Stocks to watch: Far East Orchard, BYD

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Friday (Apr 4).

Far East Orchard: The developer announced on Thursday that it would be acquiring a purpose-built student accommodation (PBSA) site in Manchester in the UK for £10.9 million (S$19.2 million). The 275-year leasehold site is expected to be completed in 2028, and developed into a 239-bed PBSA property. This move marks the group’s maiden entry into Manchester, and brings its portfolio of existing and pipeline PBSA assets to over 4,900 beds. Shares of Far East Orchard closed 1 per cent, or S$0.01 lower at S$1.03, before the announcement.

BYD HK SDR: The Chinese automotive company plans to increase its sales network in South Korea as it pushes for more deliveries outside China, reported Bloomberg. Liu Xueliang, the general manager of BYD’s Asia-Pacific auto sales division, said in Ilsan city on Thursday that the company will double its sales network to 30 by the end of this year to meet demand from Korea. BYD has set a goal of selling around 5.5 million vehicles this year. The BYD Singapore Depository Receipt on the Singapore Exchange closed on Thursday 1.4 per cent or S$0.09 lower at S$6.49.