No Subject - BuZz Email Anywhere - Msg

238 Rai (12o acres approx) is now on offer from One-2-Property www.12property.com the site is one of the few remaining

large vacant development sites in the area and is surrounded by luxury hotel developments. The site can be built on easily

and over 1 mile of pristine white sandy beaches. One-2-Property can assist with financing and local planning for any prospective buyer.

Koh Yao Noi has around 4,000 inhabitants and is around 10 x 12 km in size. It is one of the largest in an archipelago of 44 islands which is famous since it was featured in the James Bond movie “The Man With the Golden Gun”. Yao Noi’s sister island Yao Yai lies only 15 minutes away by boat and offers a chance to enjoy a pleasant day’s trekking or cycling.

According to local legend the strait between the two islands was created when a very angry Naga - Sea Dragon - crashed through on his way to Krabi to see his fiancee being married to someone else.

For centuries it has been believed that the two islands were populated by Chao Lay people, also called Sea Gypsies - nomadic groups who travelled from island to island for fish and other seafood.

It is, indeed, obvious from the darker skins that some Koh Yao Noi inhabitants are relatives of the Sea Gypsies but there is also evidence that many early settlers here migrated from Thailand’s southern Province and from Malaysia . Like all people of South Thailand, these migrants have mixed origins such as Thai, Burmese, Malay, Indian and Chinese.

On Koh Yao Noi the locals speak a dialect similar in many ways to some of the Malay languages but they also speak “Bangkok Thai”, should you want to practice. The main sources of income on the island are from rubber, sea food, rice, palm oil and coconuts.

Sea farms, holding bays for live fish and lobsters, are also popular and a common sight around the island. Tourism here has not been developed as it is in Phuket or Krabi therefore - if you take the time to look - you can experience the island as it was centuries ago, observing local people going about their daily business.

The Island remains a very natural, quite and easy place to live: Koh Yao Noi and its surroundings gathers in a short distance some of the most interesting things to be discovered in South Thailand, in one of the most beautiful locations.

Wildlife

Our region is home to more than 250 species of mammals and 900 birds - the whole area contains an astonishing wealth of nature. The surrounding sea with its many coral reefs is also renowned as one of the finest diving areas in the world

Climate
The island sits at latitude eight degrees north and enjoys a tropical climate characterized by year round high temperatures and fairly little rainfall due to its position. During the months of May-July and again in September-October Monsoon winds refresh the island with evening gusts that see the palm trees swaying and the odd downpour is possible. Best advice, however, is to arm yourself with sun tan lotion as the weather is mostly good.

David Carey, president and chief executive officer of Outrigger Enterprises Group, announced today that the company has been selected to develop and manage the Outrigger Qingshui Bay Resort, Sanya, China, a new 500 plus room, five-star, full service luxury hotel to be built as part of Qingshui Bay Resort, an exciting new, multi-billion dollar mixed use development being built on the island of Hainan in the People’s Republic of China. Located along 7.5 miles of prime beachfront property within Hainan Island’s Sanya Administrative Prefecture on the South China Sea, the Qingshui Bay Resort will feature six luxury hotels, a diverse range of residential apartments and villas, multiple  championship golf courses and a comprehensive mix of commercial, retail and entertainment offerings.

“This is an extraordinary opportunity for Outrigger’s first venture into China and to be a part of China’s growing tourism industry,” said Mr. Carey. “The Qingshui Bay Resort is one of the largest projects the area has seen in recent years. We are excited that the developers have selected Outrigger to be a part of such an expansive world class project. The Qingshui Bay Resort represents a strategic opportunity for Outrigger to build brand awareness by operating a flagship property in China’s premier resort destination.”

Qingshui Bay Resort is being developed by a joint venture between funds managed by Morgan Stanley and Agile Property Holdings Limited, a Hong Kong listed property developer specializing in large-scale,  high end, design-oriented residential and resort developments. Overseeing the hotel component of the master planned project is Panorama Hospitality, a unit of Morgan Stanley specializing in hotel asset management, operating and advisory services in the Asia Pacific and Europe regions.

