It doesn't need a price correction. In 1997, the property market quiet down in June and withered. That's all!Originally Posted by Unregistered
It doesn't need a price correction. In 1997, the property market quiet down in June and withered. That's all!
It's been proven over and over again that falling home prices create more harm than good. For this reason, HK and Singapore has put the negative home equity issues that occur in the 1996-2005 period behind. The US needs to go through this phase.
Don't waste your time waiting for a sharp price correction in Singapore because it is not going to happen. You should invest in the US if you are so keen on buying rock bottom prices. Don't think you are going to get your discounted price looking at the state of our economy and buying power.
haha if everday worry about US
Why not just get out of Singapore
and migrate to states ?
What is the point of everyday talking about US, and
yet u are still staying in this tiny red dot?
I know
because u no money to migrate lar!!!
Dont be a idiot fool to post so many idiot comments in this forum
you think who the hack you are?
Want us to believe u?
Show us how much money u have lar
or else go sell backside might able to earn more money
to enable you to get a tiny small studio unit!!!!!
Haha you are right - The reason is that there are no buyers for your condo. Wooooohahahaha.
You are right. History repeating itself once again.
Right we will be shocked but you will get a rude shock. Haha when the R word is finally spoken of by the world leaders. By April exits would be blocked and no way to rush out. Mark my words.
India faces own subprime crisis as personal loan failures climb
By Joe Leahy in Mumbai
Published: March 13 2008 02:00 | Last updated: March 13 2008 02:00
India is beginning to experience its own domestic subprime crisis as banks
tighten lending procedures to try to curb rising delinquencies, particularly
in small unsecured personal loans.
India's financial system has so far been spared much of the pain of the
global subprime crisis because of the relatively small size of its banks and
their conservative investment focus overseas.
But persistent inflationary pressure has forced the Reserve Bank of India,
the central bank, to keep interest rates high, which in turn has hit retail
credit, from home loans to car and unsecured personal loans.
Overall loan growth in India, which has been on a downtrend since peaking at almost 40 per cent in early 2006, has slumped to about 20 per cent this year due to real lending rates that are among the highest in Asia at about 7 per cent, according to Credit Suisse.
The slowdown has been felt most acutely in what was formerly one of the
sector's fastest growing segments - personal unsecured loans, which include
credit cards and micro "small ticket" loans. The small ticket loans form
what analysts have loosely labelled India's "subprime" segment.
"The balance sheet is still performing well but delinquencies [of personal
loans] have been higher than one would have anticipated," said Sanjay Nayar, chief executive of Citigroup in India.
Citigroup does not disclose details of its non-performing loans in India but
Mr Nayar said it was rejigging some of its operations to better target
India's emerging middle classes.
While the growing defaults in small ticket loans have only a marginal impact on overall credit quality, they have scared Indian banks into becoming more conservative about their lending on the basis of reduced expectations for economic growth. Some had hoped that India's gross domestic product growth would exceed 10 per cent, but 8-9 per cent is now looking more realistic.
ICICI, India's largest private bank, withdrew from small ticket lending six
months ago and now only provides credit to the "prime personal loan"
segment, or facilities above about Rs100,000 ($2,500).
V. Vaidyanathan, executive director of ICICI Bank, said this business was
still performing strongly, although global credit tightening and ICICI's own
analysis had led it to become more cautious about lending in general. "It's
better to be conservative," he said.
You are really naive, it's ok.
$4.2b in cash for Tuas Power.
Spore worth a lot including your property.
China Huaneng snaps up Tuas Power for $4.2b
Bid much higher than earlier estimates as genco sales get underway
(SINGAPORE) China's largest power producer, China Huaneng Group, has clinched Singapore's Tuas Power for S$4.2 billion, winning out against several other bidders in a hotly-contested sale.
Temasek Holdings said it signed a share purchase agreement yesterday with Huaneng subsidiary SinoSing Power for the 100 per cent sale of Tuas Power for a cash consideration of S$4.235 billion. The transaction is expected to be completed on March 24.
