Saturday, August 29, 2009
Canary or songbird in the coal mine
Qatar and China have had to jump in to rescue Canary Wharf. Songbird Estates, which lost a mere Â£1.8bn last year , agreed to raise equity financing to safeguard its future - not so good for shareholder then. Analysts say the fundraising will be the biggest ever seen in the property sector - which just goes to prove the size of hole in the property sector. More write downs to come no doubt.