Sheng Siong had benefited from the government's $4.3 billion Job Credit Scheme from 2009 to 30 Jun 2010 and will continue to be a beneficiary of the government's $3.6 billion Wage Credit Scheme from 2014 to 2016, the first payout will be in the second quarter of 2014, and the last payout will be in 2016.
Only employers are eligible for the co-funding. Employers need not submit any application to IRAS. The Government reserves the right to disqualify any employer from receiving Wage Credit. The qualifying conditions are listed in the table below.
FairPrice has ventured into the People's Republic of China to open supermarkets in various parts. It will be a joint venture with DBS Private Equity, New Hope Group, Silver Tie and Taiwan's Apex Group. The venture will be known as Nextmall, and will provide merchandising, management and logistics for a fee to Nextmart which is a China incorporated hypermarket. It has opened seven hypermarkets in China, with its first in Shaoxing, Zhejiang.
FairPrice's China hypermart joint venture bows out
Rescue deal offered by FairPrice but parties couldn't agree on terms
24 Dec 2005
(SINGAPORE) Nextmall, the China hypermarket venture of NTUC FairPrice, is shutting down after racking up nearly $80 million in debts and more than $40 million in losses over the three years since it was formed.
Nextmall's eight hypermarket properties are being sold, which should help with debt repayment.
NTUC FairPrice International is writing off the US$12 million it paid for its 33.7 per cent stake in Nextmall. DBS Nominees, understood to be representing DBS Private Equity, holds a similar stake.
The rest of Nextmall is held by China billionaire Liu Yonghao's New Hope Group, real estate developer Dahua, and Taiwanese entrepreneur Chang I-Chang, who owns the Apex group in Taiwan.
Nextmall provides merchandising, management and logistics services to China-incorporated hypermarket operator, Nextmart, for a fee.
'We went in as financial investors to get a feel of China, and secondly to establish our purchasing office in China, which we have done,' said FairPrice assistant general manager (investments) Victor Lim.
'We were not involved in the day-to-day operations of Nextmall which were done by a local management team. It overextended itself, developing too many hypermarkets in a short span of time. In addition, Nextmall also ventured into two mall developments.'
That was partly how Nextmall racked up its debts. Nextmall's management team is headed by Taiwanese Andrew Shen.
Nextmall owes suppliers $30 million; banks, including DBS's Shanghai branch, $40 million; and the developer of a Nanjing property, $6.6 million.
'FairPrice even offered a rescue package to assume the majority stake in Nextmall and take over the day-to-day running in order to reverse the losses, but we could not agree on the terms stipulated by the other shareholders,' said Mr Lim.
Nextmall owned the Nanjing store and took long term leases of about 15 to 20 years each for the other seven hypermarket stores and malls.
It has so far disposed of two stores to Carrefour - in Shanghai's Qipao district and in Nanjing. Nextmall has also assigned its long-term master lease in the mall where its Qipao hypermarket was located to Singapore's CapitaLand group.
Nextmall has also divested its hypermarket store in Yuyao in Zhejiang province. It is finalising a deal to find buyers to take over its master leases for a mall and store in Shanghai's Paoshan district and is in talks to sell three other hypermarket stores in Taizhuo, Shaoxing and Keqiao - all in Zhejiang.