yu man ying lulu, page-9

Each of the Rubicons have their own issues. RAT has the worst NTA and gearing but at least the there is interest in the assets. RJT has a real problem with their leases. A lot expire this year and they appear to be old B grade properties requiring huge capex to attract new tenants. Meaning Rental discounts and/or long vacancy periods. Japanese banks can also behave irrationally. REU has high quality properties, long leases but a poor market for sales. I'm now calling RAT #1REU #2RJT#3