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Thread: HDB and private property prices up in Q1 flash estimates

  1. #1
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    Default HDB and private property prices up in Q1 flash estimates

    Channelnewsasia: Posted: 01 April 2008 1345 hrs

    Private residential property prices in Singapore rose 4.2 percent in the first quarter this year, according to the latest preliminary estimates from the Urban Redevelopment Authority.

    The pace was slower than the 6.8 percent clip recorded in the fourth quarter of last year.

    On a quarter-on-quarter basis, the biggest rise in property prices for non-landed properties came from outside central region - up 4.8 percent in the January-March quarter compared with the October-December period.

    Properties in the prime districts of 9, 10 and 11, as well as the downtown area and Sentosa, rose 4.4 percent on quarter.

    Prices in the rest of the central region increased 3.9 percent in the first quarter from the previous three months.

    The preliminary estimates were based on transaction prices given in caveats lodged during the first 10 weeks of the quarter, as well as the number of new units sold.

    Meantime, the Housing and Development Board (HDB) said prices of HDB resale flats rose 3.4 percent in the January to March period over the previous three months. This was lower than the 5.7 percent increase in the fourth quarter.

    Both the URA and HDB will release final figures at the end of April.

    The URA said that as at 4th Quarter 2007, there are about 64,900 private residential units in the pipeline, of which about 56,100 new private housing units are expected to be completed between 2008 and 2011.

    There are also some 38,300 units that have yet to be put on sale by developers.

    As for the supply of government flats, the HDB said it had made available in the first quarter of this year some 1,100 new flats in two Build-To-Order (BTO) projects in Punggol and Yishun.

    It said that depending on demand, there could be another 5,000 new BTO flats in towns such as Punggol, Sengkang, Woodlands and Bukit Panjang.

    The total planned BTO supply of 6,100 new flats for January till September 2008 will surpass the annual BTO flat supply in 2007 and 2006.

    This new supply of flats will be in addition to those offered under Balloting Exercises for surplus replacement SERS and other flats, as well as the planned release of three Design-and-Build sites in Simei, Toa Payoh and Bedok with some 1,500 flats in the first half of 2008. - CNA/sf

  2. #2
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    Default Re: HDB and private property prices up in Q1 flash estimates

    URA releases flash 1st quarter 2008 private residential property price index
    The Urban Redevelopment Authority (URA) released today the flash estimate of the price index of private residential property for 1st Quarter 2008.
    Based on the estimated price index of private residential property, prices rose from 170.8 points in the 4th Quarter 2007 to 178 points in the 1st Quarter 2008. This represents an increase of 4.2%, compared with the 6.8% increase in the previous quarter (see Annex A).
    URA also released today the flash estimates of the price changes in the 3 geographical regions for 1st Quarter 2008. Prices of non-landed private residential properties increased by 4.4% in Core Central Region, 3.9% in Rest of Central Region and 4.8% in Outside Central Region in the quarter (see Annex B). In comparison, for 4th Quarter 2007, prices of non-landed private residential properties increased by 7.5% in Core Central Region, 7.7% in Rest of Central Region and 7.0% in Outside Central Region.
    The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on the number of new units sold. The statistics will be updated 4 weeks later when URA releases the full 1st Quarter 2008 real estate statistics, when more data on the caveats lodged and the take-up of new projects are captured. Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution.
    The Government will continue to monitor prices closely and release relevant price sensitive information in a timely manner. On the supply side, as at 4th Quarter 2007, there are about 64,900 private residential units in the pipeline, of which about 56,100 new private housing units are expected to be completed between 2008 and 2011. About 38,300 units of the supply in the pipeline (or 59%) have not been sold by developers yet. Prospective home-buyers are advised to take into consideration the ample pipeline supply of private housing when making decisions on property purchase.

  3. #3
    mr funny is offline Any complaints please PM me
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    Default Re: HDB and private property prices up in Q1 flash estimates

    April 1, 2008

    S'pore home prices slow after record year

    By Joyce Teo


    SINGAPORE private home prices rose at the slowest in more than a year in the first quarter of this year, reflecting a general slow down in the property market.