The Huaneng deal comes five months after the sales launch of Tuas Power last October - the first of the three generating companies (gencos) here to be divested by Temasek. The entire divestment exercise - scheduled to be completed by mid-2009 - is part of Singapore's move to liberalise the power sector.
Commenting on the successful Tuas Power divestment, Temasek's managing director of investments Wong Kim Yin said: 'China Huaneng is an established player with a strong record in the power business. Its proposal through SinoSing was the most attractive. It emerged as the winner based on clear considerations of price and acceptable commercial terms.'
He added: 'We have no doubt that the future growth and development of Tuas Power as an anchor power provider in Singapore will benefit from the experience and resources that China Huaneng brings.'
While Temasek has not, thus far, given details of the other bids for Tuas Power, a Reuters report citing banking sources said that Huaneng won out against its closest rivals Bahrain-based investment bank Arcapita and India's GMR Infrastructure.
There were reportedly 8-9 international contenders shortlisted for the final round of the sale, but not all submitted final bids. Malaysia's Tanjong plc and Li Ka-shing's Hongkong Electric were said to be among them.
Huaneng's move into Singapore's power sector reflects the aggressive overseas expansion and acquisition plans of Chinese corporations.
Huang Long, Huaneng's vice-president, said: 'This transaction represents a major step for China Huaneng in its goal to diversify its assets across geographies and technologies.
'Tuas Power is an important addition to our portfolio, and we are excited to begin working with the management and employees of this company, and to continuing the supply of reliable, environmentally friendly and competitively priced energy to the people of Singapore.'
China Huaneng, with total assets of over 325 billion renminbi (S$63.4 billion), has a total installed generating capacity of over 71,000 MW - or eight times the combined 9,070 MW of the three biggest Singapore gencos. It also owns a 50 per cent stake in Australian genco OzGen.
Commenting on the S$4 billion which Huaneng is paying, sources said that the price reflects the Chinese company's 'confidence in Tuas Power's growth story'.
It is double the estimated S$2 billion apiece which the market had earlier expected the Singapore gencos to fetch.
Tuas Power's president and CEO Lim Kong Puay told BT last September that in addition to supplying just 'plain vanilla' electricity into Singapore's power grid, the company was also planning to invest in a new stand-alone cogeneration plant on Jurong Island to supply additional utilities like steam and cooling water to the petrochemical plants there.
Inflation is really not bad in US.
With this flat CPI number, FOMC can have a good & last cut of 0.75%-1%, that is it & they have done with it for the time being, waiting for the good news of economy growth down the road.
Cheaper energy kept CPI in Feb flat: US Labor
Creates room for the Fed to lower rates more and stimulate the economy
(WASHINGTON) Cheaper energy helped keep overall consumer prices as well as vital core prices in check in February, the Labor Department said yesterday, a surprise after a period of run-ups had fanned worry about inflation.
The department said its Consumer Price Index, the most widely used gauge of inflation, was flat last month after rising 0.4 per cent in January.
Even more significantly, core consumer prices that exclude volatile food and energy items were unchanged after climbing 0.3 per cent a month earlier.
Analysts questioned whether the one-month report meant inflation pressures were truly easing but agreed it created breathing-room for the Federal Reserve to lower rates more aggressively to try to stimulate the economy.
'You got a decrease in energy prices, which obviously is fluky and won't last, you got a deceleration in some food items which isn't going to last and there was a deceleration in shelter,' commented Michael Darda, an economist with MKM Partners LLC. 'I doubt it will last.'
Retail gasoline prices moderated temporarily in February but have subsequently begun shooting higher, with predictions that prices consumers pay at the pump will hit US$4 a gallon by spring.
Meanwhile, US consumer confidence dipped in early March to fresh multiyear lows, confirming the economy is in recession, a private survey showed yesterday.
Adding to the downbeat outlook was a jump in worries over inflation outlook due to surging fuel prices, according to the Reuters/University of Michigan Surveys of Consumers.
The surveys' index of confidence slipped to 70.5 in early March from the final February reading of 70.8.
'There was nearly unanimous agreement among consumers that the economy was now in recession,' said Richard Curtin, director of the survey, in a statement.
