what does it mean by Project sakit?

mind to translate the chinese news to english for us?
ANZ I read is shutting ops in Malaysia and asia
WOw, still so hot this thread.

new on ANZ
http://www.thestar.com.my/business/busines...round-100-jobs/

Already under consideration is the sale of minority stakes in banks in Indonesia, Malaysia and China, for which Elliott has put Deputy Chief Executive Graham Hodges in charge.

As part of this retreat, the bank has been trying to sell its 39 percent stake in PT Bank Pan Indonesia Tbk (Panin) , Reuters previously reported.

project that cant be completed and vped for whatever reason ie abandoned- developer bankrupt, developer run away etc..

Mammoth Empire already listed as BLACKLISTED DEVELOPERS involved in Sick Projects

So EC must be one of their SICK projects.

Projek Sakit : Projek yang mengalami kelewatan melebihi 30% berbanding kemajuan yang sepatutnya atau telah tamat tempoh Perjanjian Jual Beli (PJB).

http://ehome.kpkt.gov.my/index.php/pages/view/79

Yes HDA have exit strategy. For non-HDA gotta look at the SPA itself. But i doubt they'll spell it out if indeed its written to the developer's benefit.

Kalau sakit....kasi ubat loh.....boleh baik punya

Exit only makes sense if it is still early.

When some people already say they need to do installment already, meaning is already almost 100% dispersed, what to exit ? Who will vomit back the money ?

I noticed Empire Subang is under different company name, even though it's still under MEH group.

Do they use one project one company ?

This post has been edited by puchongite: Mar 22 2016, 11:30 AM

Link online for the Ambank news

http://www.enanyang.my/news/20160322/%E5%A...BF%9D%E7%BA%A6/

Usually developer will create new company for new project. Once the project is completed fully they can close the company and cease to file return.

But the holding company is still responsible for any liability...

If it is one project one company name, then the 'projek sakit' referred to by KPKT is indeed Empire City.

TQVM!

Really? usually the company name is different than the project name de.....for some unexplained reason....

From my experience.....

The news says Ambank can salvage some thing back from Empire City even if it has to write off the loan, assuming somebody will still eventually take the project to completion.

Mostly like if end up incomplete, end financier for project will take over and nego with owner to top up a little so that a new contractor will be hired to complete it.

This happened to Rhythm Avenue in USJ which Ambank did it this way. So fingers cross for all EC owners. Good luck.

Maisson Ara Damansara happened the same thing too. owner need to apply extra 200k of bank loans as top up i heard.

Can elaborate more on the Ambank news? so the 900k is confirm loaning to MEH?

900m
Not 900k bro.

VPd unit loan is draw downed fully. Where to find $ to complete unless from buyers/owners. Beside uncompleted works, what about payment to existing contractors and suppliers?

If the shopping mall is not sold, Ambank may able to recover a portion of their loan. Doubt Ambank will have any interest on VPd units.

If architect is in house; QS, M&E consultants, etc are likely be inhouse also. To obtain ccc, will need their approvals, mean opportunity for developer's 2nd harvest.


This post has been edited by icemanfx: Mar 22 2016, 12:38 PM

The online english translation :-

Media reports, AmBank (AMBANK, 1015, board financial stocks) provided a loan of 900 million ringgit, to be responsible for Empire City project Mammoth Empire Holdings.

The completion date of this project, extended from the end of 2014 show last year, and then again adjourned to September.

The gross development value of RM5 billion integrated industrial projects, including five-star hotels, service apartments, office buildings and shopping malls.

Experts recommend:

This is bad news, but we can not conclude this, 900 million loans provided by banks in Malaysia will have been liquidated.

Suppose, however, Mammoth Empire Holdings liquidated, is expected to drag on total NPLs AmBank 2016 fiscal year rose 55%, and then push the total NPL ratio 0.9 percentage points to 2.7%.

In terms of earnings, if this AmBank loans set aside 50% of the provision, which will lead to fiscal year 2017 net profit is expected to decrease by 23.5%, the target price will be down 11 sen to 5.09 ringgit.

Currently, AmBank has not provided any information on the loan, the bank has not yet these loans as bad debts, no more of this provision be required.

Even in the worst case, I believe AmBank also benefit from the Empire City project, to reduce losses.

Based on the valuation of the stock is still attractive, and net profit per share in fiscal 2017 is expected to return to Yang, we reiterate "overweight" rating.