21 Feb '12, 10am

Landbanking firm Edgeworth Properties May Be In Trouble

According to the report, instead of transferring the land titles to the investors, Edgeworth allegedly mortgaged away or some of the Canadian properties and used some of them as collateral for loans. Edgeworth closed their Asian offices after the parent company obtained protection in Canada in November last year. The Canadian court also placed 16 properties under receiverships. Some mortgage companies are applying to sell the properties. If the sale goes through, the landbanking investors could end up with nothing.

Full article: http://thefinance.sg/2012/02/21/landbanking-firm-edgewort...

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