“We are pleased to have Outrigger join us in what will be one of China’s premier leisure destination resorts,” said Chen Zhuo Lin, Chairman of Agile.  “Their experience and reputation, as well as its focus on warm weather, beachfront resort leisure destinations, made Outrigger a natural choice for our Qingshui Bay Resort.

The Outrigger Qingshui Bay Resort, which is slated for completion by 2013, will be one of six luxurious accommodation choices within the Qingshui Bay Resort. According to Darren Edmonstone, senior vice president-Asia for Outrigger Enterprises Group, Outrigger will be heavily involved in the design and development of the Outrigger Qingshui Bay Resort. “We will be leading the conceptual design and development planning and are currently in the process of putting together a team of world-renowned consultants to assist us in building a distinctive, world class property,” Mr. Edmonstone said. Multiple food and beverage outlets, an exclusive beach club, extensive landscaping, including a variety of specialized water features and high end retail are all expected to be a part of the new Outrigger resort.

Located just off the southern coast of the People’s Republic of China, Hainan is China’s second largest island. Over the years it has developed into one of Asia’s premier resort destinations. The island enjoys easy international access via Sanya Phoenix International Airport, servicing a growing number of domestic and international destinations, including Hong Kong, Seoul and Moscow.

Because of its expansive beaches, natural beauty and tropical setting, as well as its location along the same latitude as Hawaii, Hainan is sometimes referred to as the “Hawaii of China.” Like Hawaii, visitors can enjoy an array of water sports, including scuba diving, snorkeling, water skiing and parasailing, as well as world class golf and cultural activities. There are also wildlife preserves with exotic animals and birds in the island’s rainforests as well as geothermal hot springs across the island.

In the two short years since Outrigger began its growth into Asia, the company has acquired properties in Bali and Phuket, with discussions now underway for additional properties in Phuket and Koh Samui in Thailand. At the present time, Outrigger also is investigating other opportunities in Hua Hin, Krabi and Pattaya in Thailand, another location in Bali and several locations in Vietnam.

According to Mr. Edmonstone, “The fast-changing, highly-competitive leisure hospitality market requires specialized expertise and understanding, which Outrigger brings. Owners and developers of hospitality product in Asia are especially interested in our total focus on leisure resort properties in warm weather, beach front locations and our ability to provide a total management solution for hotel, timeshare, condominium and retail components of a resort,” Mr. Edmonstone added.

About Outrigger Enterprises Group
Outrigger Enterprises Group is one of the largest and fastest growing privately-held leisure lodging and hospitality companies in the Asia Pacific and Oceania regions and continues to expand its presence throughout the area.

A family-owned company with more than 60 years of hospitality experience, Outrigger runs a highly-successful, multi-branded line of hotels, condominiums and vacation resort properties, including Outrigger® Hotels & Resorts, OHANA® Hotels & Resorts, Outrigger Condominium Collection®, Embassy Suites®, Best Western® and Wyndham Vacation Ownership®. Currently, Outrigger operates and/or has under development 47 properties with close to 12,000 rooms located in Hawaii, Australia, Guam, Fiji, Bali and Phuket, Thailand.

Outrigger Enterprises Group also operates and develops hotel properties and hospitality-related retail and real estate opportunities for partners in Hawaii, the Pacific, the mainland USA and Asia. For on-line information, log on at www.outriggerenterprisesgroup.com  and www.outrigger.com.
*Embassy Suites is a registered trade mark of Hilton Hotels Corporation.

About Agile Property Holdings Limited
Agile Property Holdings Limited (Stock code:3383), is a Hong Kong-listed company, which focuses on property development and operations, and has extensive involvement in property management and decoration services, as well as a renowned brand name nationwide. Agile is one of the few developers that is included in Morgan Stanley Capital International China Index and the Hang Seng Composite Index and Hang Seng Freefloat Composite Index.

