Chinese billionaire eyes Cromwell Property Group

It was a rainy day in early autumn and everyone was glued to their screens as the extraordinary general meeting took place in the Melbourne offices of law firm Arnold Bloch Liebler.

ARA has consistently denied any links to Tang and argues Cromwell is too indebted and underperforming and therefore not delivering the expected returns to shareholdersFor his part Tang, who did not respond to repeated inquiries for this story, has said through his lawyers his business interests are not acting in concert with ARA.

They also control a vast array of investments. Among the biggest is a $S800 million stake in the Singapore-listed Suntec REIT, which is managed by ARA. The aforementioned family-controlled SGX-listed property investment group SingHaiyi, in turn, invests in ARA's Harmony Fund III, while other family interests are invested in ARA's US Hospitality Trust.The Tangs quietly arrived on the Cromwell register in December 2017 with an 8.8 per cent stake.

In December of last year, Cromwell attempted to have the Takeovers Panel declare that ARA and the Tangs were acting in concert, effectively controlling a 37.4 per cent combined stake in the company but not declaring a takeover offer as is required under Australian laws.ARA made a second attempt to install Weiss on the board in March this year which gave rise to more concern inside Cromwell that ARA and the Tangs were working together.

"Cromwell has continued to discriminate against ARA and display antagonistic behaviour, despite the Cromwell board’s clear fiduciary obligation to represent the best interests of all security holders, including those who may be critical of the company’s recent performance and strategy. ARA will continue to push for a more proprietorial and disciplined board."

It hit back at ARA’s latest comments with a spokesman saying the attacks on Cromwell’s performance were "particularly galling" given the relative performance of ARA’s own vehicles. "They continue to agitate and attempt to destabilise even after Cromwell security holders have rejected their attempts to control Cromwell without paying a premium twice in the last six months," the spokesman said.

sdanck Do not sell anything to Chinese billionares!

sdanck Watch out Aussies. These guys who created a killer virus wants your land.

sdanck This is sensationalist reporting

sdanck Ban him.

sdanck Yeah no thanks.

sdanck It seems the virus found its way to the heart. Soon when it's successful, it will spread to every part of the body of the five eyes.

sdanck Get your chopsticks ready

sdanck If we're reporting that he is 'eyeing' it off......then it's already happened...

sdanck Australia must put a stop to that immediately.

sdanck jonathandtward Chinopoly offside Road & Belt. No oil import route via Canberra PeterDutton_MP AliciaPayneMP

sdanck they would plant bugs Even the cleaners could plant bugs Fed gov has been selling off public building to cash out then they need to lease offices Just a bloody circus

sdanck PaulineHansonOz won't like this Chinese Billionaire buying up Australia.

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