International Business Times, 28 Jul 2009, Aireview
The flow of red ink through the Australian property sector has started with a multi-million dollar loss and big capital raising from the Singapore Government-controlled company, Australand Property Group.
Australand reported a quarter of a billion dollar first half loss and lifted its fund raising in the past 10 months to well over $900 million.
Australand is the rump of the old Hooker Corp empire; it's 60% owned by Temasek Holdings,one of the two investment arms of the Singapore Government, through Capitaland, a Singaporean developer (and the biggest in Southeast Asia) that's in turn 40% owned by Temasek.
Temasek has a poor investment record here in Australia: one of its biggest failures was in ABC Learning where it lost well over $400 in the collapse late last year.
Read More
