director sells ...cant blame him for that, page-3

Please enlighten me! I am confused why City Pacific is so much different from what the banks do in lending for property? If you believe the forecast, the yield from City Pacific looking forward is approx 9.4% franked with the banks at around 3-5 %. My question isn't so much whether City is over valued, rather does one expect the banks to come back significantly as their lending for property etc. comes off? Typically, the market just doesn't seem to make rational sense in this instance. As lending comes off isn't the effect of this partially counterbalanced by the extra money being generated by the higher interests rates. Most of analyst say they expect a flat market not a non existent one?

Otherwise, is it true that Sullivan sold his shares to another director? If so that isn't really saying the directors are jumping ship. I suppose I am just having difficulty coming to grips with the masive neg18% revaluation of the stock, I would have thought it would have balanced before this. Loooooosing money - ouch!

I hold CIY and will continue to hold just for the yield. I hope the hype isn't correct and they don't stuff the final div. up!