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To: TobagoJack who wrote (56513)	11/27/2004 3:48:53 AM
From: elmatador	Respond to of 74559

Trichet said he was "very, very impressed" with the progress made in such areas as debt management and the ability to weather external crises. ECB chief: Dollar drop 'unwelcome' Trichet says currency markets should heed U.S. support for greenback's strength. money.cnn.com Jay, I think Trichet went there to aks how one manages a crisis. Europeans haven't had seen a crisis before and now facing one they don;t know how to face it! Brazil faces one every five years or so.

To: TobagoJack who wrote (56513)	11/28/2004 6:32:31 PM
From: Taikun	Read Replies (2) \| Respond to of 74559

Jay, What do you think of this play? Early bird gets the worm or second mouse gets the cheese? TIA D Link REIT offers high yields to woo buyers Last Updated(Beijing Time):2004-11-10 10:46 The Hong Kong Housing Authority's planned real estate investment trust (REIT), which could be worth between HK$22 billion and HK$35 billion (US$2.82-US$4.5 billion), will yield between 5.17 and 6.98 per cent, according to a research report by underwriter UBS. At the high end of that range, the Link REIT would yield more than any stock in the 33-constituent Hang Seng Index, and compares with a yield from the benchmark 10-year Hong Kong government bond of 3.53 per cent. The Link REIT will be the first to be traded in Hong Kong and the largest-ever REIT IPO. Management is scheduled to begin a marketing road show in the last week of November, with a listing on the Hong Kong exchange slated for December 16. Fund managers have said REITs should prove popular for Hong Kong investors craving dividends as well as stability that is lacking in more volatile local property stocks. The Link, which will own and manage 151 shopping centres with 1.74 million square metres gross floor area and 79,000 parking spaces in 178 car park facilities, will be the biggest owner of private retail space in Hong Kong, UBS said in a research report seen yesterday. Management places a book value on the assets of HK$22 billion, according to figures in the UBS report. UBS said the Link REIT would be worth HK$25-HK$35 billion. The prospective dividend yield depends on the final pricing of the deal. At the mid point of UBS's valuation, the Link will offer investors dividend yields of 5.39 per cent in 2006, 5.75 per cent in 2007, 6.13 per cent in 2008 and 6.59 per cent in 2009. In the four months to March 2005, the Link REIT is expected to distribute about HK$440 million in dividends. In the year ending in March 2006, UBS forecasts it will pay HK$1.57-HK$1.6 billion in dividends. The investment bank expects the Link's distribution income to grow annually at 3.9-9.6 per cent on a forecast 3.4-5.3 per cent rise in retail rents. The Housing Authority, facing a cash crunch as the government no longer allows it to sell housing, is privatizing its assets through offering shares in the Link. US retail REITs average dividend yields of around 4.7 per cent. The Singapore-listed Fortune Real Estate Investment Trust, a fund of Hong Kong properties controlled by Asia's richest man, Li Ka-shing, has provided a total return of 33 per cent - a 27 per cent capital gain and 6.2 per cent from dividends - since its listing in August, 2003. It trades at a dividend yield of about 5 per cent. By comparison, high-yielding stocks in Hong Kong's Hang Seng Index such as utilities Hong Kong Electric Holdings and CLP Holdings, have dividend yields of about 5.3 per cent and 5 per cent, respectively. Goldman Sachs and HSBC are the other underwriters of the IPO. Singapore's CapitalLand, the biggest property group in southeast Asia, said in August it would invest US$180 million in the Link REIT offering. Source:China Daily Related articles ¡¡¡¤ Real estate information goes online in Shenzhen [2004/11/15] ¡¡¡¤ Link REIT offers high yields to woo buyers [2004/11/10] ¡¡¡¤ Grand villas on sale [2004/10/27] ¡¡¡¤ Bubbles in real estate sector remain [2004/10/27] ¡¡¡¤ Beijing's real estate investment slows [2004/10/21]