    Prices of private homes gained 4.2 per cent in the first three months, after rising 6.8 per cent in the previous quarter, according to early quarterly estimates released by the Urban Redevelopment Authority (URA) on Tuesday.

    Prices of non-landed private homes in the core central region of Singapore such as Orchard Road and Sentosa Cove rose by 4.4 per cent, compared with a 7.5 per cent rise in the previous quarter.

    Non-landed private home prices rose 3.9 per cent in the rest of central region and 4.8 per cent in areas outside the central region or suburban areas. In the previous quarter, these prices went up by 7.7 per cent and 7 per cent respectively.

    Private home prices jumped 31 per cent last year on the back of a booming economy - to an 11-year high. The market has since slowed considerably in the wake of the global credit crunch and the jittery stock market.

    The URA on Tuesday advised prospective home-buyers that there is ample supply of private housing in the pipeline.

    'As at the fourth quarter of 2007, there are about 64,900 private residential units in the pipeline, of which about 56,100 new private housing units are expected to be completed between 2008 and 2011,' said the URA.

    About 38,300 units, or 59 per cent of the total, haven't been sold, the authority said.

    Singapore's residential property market outpaced increases in China and Bulgaria, researcher Global Property Guide said in a Dec 19 report. Prices excluding inflation climbed 24 per cent, the researcher said.

    The figures released by the authority are preliminary and based on transaction prices lodged during the first 10 weeks of the quarter. The statistics will be updated four weeks later, the authority said in today's statement.

    The URA will release the full first quarter real estate statistics in four weeks' time.

  4. #4
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Stupid fool! Go up for fhat?

  5. #5
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    Stupid fool! Go up for fhat?
    Hello! You scolding who? The price index? It is not a living thing lah.

  6. #6
    Unregistered Guest

    Unhappy Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    Stupid fool! Go up for fhat?
    no volume ..that means more homes in market ....inventory of vacant homes increases ......prices go down....then index go down lah ....index go down prices go down ..what else

    if there are 100 sales in month ...100X12=1200 a year = 6000 in year and how much in pipeline planned 780000 for next five yrs ..what abt those holding two properties and wants to sale ............???????????????????????? all confusion liao .....

  7. #7
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    no volume ..that means more homes in market ....inventory of vacant homes increases ......prices go down....then index go down lah ....index go down prices go down ..what else

    if there are 100 sales in month ...100X12=1200 a year = 6000 in year and how much in pipeline planned 780000 for next five yrs ..what abt those holding two properties and wants to sale ............???????????????????????? all confusion liao .....
    Hello! I'm already quite pissed. Don't add insults.

    Don't give me all the cock and bull. It doesn't work on me. I can read the index.

    Why not suggest something we can do to bring the index down? That is more benefical and meaningful. We must do something - not talk.

  8. #8
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    no volume ..that means more homes in market ....inventory of vacant homes increases ......prices go down....then index go down lah ....index go down prices go down ..what else

    if there are 100 sales in month ...100X12=1200 a year = 6000 in year and how much in pipeline planned 780000 for next five yrs ..what abt those holding two properties and wants to sale ............???????????????????????? all confusion liao .....
    no volume ..that means more sellers holding, dont want to let go at discount.....panic buyers had to queue longer......prices go up....then index go up lah ....index go up prices go up ..what else

    thousands of relocate professionals, tenants, new PR/citizen will join the queue, where got enough stock for them, demand over supply, price will shoot!

  9. #9
    Unregistered Guest

    Question Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    no volume ..that means more homes in market ....inventory of vacant homes increases ......prices go down....then index go down lah ....index go down prices go down ..what else

    if there are 100 sales in month ...100X12=1200 a year = 6000 in year and how much in pipeline planned 780000 for next five yrs ..what abt those holding two properties and wants to sale ............???????????????????????? all confusion liao .....
    Hello , Everthing blur..blur to sale or not to sale that is the question.Can buy gold and sale property

  10. #10
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    Hello! I'm already quite pissed. Don't add insults.

