Metro Holdings

[greengiraffe]

In addition to the last minute closure of sales of Metro City BJ, its known listed investments in HKSE also performed well during the quarter:

i) Topspring (3688)- 50m shares ended at HK$4.00 vs HK$3.30 as of 30 Dec 11

ii) Shui On Land (272) - ended at HK$3.14 vs HK$2.36.

There should be handsome writebacks but dunno if that would positively impact bonus payments to Jopie Ong and other directors.

Given that Metro has slowed sizable China developments after EC Mall, it will be difficult to see where substantial gains from China asset sales could be coming from in the light of prevailing hawkish and tight credit environment towards real asset investments.

Note that Metro City BJ has a state owned partner and there could possibly be other reasons behind the closure of the sales process given the dismal operating conditions of the mall for prolong period of time since opening.