Relying on its outstanding management team and operational strategies, Agile’s pursuit of global living standards and perfection has never wavered since the birth of its first project in 1992. From its international architectural vision to “develop our future with vision and enthusiasm,” Agile’s strong brand is built and experience of property development is accumulated through fierce competition in the market that makes Agile the leading brand name among property developers in Greater China Region.

Currently, the Group has projects in more than 20 cities, including Zhongshan, Guangzhou, Foshan, Jiangmen, Heyuan, Huizhou, Shanghai, Nanjing, Chengdu, Chongqing, Xian, Shenyang, and Hainan.  Agile develops various types of properties including low density apartments, villas and commercial buildings to satisfy its customers’ needs.

China’s property climate index was at 101.15 in September, down 0.63 points from August and down 3.84 points from a year earlier, the National Bureau of Statistics (NBS) said.

The index takes into account property prices, sales volumes and consumer confidence. A higher value indicates a more active real estate sector.

The property development and investment index was 103.22, down 1.18 points from August, and down 0.85 points from a year earlier.

Investment in property development in the first nine months was 2.128 trln yuan, up 26.5 pct year-on-year.

The index of funding sources stood at 95.13, down 8.46 point year-on-year and down 2.13 points month-on-month.

The land development index in September was 95.69, down 0.73 points from August and down 1.89 points compared to a year earlier.

In the first nine months of 2008, developed land totaled 179 mln square meters, down 1.6 pct year-on-year.

The index for floor space under construction in September fell 0.99 point from a year earlier to 104.56, and was down 0.66 point from a month earlier.

China had 2.404 bln sq m of floor space under construction during the first nine months, up 20.3 pct year-on-year.

The unsold floor space index fell 5.93 points year-on-year to 103.54 in September, and was down 0.36 point from August.

At the end of September, vacant properties accounted for 130 mln sq m, up 10.2 pct from a year earlier.

Celebrating its 10th Anniversary, the Vacation Ownership Investment Conference held in Orlando, Florida, from October 6th-9th, presented a rather optimistic outlook of the future of the vacation ownership industry.

The beginning of October 2008 will long since be remembered as one of the worst periods of our nation’s economic history. The stock market plummeted to historical lows substantially decreasing the net worth of millions of individuals across the world. The positive effects of the $700-billion bailout plan were skeptical at best and it seemed that each day brought the bankruptcy of some well-known banking institution. Perhaps this was not the best period in which to hold an investment conference, or maybe, it was exactly the type of event needed to stimulate growth and optimism in developers and investors seeking to diversify their hospitality-driven projects.

HVS Shared Ownership Services, which specializes in consulting and valuation, and resort development services for vacation ownership, fractional developments, private residence clubs, and mixed-use developments, has been a patron sponsor of the Vacation Ownership Investment Conference since its inception 10 years ago. This article provides insights into the topics covered during the conference’s 10th anniversary, including an explanation of what the conference entails, an overview of the timeshare and fractional ownership industry, and historical industry performance and future outlooks. Given the variety of vacation ownership developments that are anchored or affiliated with a traditional hotel product, we have also included highlights on the state of the US lodging industry as provided by Smith Travel Research.

Vacation Ownership Investment Conference

As the credit crunch continues to eliminate many hospitality developments from their eventual execution, the necessity to diversify each development by utilizing a mixed-use model of varying products becomes a more viable option as compared to a singularly focused hotel development. The Vacation Ownership Investment Conference (referred to as VOIC), was designed to provide developers and potential investors with the necessary tools and networking opportunities to intelligently and effectively enter into the vacation ownership industry. The event brings together the essential entities for successful timeshare, fractional, and private residence club (PRC) developments including consulting, branding, designing, financing, marketing, sales, management, and an abundance of market research. VOIC also provides an opportunity to learn first-hand from some of the industry’s most prominent executives from companies and firms such as Interval International, Marriott Vacation Club International, PriceWaterhouseCoopers, Baker Hostetler, Smith Travel Research, and HVS; all of which share an association with the American Resort Development Association, the industry’s Washington D.C.-based professional association representing vacation ownership and resort development. Although recent economic news could have set the tone for a rather gloomy outlook on the future of the vacation ownership industry, the overall attitude of speakers and panelists was that of optimism and continued stability.