    Don't give me all the cock and bull. It doesn't work on me. I can read the index.

    Why not suggest something we can do to bring the index down? That is more benefical and meaningful. We must do something - not talk.

    Sorry, what is your stand?

    You said you are already quite pissed, etc., but did not say what you are pissed about? Index up or index down, or index up too slowly?

    Then you said about bringing the index down??

    Can get your point. You want the index (and the market) to go up or come down?

  11. #11
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    Sorry, what is your stand?

    You said you are already quite pissed, etc., but did not say what you are pissed about? Index up or index down, or index up too slowly?

    Then you said about bringing the index down??

    Can get your point. You want the index (and the market) to go up or come down?
    Down, down, down. Just crash it. Goodnight!

  12. #12
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    Down, down, down. Just crash it. Goodnight!
    New idea -- how abt having betting set up for property prices on singapore pools .A index for next year April 1 ,2008 can be set up .. say 200 or 100 -- chose the side and bet the money ?

  13. #13
    Singapore Pool Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    New idea -- how abt having betting set up for property prices on singapore pools .A index for next year April 1 ,2008 can be set up .. say 200 or 100 -- chose the side and bet the money ?
    Err .... good idea.

  14. #14
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    New idea -- how abt having betting set up for property prices on singapore pools .A index for next year April 1 ,2008 can be set up .. say 200 or 100 -- chose the side and bet the money ?
    http://www.talkingcock.com/html/article.php?sid=2520
    BREAKING NEWS: Mas Selamat Found!

  15. #15
    Unregistered Guest

    Cool Re: HDB and private property prices up in Q1 flash estimates

    You all idiot or what?? Can't read simple english. It spelt very clearly, Property price rose by 4.2 percent, I repeat, rose by 4.2 percent, not drop by 4.2 percent. Its just a slower growth but it still rose.

    I tell you, property prices in Singapore will not drop till 2015.

  16. #16
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    You all idiot or what?? Can't read simple english. It spelt very clearly, Property price rose by 4.2 percent, I repeat, rose by 4.2 percent, not drop by 4.2 percent. Its just a slower growth but it still rose.

    I tell you, property prices in Singapore will not drop till 2015.
    These people having been dreaming of a crash until mad liao.. when it's not happening agian for Q1, they exhibit signs of their sickness..

  17. #17
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    These people having been dreaming of a crash until mad liao.. when it's not happening agian for Q1, they exhibit signs of their sickness..
    You are right. It rose 4.2%. But only a handful of units sold.

  18. #18
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    You all idiot or what?? Can't read simple english. It spelt very clearly, Property price rose by 4.2 percent, I repeat, rose by 4.2 percent, not drop by 4.2 percent. Its just a slower growth but it still rose.

    I tell you, property prices in Singapore will not drop till 2015.
    ok lah you bet on property index 200 at April 1 , 2009
    I bet for 100

  19. #19
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by mr funny
    April 1, 2008

    S'pore home prices slow after record year

    By Joyce Teo


    [color='red]SINGAPORE private home prices rose at the slowest in more than a year in the first quarter of this year, reflecting a general slow down in the property market.[/color]

    Prices of private homes gained 4.2 per cent in the first three months, after rising 6.8 per cent in the previous quarter, according to early quarterly estimates released by the Urban Redevelopment Authority (URA) on Tuesday.

    Prices of non-landed private homes in the core central region of Singapore such as Orchard Road and Sentosa Cove rose by 4.4 per cent, compared with a 7.5 per cent rise in the previous quarter.

    [color='red]Non-landed private home prices rose 3.9 per cent in the rest of central region and 4.8 per cent in areas outside the central region or suburban areas. In the previous quarter, these prices went up by 7.7 per cent and 7 per cent respectively.[/color]

    Private home prices jumped 31 per cent last year on the back of a booming economy - to an 11-year high. The market has since slowed considerably in the wake of the global credit crunch and the jittery stock market.

