Considering the topic of this blog site, I thought that this storey may have grabbed the attention of resident bloggers here. The storey of 'Treoc' appeared in last weeks Cape Times. My sources tell me that there are potential losses mounting to the tune of a few billion - with just 1 bank.
"A SOMERSET West property scheme that allegedly duped the four major banks into overexposing thousands of investors to about R5 billion rand in bonds, has come under the spotlight in a sequestration inquiry in Cape Town."
This article below confirms exactly what i was saying about the shortage of moderately priced rentals a while back. There just aren't enough rich people in this country to afford our housing stock. Somehow, sometime, someone is going to have to go to the wall for this massive missallocation of resources. South African renters can't get the credit anymore to set themselves up for bankrupcy, so who's it gonna be? Who's it gonna be? Whoooooooo isssssss it gonnaaaaaa beeeeeeeeeeee?
CT Bubble: At this stage all I have is the section posted. I too don't have access to the Cape Times online. Hence the blog post to try and get some further clarity, if anyone out there knows....
6 comments:
burst the bubble!!
woo hoo, oh yeah baby, burst my fu$#ing bubble bit@!
Considering the topic of this blog site, I thought that this storey may have grabbed the attention of resident bloggers here. The storey of 'Treoc' appeared in last weeks Cape Times. My sources tell me that there are potential losses mounting to the tune of a few billion - with just 1 bank.
"A SOMERSET West property scheme that allegedly duped the four major banks into overexposing thousands of investors to about R5 billion rand in bonds, has come under the spotlight in a sequestration inquiry in Cape Town."
Propxchanja: Do you have a link?
Hi y'all
This article below confirms exactly what i was saying about the shortage of moderately priced rentals a while back. There just aren't enough rich people in this country to afford our housing stock. Somehow, sometime, someone is going to have to go to the wall for this massive missallocation of resources. South African renters can't get the credit anymore to set themselves up for bankrupcy, so who's it gonna be? Who's it gonna be? