China real estate developer Landing International Development Ltd. has announced that the company has commenced preliminary discussions with various financial institutions as well as controlling shareholders on a potential fundraising exercise to meet the future financing needs of the group. So far, however, no definitive terms have been agreed and no binding agreement reached. In a filing with the Hong Kong Stock Exchange yesterday, the company informed shareholders that the fundraising exercise was subject to further negotiation and may or may not materialise. In 2014, the company continued to post a loss to the tune of more than two times its loss in 2013, amounting to HK$343 million (US$42.9 million). The group said the loss was primarily due to the group’s expansion, namely a newly acquired casino business in South Korea named Jeju Casino, which held its grand opening on January 18, 2014. According to Landing, Jeju Casino is now operated under the trade name of Genting Jeju and currently has 26 baccarat tables, one blackjack table, one tai sai table, one roulette table and 16 slot machines. The casino project is a 50-50 joint venture by Landing Int’l and Genting Singapore Plc. The two companies are investing some US$2.2 billion in the project, which targets Chinese gamblers, according to its first announcement of the project in February 2014. The company added in its Monday filing that if the fundraising exercise proceeds, a further announcement will be made accordingly. J.K.
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