jgeneie

Is the rEvErsal  cOnfirmed  already?

iF  rEvErsal  iS  cOnfirmed, please advise NEXT THREE PRiCE TARGETS?

Thanks & regards 

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Please post your chart again.  I am vested in this counter since last year at 99 cents

jgeneie      ( Date: 11-Mar-2010 10:43) Posted: Base on charts. A triple bottom reversal has formed and a signal that a reversal on the way

Beijing to rein in local governments’ borrowings as credit concerns rise — China plans to nullify all guarantees local governments have provided for loans taken by their financing vehicles as concerns about creditrisks on such debt increases.  The Ministry of Finance will also ban all future guarantees by local governments and legislatures in rules that may be issued as early as this month, said Mr Yan Qingmin, head of the banking regulator’s Shanghai branch.  China’s local governments are raising funds through investment vehicles to circumvent regulations that prevent them from borrowing directly.  A crackdown on such loans — estimated at about 11.4 trillion yuan ($2.3 trillion) at the end of 2009 — could trigger a “giganticwave” of bad debts as projects are left without funding, said Professor Victor Shih of Northwestern University in Illinois.                            “By striking the fear of God into lenders, regulators hope to get them to turn off the tap,” said Professor Patrick Chovanec of Tsinghua University in Beijing. “Banks have lent on the assumption that a lot of these infrastructure projects are risk-free, but many had no creditworthiness beside theguarantees.”  While “many” local financing vehicles have the ability to repay, two types cause concern, central bank governor Zhou Xiaochuan said at the weekend during the National People’s Congress.  One uses land as collateral while the other can’t fully repay borrowings, meaning local governments may be liable, leading to “fiscal risks”, he warned. 

BEIJING

The financing vehicles of large coastal cities are well-funded as most have publicly traded subsidiaries that can raise capital from the markets and rely less on bank loans. Entities in northern and western China are of particular concern, the banking regulator’s Mr Yan said. Commercial banks have been ordered to assess the size of such lending and stop providing further credit if they find problems, he added. Industrial and Commercial Bank of China, the nation’slargest, has inspected its loans extended to local government financing vehicles in 2008 and 2009 and “so far didn’t find many big problems,” bank president Yang Kaisheng said yesterday. Bank of China’s president Li Lihui said the nation’s thirdlargest lender planned to exit projects without proper collateral and reduce new advances to local governments this year.

T h e 19 9 8 c o l l a p s e o f Guangdong International Trust and Investment Corp, which borrowed domestically and overseas on behalf of Guangdong province, left creditors including the Government of Singapore Investment Corp, Germany’s Dresdner Bank and Bank One in the US and others with US$3 billion ($4.2 billion) of unpaid bonds.

It marked the first time that Chinese authorities failed to bail out one of the nation’s state-owned trusts.

AGENCIES

BEIJING — China plans to nullify all guarantees local governments have provided for loans taken by their financing vehicles as concerns about creditrisks on such debt increases. The Ministry of Finance will also ban all future guarantees by local governments and legislatures in rules that may be issued as early as this month, said Mr Yan Qingmin, head of the banking regulator’s Shanghai branch. China’s local governments are raising funds through investment vehicles to circumvent regulations that prevent them from borrowing directly. A crackdown on such loans — estimated at about 11.4 trillion yuan ($2.3 trillion) at the end of 2009 — could trigger a “giganticwave” of bad debts as projects are left without funding, said Professor Victor Shih of Northwestern University in Illinois. “By striking the fear of God into lenders, regulators hope to get them to turn off the tap,” said Professor Patrick Chovanec of Tsinghua University in Beijing. “Banks have lent on the assumption that a lot of these infrastructure projects are risk-free, but many had no creditworthiness beside theguarantees.”  While “many” local financing vehicles have the ability to repay, two types cause concern, central bank governor Zhou Xiaochuan said at the weekend during the National People’s Congress. One uses land as collateral while the other can’t fully repay borrowings, meaning local governments may be liable, leading to “fiscal risks”, he warned.  The financing vehicles of large coastal cities are well-funded as most have publicly traded subsidiaries that can raise capital from the markets and rely less on bank loans. Entities in northern and western China are of particular concern, the banking regulator’s Mr Yan said. Commercial banks have been ordered to assess the size of such lending and stop providing further credit if they find problems, he added. Industrial and Commercial Bank of China, the nation’slargest, has inspected its loans extended to local government financing vehicles in 2008 and 2009 and “so far didn’t find many big problems,” bank president Yang Kaisheng said yesterday. Bank of China’s president Li Lihui said the nation’s thirdlargest lender planned to exit projects without proper collateral and reduce new advances to local governments this year. T h e 19 9 8 c o l l a p s e o f Guangdong International Trust and Investment Corp, which borrowed domestically and overseas on behalf of Guangdong province, left creditors including the Government of Singapore Investment Corp, Germany’s Dresdner Bank and Bank One in the US and others with US$3 billion ($4.2 billion) of unpaid bonds. It marked the first time that Chinese authorities failed to bail out one of the nation’s state-owned trusts.

AGENCIES

CAPITAL MALL ASIA  is  alsO  there  iN  a BiG WAY.

CHiNA prOperties  must STiLL prOperly  fOr  its  HUGE  pOpulatiOn  Over  the NEXT dEcadE

CA PITAMALLS ASIA

  — CapitaMalls Asia is expanding its presence in China with the acquisition of an integrated development in Chengdu.

$114m purchase in Chengdu

Millet Enriquez

emelita@mediacorp.com.sg

SINGAPORE

The company said yesterday that it has agreed with CapitaRetail China Development Fund II (CRCDF II) to buy the integrated development for 554.2 million yuan ($114 million).

Located near a completed metro train station in Chengdu’s Gao Xin district, the integrated project consists of retail, residential and office components.

CapitaMalls Asia estimates total development cost at 1.79 billion yuan, including land cost of 305.0 million yuan and construction and fitting-out costs.

When completed, it will have a total gross floor area of 201,813 sq m. C u r r e n t l y, t h e p r o j e c t ’ s r e t a i l component (Tianfu Mall) is in the early stages of development by CRCDF II and is targeted to open by end-2013.

The shopping mall will consist of seven storeys of retail space and a rooftop garden. Mr Liew Mun Leong, chairman of CapitaMalls Asia, said the integrated development will benefit from Chengdu’s upcoming business district, as private sector and multinational companies are expected to set up office there.

Mr Lim Beng Chee, chief executive officer of CapitaMalls Asia, also sees the deal as a win-win situation for both companies.

“Our acquisitions of Meili Mall in Chengdu and this integrated development will increase our presence and exposur in China, which we target to account for 40 per cent of the total value of our properties,” he said.

The site, which measures a total of 30,041 sq m, has a 40-year tenure which will expire in February 2048.