Consumers' view of inflation one year ahead, at 4.5 per cent, was up sharply from February's 3.6 per cent. Other than for the month after Hurricane Katrina in the fall of 2005, the latest one-year inflation reading was the highest since the 1990 recession, according to Mr Curtin.
In another development, National Bureau of Economic Research (NBER) President Martin Feldstein said yesterday that the US has entered a recession that could be 'substantially more severe' than recent ones.
'The situation is very bad, the situation is getting worse, and the risks are that it could get very bad,' Mr Feldstein said in a speech at the Futures Industry Association meeting in Boca Raton, Florida.
Mr Feldstein said the federal funds rate is headed for two per cent from the current three per cent. He added that lower short-term rates from the Federal Reserve would not have the same impact in the current downturn, in terms of reviving economic activity.
'There isn't much traction in monetary policy these days, I'm afraid, because of a lack of liquidity in the credit markets,' he said.
The Fed's new credit facility, announced on Tuesday, 'can help in a rather small way . . . but the underlying risks will remain with the institutions that borrow from the Fed, and this does nothing to change their capital,' Mr Feldstein noted. -- Reuters
I feel so sad for people like you.
When the buying opportunity presents itself in front of you, you come out with tons of reasons not to buy. When this opportunity slowly slips away, you come out with tons of reasons to complain.
The other possibility is that you got NO guts and money to buy in the first place so you start turning all greeny-eyes and hoping to see market comes down just to get the kick out of it.
"Mark my words" you said. I think the whole world will stop evolving if people listens to your craps.
Another crappy statement.
In 1997, there are many issues that cause a slowdown in the local economy. You don't see it happening now in 2008.
Why don't you start bringing up the years which the likes of SAR, twin towers collapse, monetary crisis etc happened and say that these few years property market quiet down and withered.
If you are so damned smart, why don't you sell your unit now, rent a place, and buy when the prices start dropping ? It should be the most sensible thing to do for a smart alec like you.
If you are not doing so, then it will means that YOUR property price will also drop together with everyone else. If so, I don't quite understand why you want to see prices dropped, unlike of course, you don't own any property at all.
Bear Stearns crisis raises fears worse is yet to come
AFP - Saturday, March 15WASHINGTON (AFP) - - The near-collapse of US investment giant Bear Stearns and its Federal Reserve bailout on Friday heightened fears that the worst is not over for the spreading global credit crunch.
Bear Stearns, among the hardest hit by the collapse of the US subprime, or high-risk, mortgage market, said it was getting an emergency loan from JPMorgan Chase backed by the Federal Reserve after its liquidity position had "significantly deteriorated."
The Fed meanwhile pledged "to provide liquidity as necessary to promote the orderly functioning of the financial system," a statement that highlighted concerns about the credit squeeze and its wider impact on the banks.
Traders said Bear Stearns's need for emergency funds spooked investors as a credit crunch sweeps Wall Street and concerns mount that a housing slump and rising job cuts could push the US economy into a recession.
"Obviously, the Bear Stearns story rapidly gave rise to worries that it might not be the only firm with similar problems," said Gregory Drahuschak, analyst at Janney Montgomery Scott.
The Bear Stearns news "has sent reverberations throughout all markets worldwide, not only because this is another 'too big to fail' scenario, but also because it has strong implications for a domino effect in the already weakened financial services industry and beyond," added Sherry Cooper, chief economist at BMO Capital Markets.
Bear Stearns's shares plunged 47 percent, with investors rattled only a day after an affiliate of US private equity giant, the Carlyle Group, defaulted on nearly 17 billion dollars of debt.
One of Carlyle's three co-founders, David Rubenstein, told the Washington Post newspaper that the current financial market turmoil "is deeper than anything we have seen since the Depression."
The Fed's announcement on liquidity came amid growing concerns about the outlook for a financial system left holding mortgage-backed securities in a market that has frozen because of the meltdown in US real estate.
JPMorgan Chase said the Federal Reserve of New York, through its discount window, would finance the rescue and that it was working closely with Bear Stearns on securing permanent financing or "other alternatives" for the bank.
The US central bank last week announced a new program that would allow firms to swap their mortgage securities for US Treasury bonds to help unblock the market but that program will not start until March 27.
