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Peggy Sito

Some developers sinking amid the soaring property market
Many mainland developers have emerged as winners from all the loose credit, record sales and record home prices  last year. 
But it has not been good news for all of them. 
Yesterday, Li Songxiao, the majority shareholder and former chairman of Neo-China Land Group (Holdings), agreed to sell a majority of his stake in the company to Shanghai Industrial Holdings.  
The 44-year-old Zhejiang-based developer was the captain of the company's fast-paced expansion in 2006 and 2007 that led to the ship sinking into heavy debt and tight liquidity when the property market took a downturn in 2008. 
Guangzhou  developer Skyfame Realty (Holdings) also joined the losers' list when it entered provisional liquidation two months ago after borrowing heavily from foreign banks and hedge funds at the height of the credit boom.
The developer, chaired by Yu Pan, has promised to sell the Westin Hotel in Guangzhou to repay US$196 million it owes convertible bondholders, including US investment bank Merrill Lynch.  
However, the company's fate remains uncertain.
Lai See understands a condition of the hotel sale was that Skyfame could keep some of the proceeds as working capital. 
Obviously, the bondholders do not agree. This has deadlocked the sale for months. 
Sources said there were also some technical problems facing bondholders in the winding up process because an offshore company technically cannot remove directors of a mainland firm who are under the control of the Ministry of Commerce. 
At the moment, there is no light at the end of the tunnel.
Good luck, creditors. 
Man to watch
He was the man who broke the Bank of England, making US$1 billion on a day trade in 1992, but failed when he took a run at the Hong Kong Monetary Authority  five years later. 
Geroge Soros (below), the 29th richest man on the planet listed by Forbes magazine, is coming to Hong Kong next month to meet and talk with students, financiers and the general public about his economic and political views.
No doubt the Hungarian-American financier and philanthropist will also be asked about his admission last summer that he was involved in short-selling Hong Kong dollars during the Asian financial crisis 12 years ago.
The meeting on February 3, arranged by the University of Hong Kong, comes as Soros' company is about to set up its Asian office in Hong Kong.
Walking 'hot water bottles'
There are many Chinese folk tales about how sons and daughters should behave towards their parents. 
A most famous one is the story of Huang Xiang, a nine-year-old child in Han dynasty times (more than 2,000 years ago) who warmed up the bed for his parents during the winter and made it cool during summer. 
Now Holiday Inn has come up with its own take on the story, only this time the kids are being replaced by members of staff.
The hotel chain is offering a free service where a human bed warmer will lie in your bed for five minutes before you get in. 
The walking 'hot water bottles' are dressed in special all-in-one sleeper suits and are sent to warm the beds of guests to a 'toasty' 68-72?F.
The sessions are being tried out at the Holiday Inn hotels in London and Manchester.
Buying the news
PCCW's share price yesterday rose 13.79 per cent to HK$2.31, shortly after the company announced its plan to join the queue for free-to-air television licences. 
The stock value grew even though the company has not yet submitted an application. 
It has only said the plan is under way, but the Midas touch of the Li family seems to have done it again.
The government is accepting applications for new licensees in the free television market, which is dominated by the Television Broadcasts group, with a single competitor, Asia Television.  
Hong Kong Broadband Network  and iCable  have already submitted applications to the Commerce and Development Bureau, which manages broadcast policy in the  city.
Assets and their location
How can you spot good investment opportunities amid the fluctuating global and recovering Asian economies? 
The chief executive of the Australia and New Zealand Banking Group has a few tips. 
Questioned during a panel discussion at yesterday's Asian Financial Forum  at the Hong Kong Exhibition and Convention Centre, Michael Smith, the former head of HSBC's Asian business, said investment opportunities in the world had increased as many companies were repairing their balance sheets. 
He said the difference between Asia and Europe at the moment was that assets in Asia are healthy, probably implying that prices are not cheap. But in Britain, he said: 'You can buy one get one free.'



Lai See