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New China Venture Bleeding

BOCA RATON, FL-The locally based developer of a mixed-used residential community in Shanghai scraps plans for a similar project with a commercial component in Beijing.

By David R. Corder | Updated on October 19, 2001

BOCA RATON, FL-A bid by New China Homes Ltd. to develop mixed-used residential and commercial projects in China is running into problems.

Because of unexpected costs, the Boca Raton-based development group is scrapping plans to build a mixed-used residential-commercial project in Beijing known as Millennium Towers.

Besides the problem with that project, the publicly traded company disclosed in a new shareholder’s report that its survival depends on continued financial support from Far East Consortium International Ltd., a Cayman Islands investment group that owns 71% of outstanding shares in New China Homes.

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