Timeshares

Timeshares (also referred to as vacation ownership), as broadly defined by David Callaghan of Interval International, essentially entails the sale of a vacation accommodation in increments of one week (or a points based equivalent) for the minimum use right of three years. Public perception of the timeshare industry has changed significantly over the last decade due to marketing shifts that placed emphasis on a more genuine sales approach versus the stereotypical experience of being pushed by aggressive sales associates. Lani Kane-Hanan, Vice President of Marriott Vacation Club International, explained that public perception has changed largely because of timeshare developments’ affiliations with internationally renowned hotel brands. These well-known and respected brands have helped gain consumer trust and have provided much needed credibility to the timeshare industry. In financial terms, total timeshare sales equated to $10.6-billion in 2007, an increase of 6.0% over the previous year1. According to Scott Berman of PriceWaterhouseCoopers, the weighted average interval price equated to $19,692 in 2007, which represents an increase of 42.3% over the 2003 weighted average of $13,840 and 6.4% over the previous year’s average of $17,347. Mr. Berman also stated that while total revenue has increased, so also have expenses. In 2007, product costs grew from 26.0% to 26.5%. Sales and marketing costs represent the most substantial expense in the sale of a timeshare interval and increased from 43.8% of total sales to 44.1% in 2007. Due to the vast inventory of timeshare intervals that each development must sell, a tremendous sales and marketing effort is required leading to these substantial, but necessary, costs. General and administrative expenses also increased to 7.4% of total sales revenue as compared to 7.1% in 2006.

Fractionals, Private Residence Clubs (PRC), and Destination Clubs

Fractionals and private residence clubs are sold in blocks of time in excess of two-week intervals and typically function as an alternative to a second home. According to The Shared-Ownership Resort Real Estate Industry in North America: 2008, Ragatz Associates assumes that product selling for less than $1,000 per square foot falls into the fractional interest category, and product selling for more than $1,000 per square foot falls into the private residence club category. The report also states that a destination club typically sells 30-year memberships on a non-equity basis in a wide network of vacation homes in multiple locations; however, some clubs are equity based. Fractional development tends to make sense in markets that experience a high volume of repeat guests and where whole-ownership condominiums are unaffordable. The benefit of purchasing a fractional versus a whole-ownership second home is that buyers only pay for the specific amount of time they intend to use. Furthermore, the maintenance and care of the unit may be executed by the development’s management company and funded by the homeowners’ association; thus, alleviating the stress and burden of ownership. In 2007, fractional sales worldwide totaled approximately $2.1-billion, with fractional interests representing $485.1-million or 21.1%, the greatest portion generated by private residence clubs at $1,202.3-million or 52.3%, and destination clubs constituting the remaining 26.6% or $610.0-million2. Jeff Yamaguchi, Vice President and GM of the Roco Ki Club, noted a few trends in the fractional market including shorter length-of-stay periods; increased demand for beach, ski, and golf resorts that include a fractional component, and the expectation that the quality of the fractional unit will be equal to or greater than the quality of the purchaser’s primary residence.

