Chinese property developers rally
Chinese property developers rallied yesterday, after China Overseas Land reported that its sales rose 209% year-on-year to HK$13.1bn in February. China properties consist of 38% of CapitaLand's total assets, with an aggregate value of around S$12.0bn. 92% of the properties are in the top 12 Cities, mainly in the Southern region. CapitaLand said that it plans to develop the full suite of housing types from high end to value homes/townships in China, focus on opening new malls and ramping up of operational malls. Currently, 38% of their China portfolio is residential properties, while 30% of them are retail properties.

Chairman Hu says goodbye
Dr Hu, CapitaLand's Chairman since 2004, will be retiring on 30 Apr 2012. He will be succeeded by Mr Ng Kee Choe, an Independent Non-Executive Director of CapitaLand, a former banker who holds board positions in a few major companies. CEO Mr Liew Mun Leong commented "Having been a Board member since April 2010, CapitaLand is not entirely new to him (Mr Ng). We are confident that he will be able to offer his vision and expertise to steer the Group to its next phase of growth."

On a separate note, Macquarie is pleased to list the following new warrants this morning: