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SINGAPORE — The Real Estate Developers' Association of Singapore (Redas) has categorically rejected any suggestion that the industry engages in any form of price-fixing, insider trading or collusion.
This comes after the National University of Singapore (NUS) Business School published the findings of a research paper on Wednesday (Jan 15) claiming there is “evidence of insider trading in the land market”.
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The study, led by Professor Sumit Agarwal, found that the top managers of Singapore’s real estate developers played golf with each other more frequently after the announcement of a Government Land Sales programme, and their winning bids for the tenders were 14.4 per cent lower than the winning bids put in by those who did not play golf.
In a tersely worded media statement on Friday, Redas questioned the methodology used in the study and said it reserves the right to examine the findings in order to address what it called “faulty assumptions” in the paper.
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“We are appalled by the lead researcher’s unsubstantiated assertion and the conclusions drawn by the authors are misleading,” Redas said.
“They cast aspersions on the conduct of the many reputable real estate businesses in Singapore and create distrust between the public, the authorities and the private sector.”
Read more at https://www.todayonline.com/singapo...which-claims-industry-engages-insider-trading
This comes after the National University of Singapore (NUS) Business School published the findings of a research paper on Wednesday (Jan 15) claiming there is “evidence of insider trading in the land market”.
ADVERTISEMENT
The study, led by Professor Sumit Agarwal, found that the top managers of Singapore’s real estate developers played golf with each other more frequently after the announcement of a Government Land Sales programme, and their winning bids for the tenders were 14.4 per cent lower than the winning bids put in by those who did not play golf.
In a tersely worded media statement on Friday, Redas questioned the methodology used in the study and said it reserves the right to examine the findings in order to address what it called “faulty assumptions” in the paper.
ADVERTISEMENT
“We are appalled by the lead researcher’s unsubstantiated assertion and the conclusions drawn by the authors are misleading,” Redas said.
“They cast aspersions on the conduct of the many reputable real estate businesses in Singapore and create distrust between the public, the authorities and the private sector.”
Read more at https://www.todayonline.com/singapo...which-claims-industry-engages-insider-trading
