Wednesday 17 Apr 2024
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KUALA LUMPUR (Feb 24): YNH Property Bhd’s RM1.1 billion investment in numerous property development joint ventures (JVs) over the years has drawn much public scrutiny in recent months.

While it is common for property developers to enter into JVs to expand their reach, it is not as common to put a huge amount of capital into ventures in which they do not have full equity ownership.

In YNH’s case, the investments in JVs are huge relative to its cash holdings of RM16.8 million as at Sept 30, 2023. Of particular interest was the 5.098 acres of land situated in Desa Sri Hartamas, involving deposits of RM239.5 million.

Those closely tracking the real estate developer would have noticed the series of queries raised by the stock exchange on the Desa Sri Hartamas land, which YNH had planned to sell to the Sunway group but remains as an open-air car park in a prime location today.

What insights can be drawn by taking a closer look at YNH’s stock exchange filing, alongside public records with the land office as well as Companies Commission Malaysia?

What does YNH have to say on questions sent to them by The Edge?

Read about this and more in the Feb 26, 2024 issue of The Edge Malaysia weekly. Pick up a copy at newsstands.

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