    The URA on Tuesday advised prospective home-buyers that there is ample supply of private housing in the pipeline.

    'As at the fourth quarter of 2007, there are about 64,900 private residential units in the pipeline, of which about 56,100 new private housing units are expected to be completed between 2008 and 2011,' said the URA.

    About 38,300 units, or 59 per cent of the total, haven't been sold, the authority said.

    Singapore's residential property market outpaced increases in China and Bulgaria, researcher Global Property Guide said in a Dec 19 report. Prices excluding inflation climbed 24 per cent, the researcher said.

    The figures released by the authority are preliminary and based on transaction prices lodged during the first 10 weeks of the quarter. The statistics will be updated four weeks later, the authority said in today's statement.

    The URA will release the full first quarter real estate statistics in four weeks' time.
    OH 59% UNSOLD. HEARD THAT? 59% UNSOLD. IT IS WRITTEN IN SIMPLE ENGLISH MORONS.

  20. #20
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    OH 59% UNSOLD. HEARD THAT? 59% UNSOLD. IT IS WRITTEN IN SIMPLE ENGLISH MORONS.
    Yes no takers my friend.

  21. #21
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by mr funny
    April 1, 2008

    S'pore home prices slow after record year

    By Joyce Teo


    SINGAPORE private home prices rose at the slowest in more than a year in the first quarter of this year, reflecting a general slow down in the property market.

    Prices of private homes gained 4.2 per cent in the first three months, after rising 6.8 per cent in the previous quarter, according to early quarterly estimates released by the Urban Redevelopment Authority (URA) on Tuesday.

    Prices of non-landed private homes in the core central region of Singapore such as Orchard Road and Sentosa Cove rose by 4.4 per cent, compared with a 7.5 per cent rise in the previous quarter.

    Non-landed private home prices rose 3.9 per cent in the rest of central region and 4.8 per cent in areas outside the central region or suburban areas. In the previous quarter, these prices went up by 7.7 per cent and 7 per cent respectively.

    Private home prices jumped 31 per cent last year on the back of a booming economy - to an 11-year high. The market has since slowed considerably in the wake of the global credit crunch and the jittery stock market.

    The URA on Tuesday advised prospective home-buyers that there is ample supply of private housing in the pipeline.

    'As at the fourth quarter of 2007, there are about 64,900 private residential units in the pipeline, of which about 56,100 new private housing units are expected to be completed between 2008 and 2011,' said the URA.

    About 38,300 units, or 59 per cent of the total, haven't been sold, the authority said.

    Singapore's residential property market outpaced increases in China and Bulgaria, researcher Global Property Guide said in a Dec 19 report. Prices excluding inflation climbed 24 per cent, the researcher said.

    The figures released by the authority are preliminary and based on transaction prices lodged during the first 10 weeks of the quarter. The statistics will be updated four weeks later, the authority said in today's statement.

    The URA will release the full first quarter real estate statistics in four weeks' time.
    Where is the increase? Everything is down. If you consider inflation 4.2 %increase is negative.

  22. #22
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Its a matter of price. Lower by 20%, you will see snaking queues.

    Some enbloc projects already relaunched at 20% lower than original asking price.

  23. #23
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    Its a matter of price. Lower by 20%, you will see snaking queues.

    Some enbloc projects already relaunched at 20% lower than original asking price.
    Enbloc developers defaulting too I heard. Is it true?

  24. #24
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    chiak lat with sub prime mess and stock market losses, index is still up 4.2%. Cannot imagine what will happen if the stock market improves and STI turnaround. Dow up 220+ points as I write now...no April fool joke.

  25. #25
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    chiak lat with sub prime mess and stock market losses, index is still up 4.2%. Cannot imagine what will happen if the stock market improves and STI turnaround. Dow up 220+ points as I write now...no April fool joke.
    The April fool joke is to pull more and more fools into the market and then dump them. And by the way 220 pts is less than 2% and its because of teh new quarter and people taking positions.

