By Melissa Sim, Esther Teo & Yen Feng
THE Commissioner of Charities has questioned City Harvest Church (CHC) about its $310 million stake in Suntec Singapore.
The money spent includes renovation and rental costs, the church said. CHC has not created a separate business entity for the purchase of the property.
But in the wake of the announcement, questions surfaced among the public about whether religious organisations - which are registered as charities - should be allowed to go into business using what are essentially donor funds.
City Harvest paying $310m to become Suntec co-owner
Sun, Mar 07, 2010
Amid cheers from the congregation, City Harvest Church (CHC) yesterday announced that it will pay $310 million to become a co-owner of Suntec Singapore, a prime piece of downtown real estate.
Senior pastor Kong Hee broke the news first at CHC's service at its Jurong West building, then later at another service at the Singapore Expo in Changi.
He said CHC had acquired a 'substantial stake in a consortium company that owns 80 per cent of a joint venture fund that owns Suntec Singapore'.
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