In print this week: Imperium Crown enters China park deal, plans to sell Japanese assets

SINGAPORE (July 10): Imperium Crown is radically transforming itself from a landlord of ageing apartments in Japan to a fledgling tourism player in China.

In the process, it is investing in a company at a stiff premium to its net asset value (NAV), and selling its properties in Japan for less than their book value. Meanwhile, its stock has fallen from highs set nearly two months ago when it unveiled its new direction to a level below the price of a recent placement of new shares.

On May 18, Imperium Crown said it would pay $53.5 million for a 60% stake in Global Entertainment Media (GEM), a company that is in an 80:20 joint venture with the local government of Fei county of Shandong province to run a park that features a collection of natural rock formations and limestone boulders for the next 50 years. The deal was approved by shareholders in an EGM on June 30.

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