The Fed has poured hundreds of billions of dollars into the financial system and slashed interest rates by 2.25 percentage points since September to battle the credit crunch that is threatening the US economy with recession.
President George W. Bush last month signed a 168-billion-dollar economic stimulus and the government and banks have introduced a number of initiatives to help homeowners faced with losing their homes amid tightening credit, job cuts and a slowing economy.
But the authorities' efforts to reassure the markets have fallen on deaf ears.
"It is time to stop pretending," said Bob Eisenbeis, the chief monetary economist at Cumberland's Advisors and a former executive vice president of the Federal Reserve Bank of Atlanta.
"Since last August the assertions regarding the turmoil in financial markets have been characterized as a temporary liquidity problem ... It is time to step back and recognize that the current situation isn't a liquidity issue and hasn't been for some time now.
"Rather there is uncertainty about the underlying quality of assets which is a solvency issue driven by a breakdown in highly leveraged positions," he said.
Pathetic repetition of comments.
Haha I dont feel sad for you. But I do feel sad for your family. They dont see what you are going to bring upon them with your blind faith.
Well well well I think its just the tip of the ice berg. What do you guys say?
yep yep lar
die lar die lar
so worry that everyday of US stuff
best dun work dun sleep dun eat
might as welll everything dun do lar
sit at home and wait for death to come lar!!
Exactly, it is the reverse, I bought too much properties with deferred payment. Therefore, hoping for the property market to slide down to unload some burden b4 TOP. Please tell me which bank will extend loan to people like me?
Yes you're right, I'm quite pathetic actually. In Singapore today, like you say, $4 M is really nothing.
To really live comfortably in Singapore, a person needs at least $10 M.
$5 M for a small bungalow, and another $5 M to move around in investments. This is the bare minimum.
A networth of $2 M to $10 M is a very crowded field where there are lots of people competing for air. Just look at the IRAS annual report 2006 on the number of people earning between $200 k to $500 k per year. There were 36,610 people, that's really shocking.
It's like when you take a lift and your height is average, e.g. between 1.7 m to 1.8 m, you keep smelling people's foul morning breath. However, if you are 1.9 m and above, you rise above the head of other people and that's where the fresh air is.
On the other hand, the lower you go, the more crowded and smelly it gets. A networth of between $500 k to $2 M is equivalent to a person of below average height taking a crowded lift and smelling everyone's armpit sweat. This range (networth $500 k to $2 M) is termed the "sandwiched middle-class" as almost everyone who owns an HDB or suburban condo belongs to this class. I am glad I have risen above this, as smelling foul morning breath is still better than smelling armpit sweat.
For a networth below $500 K, the air clears up again because that's where the legs and buttocks are. However, here you have to be careful because the fart can be very smelly. Here is where the empty vessel makes the most noise, but the most smelly vessel makes the least noise.
响屁不臭，臭屁不响。
If I remember correctly, this subprime mess started around August 2007 (I remember it was National Day period) so it had already been 7 months.
Yet our property market has proven to be resilient. Transactions have come down and the market has quieten a lot, but prices have not.
A lot of peopole here have been posting news after news after news of the US subprime ad nauseam, but the property market is still firm. You can check up the SISV Realink website to confirm yourself.
Reminds me of the big bad woof huffing and puffing at the third little pig's brick house.
The first little pig built his house out of straw because it was the easiest thing to do.
The second little pig built his house out of sticks. This was a little bit stronger than a straw house.
The third little pig built his house out of bricks.
To born loser, it is tip of iceberg.
To wise guy, it's last drop of iceberg.
Next Friday you will know the result.
End of next month, you will agree.
End of the year, you will complain to gov again, that is the different between above two. I don't know why gov still want to entertain such noise? purely wasting taxpayer money, opportunity is there, they say crash, price move up, they complain.
This is real wise guy.
Buy low, sell high.
Thst is the difference between wise & born loser, they do not have sense of value.
