SINGAPORE PRESS-Wing Tai has no plans to delist like SC Global-Business Times

Thu Jul 17, 2014 8:02pm EDT

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Property developer Wing Tai Holdings will not try to delist as a way out from rules requiring the company to dispose of all units in its high-end residential projects within two years of completion, its chairman said.

Cheng Wai Keung also called on the authorities to lift this condition, which is stipulated under the Qualifying Certificate on foreign housing developers, The Business Times reported.

Wing Tai, whose competitor SC Global was privatised and delisted last year, is just over 50 percent owned by the Cheng family.

Like many other developers, it is stuck with unsold units in high-end residential projects developed on sites bought at high prices before the 2008 financial crisis.

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NOTE: Reuters has not verified this story and does not vouch for its accuracy.

(Compiled by Singapore Newsroom)

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