1649 out of 1829 shareholders hold less than 1000 shares ($93 worth). That's weird.
I have about $1000 worth which puts by into the top 73 holders...funny. I bought like $3000 worth to begin with.
I see $6500 can make you the 20th biggest shareholder if you can get that many on market at the current price.
I think I originally bought this because the NTA is really high compared to the market cap. That's not working out for me so far, and since it's my smallest share holding, I don't pay a lot of attention to it.
Does anybody know the reason for the writedown and whether the apartment sales were included in this annual report or if we can expect to see them in the next report?
Management seemed positive about the apartment sales, but I didn't get a feel for how much revenue/profit they expect to bring in, and which business segment they fall under.
Real Estate Business
MHI’s investment in the Zhongshan property project (known as “Galaxy Heights”) continued to progress satisfactorily. Following the completion of the construction of 8 residential blocks of 25-storey and a number of town houses, we have been informed by the project manager that 4 of the 8 apartment blocks have been put up for sale into the residential market in Zhongshan.
The sale performance achieved thus far has exceeded expectation notwithstanding the restrictive property policy adopted by the PRC government in trying to rein in spiralling property prices. Total number of apartment released for sale was 650 units. To date 420 units have been sold. Total sales achieved and funds received to date by the owners of the venture are approximately Rmb 246.50 million.
We have also been informed by the project manager that the remaining 4 apartment blocks have a better view and that they intend to increase the sale price per square metre in the next round of offerings in 2014. MHI remains satisfied with the progress achieved for this investment which it made some 3 years ago and looks forward to the eventual settlement of the final accounts when the properties are completely sold.