Historical and Future Outlook

The years 2006 and 2007 were viewed as great years in which tremendous revenue was gained and annual sales increased considerably over prior years. However, the general consensus from the conference is that for 2008 and 2009, the vacation ownership industry will experience just “good” years with sales revenue remaining flat, but not decreasing. Although the economic crisis has influenced many to cancel trips to traditional hotels and resorts, vacation ownership resorts continue to operate at high-demand levels given the prepaid nature of these developments. Marriott Vacation Club International reported an average occupancy of 88% to 90% for its timeshare resorts and stated that they continue to be very profitable even after the timeshare inventory is sold due to the ancillary services utilized by owners such as spa facilities, food and beverage outlets, and recreational amenities. A great deal of the conference focused on several hot markets outside the United States, including Mexico, Latin America, and the Caribbean. Since much of the demand to these destinations is sourced from the United States, many were curious as to how these markets have been affected given the current state of the US economy. Representatives from various Caribbean developments reported a decrease in sales revenue of approximately 20% for year-to-date 2008; however, they did not view this as a reason to panic. As stated previously, recent years have exhibited exceptional sales revenue and volume, but a decrease in sales is natural and expected during economic hardships. Latin American markets such as Mexico, Costa Rica, and Panama are experiencing tremendous development growth. Several developers in these markets reported the necessity of diversifying their projects based on changing market demands by offering products ranging from vacation ownership to whole ownership.

State of the US Lodging Industry

The United States lodging industry (not including vacation ownership resorts); as reported by Jan Freitag, Vice President of Smith Travel Research, experienced an increase in hotel rooms supply by 2.4% for year-to-date August 2008, while demand decreased by 0.3% as compared to the previous year. As a result, the national occupancy rate dropped by 2.6% to 63.2%. The average daily rate (ADR) increased by 3.8% to $107, displaying continued growth in excess of the CPI. However, Mr. Freitag stated that looking forward to next year, demand may continue to be flat, but emphasized that this projection is highly optimistic. He also stated that ADR growth in 2009 will most likely be less than the growth experienced this year and has been projected at 3.5%.

Thoughts from Industry Leaders

Now to the question on everyone’s mind, “What is the general outlook for the vacation ownership industry in the near future?” This question was presented to several industry leaders, including Craig Nash, CEO of Interval Leisure Group; Ken Chupinsky, CFO of Consolidated Resorts; and Steve Rushmore, President of HVS. Mr. Chupinsky explained, “We’ve been so used to being superb (referring to past sales volume in the vacation ownership industry), that we’re not comfortable with just being good.” But good is much better than many industries are currently operating in today’s economy. Mr. Rushmore stated that he feels very positive about the hospitality industry’s future and that economic crises have been experienced in the past and the industry has been able to overcome them, due to its ability to find a balance between supply and demand. He further stated that much of the new supply of hospitality-driven projects will be canceled or postponed and that the industry will eventually come back with a “vengeance.” Mr. Nash provided a bit of optimistic council for those struggling to endure through recent economic changes, “Don’t be overly aggressive; stay conservative and just keep going.” Mr. Nash’s Interval Leisure Group is a leisure and membership-based business with recurring revenues and has a successful track record of strong results through various economic cycles.

HVS Shared Ownership Services would like to invite all those interested in learning more about the vacation ownership industry to attend the 2009 ARDA Convention and Exposition in Orlando, Florida, from March 29th through April 2nd, and the 11th Annual Vacation Ownership Investment Conference, which will be held from the 14th-16th of September 2009 in Orlando, Florida. For a complete listing of the services available by HVS Shared Ownership Services, please visit our webpage at www.hvs.com/services/sharedownershipservices/ or call us directly at (305) 378-0404.

1. ARDA International Foundation
2. The Shared-Ownership Resort Real Estate Industry in North America: 2008 – Ragatz Associates

The $1.5bn resort development of Atlantis, The Palm in Dubai, which opened at the end of September is the location of this year’s World Travel Awards Middle East ceremony on 28th October.

‘We are seeking inspirational winners who command total respect in everything they do, from customer experience to exceeding business performance’, said Graham E Cooke, president and founder of World Travel Awards.

‘Nothing could therefore be more appropriate this year than taking the awards to the latest Dubai development, the truly inspiring Atlantis, the Palm.’

