maybe maybe not..

if CNP was an isolated event then it would have a better chance of survival. the thing to consider is its just one of a mounting group of leveraged property companies in need of help. The US property market is starting to show signs of free fall. CNP bought US based shopping centres and probably paid to much for them at a time when access to cheap money was not a problem.[how else do you get to buy 800 of them] Now we have a changed market. Cheap money is OVER. Shopping centres are not worth what they were [check asset write down for comfirmation] Even the guys from westfeild said that they thought the assets were not up to their standard [maybe some were]. The US fed reserve is crunching rates to try and save the economy. The whole problem was caused by US interest rates left tooo low for tooo long and the banks were awash with money and simply opened up the flood gates to some risky lending practices to get the stuff out the door. What could be better than property right?????????? it always goes up right?????? Even commercial property in London has dropped by 10% in short order. For those who don't already know this..the banks are Sh^ting themselves and want the money back to strengthen their own balance sheets. A friend of mine works for a big international bank and reckons a lot of banks are simply telling porky pies about the size of the problem and he has sold out of everything and gone into cash.The big US investment banks have done nothing but write downs. imagine what would happen if they told you the real number in one quarter? do you think the DOW would be trading here? What about the residential housing market in oz? there are 5 new homes within 500m of my house up for sale in the last 3 weeks. These homes are in the $1.5m bracket. If you believe the real estate institute,rising interest rates are only effecting the sub prime market..yeah right. How will CNP go with the weakening US dollar when they bring the money back? Why are our banks tanking every day now? Most banks in the US trade at half our multiples. I am not telling you to sell the stock, i dont know if you should. I am saying that given the bigger picture, cash is looking good to me short term.How many of your brokers really understand the stock? where are the buy recommendations? where are the 'hold' recommendations for this stock? dyor.