Bondholders, beware. China’s property developers face rising risks of default, according to the latest stress tests conducted by Moody’s and Standard & Poor’s. The two rating agencies published reports on Thursday that suggest the sector will continue to deteriorate over the coming months because of falling sales volumes and dwindling funding options. Moody’s found that 11 of the 29 developers it tracks now have “weak liquidity”, up from four in December 2011. From S&P: Property developers in China face tough choices in 2012. Those companies with large maturing debts and refinancing risks on their offshore debt and trust loans are likely to push property sales by cutting prices aggressively or sell assets. As a result, we stand by our base-case forecast calling for average selling ... Continue reading →

Signature Tower Jakarta celebrates the Indonesian spirit through the reinforcement of the date of the National Day of Independence,17 August 1945, viewed on each façade of the tower. Visible during the day through the use of highly polished stainless-steel, 17 leaves grow and blossom upward through the shaft of the tower. At the crown, these 17 leaves are bound together by 8 louver grill elements, culminating to embrace a single 45 meter tall spire: the 17th day of the 8th month in the 45th year.Central to the four building elevations of the crown, these elements in turn are supported by 5 crystalline glass buds – accentuating the five principals of Pancasila – rising to support a single central spire – the united Indonesian people. Hence ... Continue reading →

Barcelona's new home and away kits fuse together club tradition with a modern and creative expression to give the team an exciting new look for the 2012 – 13 season. Combining performance innovation with low environmental impact each kit (shirt and shorts) is made using up to thirteen recycled plastic water bottles, and available here. The new away kit is an explosion of bright colour to celebrate the club’s effervescent style of play. The new shirt fuses orange into yellow on the body paying homage to the city’s mixture of culture, art, style and architecture. The shirt has a classic orange crew neck ribbed collar with the famous Blaugrana detail on the back of the neck and orange sleeves. The outer back detail on the ... Continue reading →

Here we go again. Another sharp sell-off of Macau gaming shares on China slowdown fears. Industry forecasts have always underestimated Chinese high-rollers’ propensity to gamble, so are the latest prediction of gloom to be trusted? The casino operators investing billions of dollars on new capacity are the worst hit, naturally. Galaxy Entertainment lost over 9 per cent of its market value in the last two days – it has just started building a $2.1bn extension of its existing property in the Cotai Strip which will double its size by 2015. Sands China lost 7.6 per cent in two days. The owner of the Venetian has just opened the first phase of its $4bn Sands Cotai Central resort but is still building. Wynn Macau got off ... Continue reading →