  26. #26
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Celent: 200,000 US banking jobs at risk
    updated 7:33 a.m. ET April 1, 2008

    GENEVA - Analysts at financial research firm Celent say the U.S. banking industry will lose 200,000 jobs over the next 12 to 18 months.

    The head of Celent's financial consultancy unit says the job cuts will occur as the subprime crisis hits other parts of the banking industry.

    Octavio Marenzi said Tuesday that staff reductions were inevitable as the U.S. economy weakens further.

  27. #27
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    Default Re: HDB and private property prices up in Q1 flash estimates

    The general property index is dependent on a collection of parameters
    such as

    1. Demand and Supply - imigrants, HDB upgraders, population growth
    2. Location, location , location & location.
    3. Cost of Development such as labour , raw material -steels , cements & bricks.
    4. Government development charges
    5. Cost of land
    6. General economy health , stock market, interest rate
    7. Government Policy such as defered payment
    8. Sentiment

    So even when developer enbloc default, it only affect that developer and the seller and of course some general sentiment. However cost of development
    & cost of Development charges has gone up quite a lot and of course
    the inflation.

    Generally I would think Property Prices slow down this quarter due to the sell down of the Stock market icaused by subprime crises . However those who are short in properties will be
    seriously short when STI go back to 3500 level and DJI go above 13500.

    If there is a rebound in the property but cap at around 5% to 15% growth throughout this year.

    Nobody want to see the collapse the property market
    especially the banks and authority , neither do they want to see property price go through the roof. They would like growth
    of property prices to be pecked to the GDP growth.
    So those who dream property price to collapse, would also be dreaming for a recession. I think it could not possibly happen in this year.

    For those unsold units, I think it is a result of developers withholding their
    sale until IR is near to completion. Most Blue chip developers have very
    deep pockets now, they can hold on until they can fetch better prices.
    I think there are lots of foregin buyers with deep pocket that match those prices. Those developers that default are generally the weakers one.


    Hope this help to both buyers and sellers.

  28. #28
    Unregistered Guest

    Default Re: HDB and private property prices up in Q1 flash estimates

    Originally Posted by mr funny
    April 1, 2008

    S'pore home prices slow after record year

    By Joyce Teo

    As at the fourth quarter of 2007, there are about 64,900 private residential units in the pipeline, of which about 56,100 new private housing units are expected to be completed between 2008 and 2011,' said the URA.

    About 38,300 units, or 59 per cent of the total, haven't been sold, the authority said.
    OH 59% UNSOLD. HEARD THAT? 59% UNSOLD. IT IS WRITTEN IN SIMPLE ENGLISH MORONS.
    Quote Originally Posted by Unregistered
    Yes no takers my friend.
    Sour Grape Ignorance 8 Detected! Beep! Beep! Beep!

    Unsold = Not yet sold

    Unsold ≠ Cannot be sold

    If you go to IKEA, you will see that they have tables UNSOLD, chairs UNSOLD, cupboards UNSOLD ...?

    Try telling IKEA that since they have so many things UNSOLD, and there are no takers my friend, then may as well sell everything to you at 20% discount.

    At any point in time, there will be some properties in the market which are unsold.

    Furthermore, these are units in the pipeline and not even completed yet.

    Can you imagine what will happen if the situation were "No units UNSOLD. All projects in the pipeline up to 2011 have been sold"?

    Prices will shoot to infinity.

    Now let's look at ChannelNewsAsia 27 February 2008.

    'According to the figures, more foreigners have decided to call Singapore home for good.

    Last year, Singapore saw over 63,000 new PRs, an 11-per-cent increase from 2006; and the city-state also welcomed more than 17,000 new citizens, a 30-per-cent jump.'


    Every single year, we are getting 63,000 new PRs and 17,000 new citizens, a total of 80,000 people settling into Singapore.

