Awin Resources sells office space in Singapore for $91.8 million

Awin Resources, a commodities trader linked to Chinese businessman Wang Wenyin, has sold three top floors of a prime office building in Singapore for $91.8 million. This sale comes amid financial difficulties faced by Wang, who is known as the "copper king." The sale involves the top floors of the office building located at 20 Collyer Quay. GuocoLand, a property developer, will manage the space following the sale. Awin Resources is part of Wang’s Amer International Group and was founded by his family in 2011. Wang has seen better days. His company was once responsible for a significant portion of copper imports in China. Recently, he has suspended trading activities and closed factories due to financial strain. Reports indicate he faces legal claims for $1.6 billion in unpaid debts. Awin Resources bought the office floors in 2012 for $63.6 million as part of an expansion into global metals trading. The former office was known for its luxurious decor and housed significant business connections. The current director of Awin is Wang’s son, Wang Lizhong. GuocoLand confirmed that the office sale was part of its normal business and will now oversee the management of the floors. The company has a long history in Singapore’s real estate market, having acquired the building's original lease in the 1980s.