a plan of action when the market opens, page-9

You may be right Koro, although the instos have coughed up $1B to say otherwise, and one thing is sure - they are $1B better off this week than last in terms of debt:equity ratios, but if property prices plummet then not much is going to save a lot of the over-leveraged property trusts.

But, if property prices hold up, or don't fall much, the cashflows are fine, and the banks will lend to them as long as they have the collateral and cashflow - in which case the yield and current prices will be looked upon as a bargain.

I look at the current market price as a betting market between survival and failure - if they survive they are worth around NTA, if not, they are worth 0, and the current price is a reflection of the market probability assigned to both outcomes.