More than 500 Middle East travel and tourism companies and organisations from across the region, representing every industry sector, have been nominated with 26 overall Middle East categories.

There are categories too for Bahrain, Jordan, Kuwait, Lebanon, Qatar, Saudi Arabia, Syria, UAE, Yemen, Abu Dhabi, Dubai, Fujairah, Ras al-Khaimah and Sharjah.

Emirates, Etihad Airways, Gulf Air, Kuwait Airways, MEA, Qatar Airways, Royal Jordanian Airline and Saudi Arabian Airlines are all up for the coveted title of Middle East Leading Airline.

As expected, the award for Middle East’s Leading Beach Resort is also hotly contended. Nominations include Al Hamra Fort Hotel and Beach Resort, UAE; Beach Rotana Hotel and Towers and the Danat Resort Jebel Dhanna, both in Abu Dhabi; Intercontinental Al Bustan Palace, Oman; Jebel Ali Golf Resort and Spa, The Jumeirah Beach Hotel and One and Only Royal Mirage, all in Dubai; Jordan Valley Marriott Resort and Spa; Le Meridien Al Aqah Beach Resort , Fujairah; Shangri-La Barr Al Jissah Resort, Oman; and the Sheraton Coral Beach Hotel and Resort, Lebanon.

Eleven development projects are in line for Middle East’s Leading Tourism Development Project: Al Reem Island, Abu Dhabi, Dubai Towers - Sama Dubai, Dubai Waterfront - Nakheel, Dubailand - Dubai Land, Nujoom Islands Project, Sharjah - Al Hanoo Holding
Saadiyat Island, Abu Dhabi, Tourism Development and Investment Company (TDIC), Salam - Bahrain Beach Resort and Spa - Sama Dubai, The Palm Jumeirah - Nakheel, The Pearl - Qatar - United Development Company, The Wave Muscat - MAFI and Yas Island - Aldar.

Cooke continued,

‘The eyes of the world are undoubtedly on the Middle East because the current expert forecast is that the industry will grow at a significantly faster rate than other competing global destinations.’

‘This means that the winners of the World Travel Awards Middle East Ceremony have the opportunity to lead the way, pushing the boundaries in every aspect of business activity, creativity and customer satisfaction, competing at the very highest level and showing the world how it is done.’

Winners are decided by votes received from agents and travel professionals in the Middle East and throughout the world.

World Travel Awards, established 15 years ago and described by the Wall Street Journal as the ‘Oscars’ of the global industry, encourages greater quality, value and, above all, exceptional customer experience spanning every sector and region worldwide.

Last year the ceremony took place in Abu Dhabi.
The event is part of World Travel Awards Grand Tour, culminating with the final in December, which this year is being held in Turks and Caicos.

All nominations for the World Travel Awards Middle East Ceremony 2008 can be found by logging on to world travel awards website.

The thought of owning a spectacular villa at the sumptious Sri panwa or a Condo on the beach in Phuket is very attractive to many investors around the world. One-2-Property www.12property.com research has shown that there has been a marked shift from traditional destinations like Florida and Nevada to more exotic options like Phuket, Thailand,

Resort Living is attractive to investors because it offers the opportunity to own a hassle-free vacation home within a luxury resort that has the potential to pay for itself, and if chosen well, even return a profit.. While all developers like the concept because these typesof hotels deliver upfront revenue needed to secure development loans, it pays to do your research and choose quality developers with a strong history in the industry. Prices for resort properties are for all budets from $150,000 into the millions. Like any resort, prices are based on location, amenities, service, and brand recognition.

The Bentley, for instance, delivers 100 condo hotel suites ranging in price from $150,000 to $280,000. Located on one of Thailand’s premier golf courses and offering uninterupted views of Phang Nga Bay. While at the very top end of the scale is one of the world’s most beautifully concieved and located resorts, Sri panwa, Phuket. an oasis of calm and luxury in one of the finest locations on Phuket. Scattered throughout 30 acres of lush, tropical surroundings are less than 20 hotel villas offering accommodation of the highest quality, maximum privacy and superior service.

