The Nation (Thailand) 25 May 2009
Property tycoon Boon Vanasin’s Rajthanee Group is negotiating to buy hotels and resorts from owners who have been hit hard by the global economic crisis, the recent political turbulence and the swine flu outbreak. Boon, Rajthanee’s chairman, said last week that some owners had approached him about purchasing their businesses.
The New York Times 26 May 2009
The owners of the Four Seasons Resort Aviara, north of San Diego, have been locked out of the property by the hotel operator, lawyers claim. This month, Four Seasons added security, including personnel at checkpoints, to stop the owners and their representatives from getting access to the Aviara resort. The owners have accused Four Seasons of mismanagement, tried to fire the company and named a replacement operator – who so far has not set foot on the property.
The Australian 26 May 2009
Outgoing GPT chairman Peter Joseph apologised to shareholders for the property trust’s poor performance after being grilled for more than three hours at the company’s annual general meeting in Sydney yesterday. Many of the 55,000 investors were angry with the decision to invest in a disastrous joint venture with Babcock & Brown in Europe. GPT’s share price had plunged from a high of A$4.14 in December 2006, when it was capitalised at A$11.43bn, to just 49¢ on 25 May.
The Standard (Kenya) 26 May 2009
The Auctioneering Licensing Board has suspended two property companies in Nyanza province. Odongo Investments and Elimonyes Auctioneers were barred from business until the board reverses the order.
National Post (Canada)
26 May 2009
Surveyors are angry that Canadian Safety Association-approved rubber boots do not come in ladies’ sizes. Workers involved in surveying are required by law to wear CSA-approved work boots. Alexandra Hernould of Ilderton, Ontario, said: “Not producing safety footwear for women is a sexist policy.”
The Ukrainian Times 27 May 2009
House prices fell by 50% on the secondary market in Kiev last year, according to the Union of Real Estate Experts of Ukraine. One-and two-room apartments had seen a record fall in prices owing to the credit crunch and depreciation of the hryvnia.