碧斯：港美股跌過龍
16/03/2008
摩 根 士 丹 利 前 首 席 環 球 投 資 策 略 師 巴 頓 ‧ 碧 斯 （ Barton Biggs ） 表 示 ， 近 期 美 股的 調 整 顯 然 跌 得 過 分 ， 他 預 期 ， 道 指 近 期 將 可 以 回 升 1,000 點 ， 港 股 亦 將 見 底 回 升。 他 並 強 調 市 場 人 士 現 正 在 財 務 恐 慌 之 中 ， 但 一 個 巨 大 的 上 升 平 台 正 在 建 立 ， 同 時碧 斯 也 不 相 信 經 濟 正 在 衰 退 當 中 ， 現 時 亦 不 是 世 界 末 日 。 不 過 ， 本 港 證 券 界 人 士 並不 認 同 碧 斯 的 樂 觀 言 論 ， 認 為 目 前 美 股 、 港 股 均 是 「 低 處 未 算 低 」 。
作為 大 摩 前 任 星 級 分 析 員 ， 碧 斯 現 時 正 掌 管 資 產 達 15 億 美 元 的 對 沖 基 金 Traxis Partners ， 他 接 受 《 彭 博 通 訊 社 》 電 話 訪 問 時 稱 ： 「 我 指 的 升 市 ， 並 不 只 是 300 、 400 點 ， 而 是 1,000 點 道 指 。 未 知 道 本 周 或 下 周 可 以 大 升 ， 但 市 況 目 前 瘋 了 ， 並且 已 經 跌 得 過 分 。 」
碧 斯 同 時 認 為 ， 由 德 國 以 至 香 港 的 股 票 市 場 ， 經 歷 今 年 市 況 波 動 後 ， 將 會 見 底 回 升 。
全 球 正 值 入 市 時 機
碧 斯 又 稱 ： 「 我 們 正 處 真 正 重 要 時 刻 ， 現 時 應 是 在 全 球 市 場 購 入 股 票 ， 而 不 是 沽 售 的 時 候 。 」
自 去 年 十 月 起 ， 道 指 累 計 下 挫 近 16% 至 11,951 點 。 今 次 碧 斯 對 道 指 的 1,000 點 升 幅 預 測 ， 若 按 上 周 五 收 市 計 算 ， 即 是 有 近 8.4% 的 上 升 空 間 。
上 周 五 道 指 下 挫 主 要 受 美 國 第 五 大 投 資 銀 行 貝 爾 斯 登 因 資 金 緊 張 ， 需 要 聯 儲 局 及 摩根 大 通 出 手 注 資 幫 助 所 影 響 。 美 股 三 大 指 數 跌 超 過 1% 至 2% ， 當 中 道 指 開 市 早 段 一度 跌 超 過 300 點 ， 收 報 11,951 點 ， 跌 194 點 。 納 斯 達 克 指 數 收 2,212 點 ， 跌 51 點， 標 準 普 爾 500 指 數 收 市 報 1,288 點 ， 跌 27 點 ， 跌 幅 2.1% 。
道 指 全 周 仍 升 0.5%
總 結 全 星 期 ， 道 指 上 升 0.5% ， 納 指 沒 有 升 跌 ， 而 標 普 500 指 數 就 跌 0.4% 。 貝 爾 斯 登 股 價 一 度 下 挫 五 成 ， 收 市 仍 跌 近 46% ， 報 30.85 美 元 。
對 於 市 場 的 恐 慌 情 況 ， 碧 斯 指 市 況 在 谷 底 時 ， 市 場 一 般 是 在 恐 慌 之 中 ， 不 相 信 美 國 經 濟 正 步 入 衰 退 ， 也 不 是 世 界 末 日 來 臨 。
在 國 際 股 壇 享 負 盛 名 的 碧 斯 ， 成 功 預 言 科 網 泡 沫 爆 破 ， 並 多 次 估 中 美 股 走 勢 ， 他 去年 三 月 估 美 股 見 底 ， 其 後 四 個 月 果 然 勁 升 16 ％ 。 他 預 測 道 指 全 年 升 19 ％ ， 但 結 果只 升 了 6.4 ％ 。
然 而 ， 對 於 碧 斯 的 言 論 ， 凱 基 證 券 營 運 總 裁 鄺 民 彬 認 為 ， 美 股 、 港 股 均 是 「 低 處 未算 低 」 ： 「 美 股 雖 可 以 升 返 1,000 點 ， 但 上 完 之 後 都 可 以 再 跌 落 去 。 美 股 已 踏 入 熊市 ， 未 必 一 次 過 跌 晒 ， 中 間 可 以 有 小 反 彈 。 」
花 旗 估 周 二 減 息 1 厘
利 率 期 貨 顯 示 ， 美 國 周 二 減 息 一 厘 的 機 會 率 大 約 為 60% ， 而 日 前 反 映 減 息 一 厘 的 機 會 率 則 為 零 。 不 過 ， 花 旗 估 計 ， 聯 儲 局 周 二 最 少 會 減 息 一 厘 。
資 金 流 入 債 市 ， 兩 年 期 國 庫 券 孳 息 率 下 降 至 1.46% ， 較 早 時 更 曾 跌 至 1.38% ， 是 ○ 三 年 中 以 來 最 低 。 受 美 股 拖 累 ， 港 股 美 預 託 證 券 （ ADR ） 上 周 五 普 遍 下 跌 ， 控 （ 0005 ） 和 中 移 （ 0941 ） 分 別 較 本 港 收 市 跌 2.26% 和 1.64% 。 於 上 周 五 急 升 的 港 燈 （ 0006 ） ， 其 ADR 較 本 港 收 市 大 跌 5% 。
I FEEL SORRY FOR THIS PIG BUT FEEL SAD FOR HIS PIGLINGS.
to the pig the property market is firm. More and more defaults coming. Soon it will reach a stage when it is out of the Feds hands to bail them out. The banks come knocking on the pigs home. The pig thinks that it is the 'woof'. But no place to hide. All exits blocked. No chance to rush out. The piglings get scared and scream at the pig. The mother pig asks for divorce. The piglings starve. A happy pig family in ruins just because of the foolish pig.
