no1 martin place , page-11

You are assuming its still worth $485M to arrive at your 50%LVR. Now slash 20% off the valuation and rework your LVR.

Can you just alaborate on how this or any other financial stock is being shorted given its illegal to do so? If there was any skull duggery going on with shorting, you can bet your bottom dollar it has stopped now. The broker's arse is now on the line now if anyone is caught doing it and failed deliveries of any size are quickly investigated.

The LPTS will crater gain and soon but it wont be from illegal shorting, the rents are getting hammered now ( again emphasise that it is not critical that a lease/s has expired for the valuation of a building to come down. The surrounding market rents only need to come back and that will be the major determonant of the valuer even if the property owners cash flow is unaffected in the short term.)

At this stage, although there is numerous new leases providing market rent data (i.e allot lower than last year) coming on stream, the CBD commercial valuation specialists know full well that more and more secret side deals are now getting done between Landlord and tenant before and after leaes are expiring to keep the tenant solvent and in the property. This side deals usually have confidentiality clauses attached forbidding the tenant from disclosing it. The property owner usually does not want the valuer to know what the real rent has dropped to as it will have an impact on the valuation).

The big valuation companies are suspicious and will often use their own market intelligence to ferrit these out where possible.