SC Global drop to 78c

[maituleow]

SGC is the most snobbish developer and extreme atas...if SGC really owes the bank 1bn..then they need plently good luck.

its at 46cents today, SC has bought shares to prop up his counter but he is actually throwing good money after bad, but seriously with his high exposure to tune of 1 billion do u guys think the bank will want to sink with him??

 

[Merl Haggard]

its at 46cents today, SC has bought shares to prop up his counter but he is actually throwing good money after bad, but seriously with his high exposure to tune of 1 billion do u guys think the bank will want to sink with him??

All other shares go up except for SC Global which dropped 0.015c to 0.455.

His grave mistake was for selling only 5% of his "high-end" development (only suitable for the super-rich foreigners and wealthy locals shouldn't hope to buy) at The Marq & The Hilltops during the peak period of 2007.

Another big mistake was his purchase of a 50,000sq ft of land at Ardmore Park at $290m and a Sentosa plot of residential land at 2000 psf ppr which cost him $320m.

 

[peasantJUDGE]

its at 46cents today, SC has bought shares to prop up his counter but he is actually throwing good money after bad, but seriously with his high exposure to tune of 1 billion do u guys think the bank will want to sink with him??

When you owe the bank $1 Billion, you are as good as a shareholder in the bank. No bank will dare push your head under water, because if you go bankrupt, the bank has to write off $1 billion. When you are among the special group of people who can get $1 billion loan, you are indeed very special.

 

[downgrader]

hahaha, these loans are secured against property

 

[Merl Haggard]

When you owe the bank $1 Billion, you are as good as a shareholder in the bank. No bank will dare push your head under water, because if you go bankrupt, the bank has to write off $1 billion. When you are among the special group of people who can get $1 billion loan, you are indeed very special.

This fucker is only a new kid around the block and he is not Ng Teng Fong or Quek Leng Beng's class.

 

[pweesng]

Simon Cheong is from the Hong Fok family... belongs to the blood fo KP and WP Cheong. Development is in their blood... he is not a NKOTB lah...

in any case, which real estate developer is not owing the bank a lot of money? in the last year or 2 of frenzy, everyone is grabbing land and enbloc... everyone owes the bank a lot of money.

IF you look at SC global's project, the good thing is most of the land parcels are bought rather early in the game. projects like the marq, he only need to sell approximately 35% to 40% of the NSA to break even, which is the case in the marq. the rest of his project, trust me, he already broke even.

Now to SC Global, it is a matter of getting more money out of the exisitng "inventory". not an easy time for him (or any developer), but trust me, he is not out of the game yet. at least he hasn't gone the road of Capitaland, where they had to make massive write down for Char yong Garden and Farrer park....

but RE companies, won't have a good year, or 2 going forward.

 

[maituleow]

in any case, which real estate developer is not owing the bank a lot of money? in the last year or 2 of frenzy, everyone is grabbing land and enbloc... everyone owes the bank a lot of money.

That's the issue, if you owe the Bank so much money and your shares are beaten down with the property market slowing with few buyers at their high asking prices , won't the bank ask our friend to top up to gear to current market levels???? If the properyies are pledge with the bank would they just pretend that the value is still the same as when they took out the loan???

 

[Merl Haggard]

Since when Simon Cheong is related to the Cheong family of Hong Fok?

FYI his father was only a clerk to KP Cheong's father.

Simon Cheong is from the Hong Fok family... belongs to the blood fo KP and WP Cheong. Development is in their blood... he is not a NKOTB lah...

in any case, which real estate developer is not owing the bank a lot of money? in the last year or 2 of frenzy, everyone is grabbing land and enbloc... everyone owes the bank a lot of money.

IF you look at SC global's project, the good thing is most of the land parcels are bought rather early in the game. projects like the marq, he only need to sell approximately 35% to 40% of the NSA to break even, which is the case in the marq. the rest of his project, trust me, he already broke even.

Now to SC Global, it is a matter of getting more money out of the exisitng "inventory". not an easy time for him (or any developer), but trust me, he is not out of the game yet. at least he hasn't gone the road of Capitaland, where they had to make massive write down for Char yong Garden and Farrer park....

but RE companies, won't have a good year, or 2 going forward.

 

[lifeafter41]

Good on you. Simon Cheong has been trying desperately to talk up the market, giving full page interviews with Today newspaper, Business Times and Bloomberg TV in last few weeks. Since then his stock has dropped from $1.10 to 78 cents. The more desperate he is, the more the stock drops. I still think 45 cents as mentioned in previous thread some time ago, hahaha.

SC Global just hit 0.45 cents today. What's next.

 

[downgrader]

HAHAHAHAHA.... even stupid guy like me can get it right, how come all these traders so many get wrong

 

[downgrader]

Every time Simon Cheong talks to media,...SELL!!

Smart people like Liew Mun Leong keep low profile and make money.

Talk cock sing song yaya papaya all cannot make it

 

[downgrader]

Since when Simon Cheong is related to the Cheong family of Hong Fok?

FYI his father was only a clerk to KP Cheong's father.

aren't you happy you cut your losses fast?

when yayapapaya developer gets interview with Today newspaper to try and push up market you know he is very despearte

after he appeared on Bloomberg the stock kena sold off heavvily

 

[Merl Haggard]

aren't you happy you cut your losses fast?

when yayapapaya developer gets interview with Today newspaper to try and push up market you know he is very despearte

after he appeared on Bloomberg the stock kena sold off heavvily

Thank God I cut at 85c not very long ago.

Today closed at 45 and very soon it will reach 38.

Then banks start to call SC Global to top up margin for construction loans.

Simon Cheong can't top up margin-call and he disappears to Canada.

 

[lifeafter41]

Thank God I cut at 85c not very long ago.

Today closed at 45 and very soon it will reach 38.

Then banks start to call SC Global to top up margin for construction loans.

Simon Cheong can't top up margin-call and he disappears to Canada.

0.38 by next friday?.