check out the figures, page-16

CBRE has said cbd valuations had fallen 5%.

But no one was buying or selling so it was hard to get evidence of it yet.

the decline in asset values isn't likely to show up August 27 or even in December

They predict a fall in valuations of anything up to 15 % which is less than is priced into the shares at the moment.

The bank covenant will be triggered at about 10% bu that probably won't happen if they can sell the hotels.

So it looks like it going to be a pretty close call.

So far they have about $1 bn of head room and that could be about $2 bn if they can sell the hotels ($900 m)

As far as I can see they have about 5-6 months up there sleeve to sell the properties.

apparently hotel demand and occupancy is pretty good.