manage the hypermart chain's Western Distribution Centre in Chengdu.

China Hongcheng Holdings

Financially embattled China Hongcheng Holdings has responded to queries from the Singapore Exchange (SGX) over accounting gaps and its ability to operate as going concern.

The company said in a statement that it has been taking active steps to review and update its internal control procedures.

It also said high staff turnover led to errors and the loss of manually prepared records in production departments, making it difficult for the finance team to account for inventories and cost of sales.

The company added that it would have sufficient cash resources to satisfy working capital requirements until next June, and to pay debts when they are due. Its profit margin has also improved owing to a decrease in raw material costs.

China Hongcheng has been suspended from trading since Oct 1. In early September, the SGX advised the firm it would be delisted and asked it to make an exit offer to shareholders.

A version of this article appeared in the print edition of The Straits Times on December 03, 2015, with the headline 'Company Briefs: Frasers Centrepoint Limited'. Print Edition | Subscribe