Landing International allocates additional cash to Jeju project
Landing International Development Ltd., a mainland Chinese real estate developer, said it would use about HK$320 million ($41.3 million) of the HK$600 million in equity subscription proceeds for future investment and development at a casino resort in Jeju Island, South Korea (pictured).
Landing International announced in June that it will build a $2.2 billion casino resort in Jeju in partnership with casino operator Genting Singapore Plc. The partners said the property will be modeled after Singapore's Resorts World Sentosa and will be called Resorts World Jeju.
In a filing with the Hong Kong Stock Exchange on Tuesday, the Chinese developer said another HK$125 million would be spent on casino businesses.
"The Board has made further amendments to the proposed changes to the use of proceeds... "I think it represents a more efficient use of the group's financial resources," Landing International said.
This was the second proposed change to the use of proceeds from the June share subscription. Through one of its subsidiaries, Genting Singapore was among its subscribers, paying HK$243 million for 810 million shares of the Chinese developer.
Based on its pre-investment plans and budget, Landing International will need about 320 billion won ($312 million) for the Jeju project by 2015, it said in an earlier filing.
Construction of the resort's World Jeju is expected to begin in the third quarter of 2014, after the partners decided to postpone the groundbreaking ceremony originally scheduled for June 24.
BY: 카지노사이트
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