One-2-Propertys Sutida Suwunnavid recommends that potential buyers do their homework before investing in Resort Properties, she has prepared a detailed check list for anyone interested in this type of investment.

Research the resale market. Before you decide to invest, you really should gather a good understanding of the types of visitors the intended resort attracts, from which countries, who is buying, how many of this demographic are still visiting Phuket, how many are expected. Also look at the real room rate, how much are people paying to stay at this resort when buying online? This is an important consideration as many hotels maintain a high rack rate but offer big discounts to everyone. Also, check the competition and see what they are doing in relation to pricing and occupancy.

Hiw will you use the property. All resort rental pools have different rules, study them closely. Firstly establish how long each year you will want to use the property and when, then using the rental pool rules calculate your real return remembering 70% of your income is generated in high season.

This is a Lifestyle Investment.  Enjoying resort living is a lifestyle choice first and foremost and should be viewed as an investment in your own quality of life first, and should not be considered an investment that will deliver big returns from the rental income. To determine the income potential, calculate your expected return, the amount you will save on travel and how much difference to your life the investment will make, resort living should be enjoyed.

Investigate the developer and find a management company. Find out about other projects they have done and how successful. they have been. COntract a local independant property company to manage your property, this will save you time and money, One-2-Property is a perfect choice, we offer an executive concierge service, professional management and real cost saving.

Modern Beauty (0919) founder Joyce Tsang Yue will face the public at a press conference today to spell out her allegations that Goldman Sachs cheated her out of HK$60 million.Tsang said in a letter to media that her portfolio manager at Goldman Sachs, a Hong Kong-based executive director for private wealth management named Ronnie Wong Wang, used her account to make trades without her consent between October last year and February.

She said the losses from unauthorized trades total HK$60 million.

Tsang filed legal action against Goldman Sachs in Hong Kong courts on May 28, but her letter reveals for the first time the amount she claims to have lost.

Tsang’s letter also includes an alleged transcript of a conversation she said she had with Wong to complain about unauthorized transactions.

According to Tsang, Wong admitted during the conversation she had done something wrong. However, the supposed transcript is unclear and inconsistent.

A spokeswoman for Tsang declined to answer questions from individual media, saying all will be answered today.

In her letter, Tsang said she made complaints to Goldman Sachs, the Securities and Futures Commission and the police, saying Wong used her account to make trades without her consent. However, she said she did not receive a “satisfactory” response to any of them.

“We reject the claims filed in Miss Tsang’s writ as baseless and will defend it vigorously,” a spokesman for Goldman Sachs said.

The SFC is legally barred from updating complainants about the status of investigations because of secrecy provisions under section 378 of the Securities and Futures Ordinance.

“We can’t comment on individual cases,” an SFC spokeswoman said when asked if Tsang has filed any complaints.

Tsang, whose family’s poverty led her to drop out of school before finishing Form Five, founded her beauty business in 1991 with just HK$30,000. It has now expanded into a listed company with a net asset value of HK$375 million.

Tsang has extensive experience in the property market, although she claims to know little about stock investment. From buying her first flat in 1980 to last year, Tsang has already bought flats nearly 20 times. “I earned money on every transaction,” she said last year in an interview with local media.

Chinese fast-food restaurant chain Chamate will receive a combined US$23 million (HK$179.4 million) in venture capital funds from foreign investors, including Oak Investment Partners and IDGVC, ahead of a planned overseas listing, a financial source involved in the transaction said.

The third round of private fund-raising for Chamate, whose major shareholders include Taiwan food company Ting Hsin International Group, will be the last round ahead of an overseas listing, said the source.

Joseph Chan, chief finance officer, confirmed the size of the fund-raising.
Other investors included Granite Global Ventures and SIG Asia Investments, said the source, adding that only Oak would be a new investor in Chamate.