1. huge real estate development firm misses payment
Jan. 8 (Bloomberg) — Tishman Speyer Properties LP and BlackRock Inc. will miss a bond payment today on debt from their $5.4 billion purchase of Manhattan’s Stuyvesant Town and Peter Cooper Village apartments, the companies said in a statement. “Today’s announcement has no immediate impact on tenant services or the day-to-day operations of the community,” Tishman and BlackRock said in a joint statement. Missing the payment puts the 80-acre property, Manhattan’s largest residential enclave, on course to become the second- largest default in a commercial mortgage-backed security, after the $4.1 billion default of loans backing Extended Stay America Inc. hotels last year, according to Fitch Ratings. Tishman and BlackRock’s monthly debt payments are $16.1 million, according to Adam Fox, senior director at Fitch.
2. Singapore govt writes off many millions over Tishman default
THE Government of Singapore Investment Corporation (GIC) has confirmed that it incurred losses from an investment in a prime New York property project after the American owners defaulted on a debt payment at the weekend. GIC is believed to have written off over US$575 million (S$798 million) and it confirmed to The Straits Times that it ‘recognised the losses’ on its investment last year in Manhattan’s Stuyvesant Town and Peter Cooper Village, two enormous housing apartment blocks bought for US$5.4 billion. GIC did not reveal the exact losses it incurred. The owners, a venture led by Tishman Speyer Properties and a unit of BlackRock, missed a bond payment on debt amounting to some US$16 million on Jan 8 to its lenders, who have begun their default process. The Straits Times understands that GIC has written off the losses, which reports have estimated to be around US$575 million in debt and US$100 million to US$200 million in equity. Real estate investments made up 12 per cent of GIC’s asset mix as of its last report for the year ended 31 March 2009.
3. how does something this big miss a monthly payment of $16 million?
Tishman Speyer is one of the leading owners, developers, fund managers and operators of real estate in the world, having managed a portfolio of assets since its inception of more than 77,000,000 square feet (7,200,000 m2) in major metropolitan areas across the United States, Europe, Latin America, and Asia. Tishman Speyer’s properties include such well-known icons as New York City’s Chrysler Building, Rockefeller Center, and CitySpire Center. Internationally, Tishman owns São Paulo’s North Tower. They used to own London’s Millbank Tower and are still the property manager of the building. Their most recent project in London is the reconstruction of Fleetway House, now known as Nexus. In 2007 they sold the Lipstick Building in New York.
Since 2005 Tishman has been in three of the biggest real estate deals in United States history:
* Sale of 666 Fifth Avenue for US$1.8 billion the biggest single building deal in the history of the U.S.[1]
* Purchase of the MetLife Building for $1.72 billion which was the previous record.
* Purchase of Stuyvesant Town and Peter Cooper Village for $5.4 billion, consisting of 80 acres (320,000 m2) of prime Manhattan land that includes 110 buildings and 11,232 apartments. It is the biggest single-property real estate deal up to this time in U.S. history.
4. China economic growth to hit 9% this year: Deutsche Bank
BEIJING, Jan. 11 (Xinhua) — China’s economic growth would hit 9 percent in 2010 with exports making bigger contribution to it, a senior economist said here Monday….Ma also said inflation and asset bubbles were the main challenges facing the country this year.
China investing in:
Antarctic exploration It is the first time that China has built such an observatory in Grove Mountains, one of rare areas in the Antarctica where mountain peaks jut out from icecaps, hiding numerous ancient secrets about the Earth’s geological and climate changes, as well as its circling around the Sun.
5. China officials took US $50B
BEIJING - THOUSANDS of officials have fled China over the past 30 years with some US$50 billion (S$69 billion) in public funds, state media said on Monday, as the government scrambles to stem the tide of corruption. As many as 4,000 officials have disappeared, using criminal gangs, mainly in the United States and Australia, to launder their ill-gotten gains, buy real estate and set up false identities, the Global Times said.
6. Chinese graduate donates $8,888,888 to Yale
NEW YORK - A GRADUATE of Yale University from China has donated US$8,888,888 (S$12.4 million) to the college. Mr Zhang Lei, a successful investor who graduated from the Yale School of Management in 2002, made the ‘extraordinary and auspicious’ gift to help build a new campus for the business school, university president Richard Levin announced at a conference in Beijing last week, the Yale Daily News reported. Eight is considered a lucky number in Chinese culture. The gift from Mr Zhang, 38, is the largest donation on record from a young Yale graduate, the university newspaper said. The money will also be used to fund international scholarships and China-related activities at the university. Hailing from a modest background, Mr Zhang was raised in central China and came to Yale with little experience in the financial world, the paper said.
7. oh geez everything is returning to normal now, yeah, phew, hey if the central banks say so it must be true, huh?
BASEL (Switzerland) - EMERGING economies are driving a global economic recovery, the head of the ECB said Monday after central bankers concluded that the world economy was returning to normality. ‘At a global level … there is a confirmation of the progressive normalisation of the economy,’ European Central Bank (ECB) president Jean-Claude Trichet said on behalf of the central bank chiefs. During their first quarterly meeting of the year at the Bank for International Settlements (BIS), the central bankers confirmed that a global economic recovery was underway. ‘We are in the recovery mode, that is something that is very much due to the emerging economies,’ Mr Trichet said. Those economies had ‘demonstrated resilience,’ and were ‘very, very clearly in a more dynamic mode now,’ the ECB chief told reporters.
8. the easy way to make money: don’t pay people for their work. in fact, make them pay YOU for letting them work and gain experience.
Question: I passed the nursing board last year, but most vacancies—here and abroad—require some experience. To gain some experience, I’ve applied for the position of on-the-job trainee in several hospitals here in Metro Manila. But instead of getting paid for work done in this private hospital that accepted me, I pay them P3,000 every month to “train” me. And I’m not the only one. We are about 10 in this hospital. Isn’t this unfair? Is the Board of Nursing aware of this? What are you doing about this? – Katherine T., Valenzuela City.

