You wrote:'I'm tipping an announcement this week broadcasting...

You wrote:

'I'm tipping an announcement this week broadcasting good news on the finance reshuffles in the Trusts and an update on sales.'

Yes, I think Mr. Chun has already foreshadowed this.

I also think your analysis is pretty accurate.

But I also believe that which REITs will survive depends upon what their assets are.

I was talking to a commercial property expert from Sydney over the weekend. He said that quite a worrying feature there is the way rental income for office blocks is declining, because of bankruptcies and a lesser willingness for people to take on office space as their business outlook suffers.

Thinking about this, and the related outlook for shopping centres, it struck me that retirement villages are about the most desirable REIT asset, a proposition my Sydney contact agreed with.

On Plough's point, I think only a few REITs are going to survive this, and I'm betting BEC will be one.

I still like the Notes, and if we're right about BEC, they provide a very attractive return even after the recent rise.