Despite Huge Losses, GIC Keeps Buying Unwanted Companies

[sgnewsalte]

Despite huge losses from bad investments, GIC is still dumping money on companies that others are keen to dispose. Read this report, which is not reported in State Times. It is buying Prologis's China operation as well as it's japanese property fund interest for US$1.3 billion. In this transaction, GIC will assume all liabilities associated with the property acquired, as well as having to further reimburse another $45 million to Prologis for "development funding". Another potential bad investment down the drain? Lets monitor this one closely.


http://news.prnewswire.com/DisplayR...&STORY=/www/story/02-09-2009/0004969200&EDATE=

GIC Real Estate Buys Prologis's Asia Operation For 1.3 Billion

PRNewswire, 9 Feb 2009

"Additionally, the company said that it has closed the previously announced sale of its operations in China and property fund interests in Japan to affiliates of GIC Real Estate (GIC RE), the real estate investment arm of the Government of Singapore Investment Corporation. Total cash consideration for the transaction is $1.3 billion, which will be used to reduce debt and for general corporate purposes. The funding will occur in two phases; $500 million was received by ProLogis upon closing and the remaining $800 million will be funded upon completion of year-end audits of certain entities, which the company expects to provide as soon as possible, but no later than early in the second quarter.

GIC RE has assumed all liabilities associated with the properties acquired. In addition, GIC RE will reimburse ProLogis approximately $45 million of development funding expended by the company in China since November 1, 2008.

While the impairment charge of $198 million associated with the sale of the company's China operations is included in the non-cash charges taken in 2008 outlined above, the gain of approximately $140 million associated with the sale of the company's property fund interests in Japan will be recognized in 2009. As a result of the Asia transaction, ProLogis' development pipeline is reduced by $1.0 billion, including over $200 million in costs to complete development of the assets previously owned directly and within ProLogis' development joint ventures in China."

 

[makapaaa]

I like leh? *ouch*​

 

[makapaaa]

 

[The_Latest_H]

Property firms..again? When all other property markets are facing downward pressure?

LKY is having an expensive joke on our expense!

 

[batman1]

Property firms..again? When all other property markets are facing downward pressure?

LKY is having an expensive joke on our expense!

So they are not so clever after all.But they declare themselves to be the best best best minds on Earth.We only worry they bankrupt Sinkeeland so fast into a Zimbabwe.I think now Sinkees got nighmare with them in charge.Wah piang ! throwing good money like nobody's business and nobody can do anyhting about it !!!! OMG ! 1 billion here,2 billion there,3 billion forward,4 billion backward like playing Monopoly.Gone case.

 

[Leongsam]

Despite huge losses from bad investments, GIC is still dumping money on companies that others are keen to dispose.

The unwanted companies of today are the stars of tomorrow. I call that savvy investing. Many billionaires made their pile buying stuff that nobody else was interested in.

Take Bill Gates as an example. He bought CPM-DOS for a song and turned it into MS DOS.....

I admire GIC for their long term helicopter vision when it comes to investments and acquisitions.

 

[depeche]

So now the GIC is extremely greedy while others are fearful...let's see if it a right move...but again, they're talking about long term...10 -15 years???

 

[The_Latest_H]

The unwanted companies of today are the stars of tomorrow. I call that savvy investing. Many billionaires made their pile buying stuff that nobody else was interested in.

Take Bill Gates as an example. He bought CPM-DOS for a song and turned it into MS DOS.....

I admire GIC for their long term helicopter vision when it comes to investments and acquisitions.

Problem is that Bill Gates was using his own money. Warren Buffett uses his own money and they are all savvy investors, buying out when they know the market has bottomed out.

GIC and Temasek were buying bad companies in 2007 and 2008(and doing it again this year), which hasn't bottomed out and using not their money but foreign reserves which were entrusted to them to manage well on the people's behalf.

That's why Australia's government don't do these sort of "investments". The foreign reserves are only for national purposes, and not to be used overseas to acquire companies. Governments should not become investors if they don't have the skills to be investors. The rules should also explictly state that they cannot be investors at all. Its about trust and confidence in the relationship between the people and the government, and the PAP has lost a lot of both in this relationship.

 

[funglung]

So they are not so clever after all.But they declare themselves to be the best best best minds on Earth.We only worry they bankrupt Sinkeeland so fast into a Zimbabwe.I think now Sinkees got nighmare with them in charge.Wah piang ! throwing good money like nobody's business and nobody can do anyhting about it !!!! OMG ! 1 billion here,2 billion there,3 billion forward,4 billion backward like playing Monopoly.Gone case.

LKY GOT THE MONEY.

Your money by the way

LKY still got the mechanism to screw you of even more money, the same way he screwed money from you before.

You all pay for your lack of balls

taxpayers are paying more than millions...

where has our 400 billions gone?

No way any government or regime make that kind of money.

THAT 400 BILLIONS WERE MADE BY SINKIES, AND TAKEN FROM SINKIES BY STINKING LKY AND USED BY LKY TO PRETEND HE IS AN ECONOMIC GIANT WHEN HE IS IN FACT A FUCKING ECONOMIC DWARF.

THEN SINKIES ARE TOLD NOTHING FOR FREE WHEN LKY AND HIS PAP BASTARDS TOOK IN 400 BILLIONS TO PLAY WITH AND FRENCH COOKING COURSES ARE NOTHING AT ALL TO THEM

SINGKIES !

FIND YOUR BALLS AND KICK OUT LKY AND PAP BASTARDS.

THAT 400 BILLIONS ARE YOURS AND YOURS ALONE

NOT TEMASICK OR GEE I SEE TO FUCK ABOUT WITH

 

[peterpan707]

So now the GIC is extremely greedy while others are fearful...let's see if it a right move...but again, they're talking about long term...10 -15 years???

Isnt this the gambler behaviour, the more you lost, the bigger you gambe.
In the end, what happen?

When you run out of idea, of course, the next thing is to gamble; i.e. Casino.

When you want gamble, gamble big... so 2 Casino...

 

[2lanu]

GIC and Temasek are buying bad companies in 2007 and 2008, which hasn't bottomed out and using not their money but foreign reserves which were entrusted to them to manage well on the people's behalf.

I remembered that white scum fatso lawyer mentioned on the TV that the money are the govt that earned it, so they have the right on how to spend it.

Then an accountant replied if $$$ is belong to govt, it is the people that owe it and they entrust the govt to manage it.

See? The white scum apparantly think they are the king above everyone...

 

[2lanu]

THEN SINKIES ARE TOLD NOTHING FOR FREE WHEN LKY AND HIS PAP BASTARDS TOOK IN 400 BILLIONS TO PLAY WITH AND FRENCH COOKING COURSES ARE NOTHING AT ALL TO THEM

SINGKIES !

FIND YOUR BALLS AND KICK OUT LKY AND PAP BASTARDS.

THAT 400 BILLIONS ARE YOURS AND YOURS ALONE

NOT TEMASICK OR GEE I SEE TO FUCK ABOUT WITH

You hit the nail! Those scums carefully skewed things up that when there is profit it was their credit so pay themselves $mil, when there is loss, it's belong to the people to bear.

Just like the SAF generals, peace time go oversea training, good time get big bonus. But when come to war, all hide under tunnel and ask the peasants soldiers to charge forward.

And no one is suppose to ask because they old scum self proclaimed founding father said so!