    Many of these are high-earners and professionals, but even if you assume that the proportion of them able to afford private housing is similar to Singaporean's demographic profile, i.e. 15%, that's 12,000 per year.

    In four years, the demand is 48,000, which more than absorbs all the 38,300 units that are coming up in the pipeline up till 2011 !

    Wait!

    Then what about Singaporeans leh?

    Singaporeans no need to buy properties meh?

    And what about my auntie from KL who likes to collect properties everytime her doctor husband earns enough money? (Which I counted so far is about one property every year, either near KLCC or Singapore property).

    She's not going to become a Singapore citizen or PR but she also wants to buy our properties.

    Let me tell you ... there is a very severe shortage coming up.

  29. #29
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    Default Re: HDB and private property prices up in Q1 flash estimates

    Quote Originally Posted by Unregistered
    Sour Grape Ignorance 8 Detected! Beep! Beep! Beep!

    Unsold = Not yet sold

    Unsold ≠ Cannot be sold

    If you go to IKEA, you will see that they have tables UNSOLD, chairs UNSOLD, cupboards UNSOLD ...?

    Try telling IKEA that since they have so many things UNSOLD, and there are no takers my friend, then may as well sell everything to you at 20% discount.

    At any point in time, there will be some properties in the market which are unsold.

    Furthermore, these are units in the pipeline and not even completed yet.

    Can you imagine what will happen if the situation were "No units UNSOLD. All projects in the pipeline up to 2011 have been sold"?

    Prices will shoot to infinity.

    Now let's look at ChannelNewsAsia 27 February 2008.

    'According to the figures, more foreigners have decided to call Singapore home for good.

    Last year, Singapore saw over 63,000 new PRs, an 11-per-cent increase from 2006; and the city-state also welcomed more than 17,000 new citizens, a 30-per-cent jump.'


    Every single year, we are getting 63,000 new PRs and 17,000 new citizens, a total of 80,000 people settling into Singapore.

    Many of these are high-earners and professionals, but even if you assume that the proportion of them able to afford private housing is similar to Singaporean's demographic profile, i.e. 15%, that's 12,000 per year.

    In four years, the demand is 48,000, which more than absorbs all the 38,300 units that are coming up in the pipeline up till 2011 !

    Wait!

    Then what about Singaporeans leh?

    Singaporeans no need to buy properties meh?

    And what about my auntie from KL who likes to collect properties everytime her doctor husband earns enough money? (Which I counted so far is about one property every year, either near KLCC or Singapore property).

    She's not going to become a Singapore citizen or PR but she also wants to buy our properties.

    Let me tell you ... there is a very severe shortage coming up.
    LOL... well said

  30. #30
    Reuters Guest

    Default Lehman Raises $4 Billion Of Capital To Quell Critics


    Lehman raises $4 bln of capital to quell critics
    Dan Wilchins
    Reuters
    New York, New York, U.S.
    Tuesday, 1 April 2008, 9:30AM U.S. EDT


    A logo of U.S. investment bank Lehman Brothers is seen outside its Asia headquarters in 1 April 2008 - Photo: Yuriko Nakao, Reuters

    Lehman Brothers Holdings Inc sold $4 billion of convertible preferred securities on Tuesday in an effort to dispel questions about the fourth-largest U.S. investment bank's stability.

    Lehman's shares surged 10.7% in pre-market trading to $41.65 as the offering was seen as a vote of investor confidence in the firm. The sale met with strong demand even after rumors of looming write-downs at Lehman have cratered the company's stock for weeks.

    Lehman has said in the past that it suspects that short sellers, who profit when share prices fall, are spreading rumors about the company to push its stock down.

    Questions about potential write-downs at Bear Stearns Cos Inc were enough to trigger a run on the bank there, forcing what was once the fifth-largest U.S. investment bank to sell itself for a fraction of its former value.

    Lehman said the convertible preferred securities were priced with a dividend yield of 7.25% and their principal can be used to buy common shares at $49.87, or a 32.49% premium to their closing price on Monday.

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