[QUOTE=Unregistered]to the pig the property market is firm. More and more defaults coming. Soon it will reach a stage when it is out of the Feds hands to bail them out. The banks come knocking on the pigs home. The pig thinks that it is the 'woof'. But no
clap clap clap!!
very well say!!!
I think you should go and be a children story teller teacher!!!
in kindergarden!!!!!!!!!!
The kids will like your pig story , but just make sure
u dun end up like a pig!!!
haha
When property prices drop, a particular group of people will start to act smart and scream "Better don't buy, recession coming. Prices will drop further."
When property prices start to recover, this same group of people will start to scream "Aiyah, prices are so high now. I should have bought during the downturn. Never mind, I wait for the next downturn to buy. Surely will come again."
When property prices start to drop again, the comments from this group will be "Wow, how come drop so much. Not safe to buy now. Better wait and see first."
This goes on and on and on....
I know this group of people all too well. Because I got some colleagues who behave exactly like this. In the end, all I hear is their supposedly 'smart' advices which is actually shallow and empty and bring one to nothing. I have since avoid talking about properties with them.
And the differences between me and them ? Well, I definitely have more cash to spend from the profits I make.
Will I make a loss in future ? Maybe, but at least I have some excitements in my life instead of all talking and no actions.
[QUOTE=Unregistered]Kindergarden? Where can I find this garden? Oh the standard of those talking big here......
[QUOTE=Unregistered]In case you still do not know, sour grapes could actually be more highly educated than those who earn big bucks from properties.
That's why they are so sour.
Those who spell "kindergarten" losing out in life to those who spell "kindergarden".
The sour grapes are, very likely in my analysis, people who've got a tertiary qualification holding a professional job but finding that their networth is only a small fraction of their less educated cousins who started their own business and who invested heavily in properties.
They suddenly realised that they have now lost out to those whom they have beaten earlier in life.
How can someone who spells "kindergarten" correctly lose out to someone who can't?
Slowly, the bitterness turns the sour grapes into bitter grapes.
ps. I'm not the one who posted about the "kindergarden", but since Mr. Kindergarden so kindly supported my post on the three little pigs ...
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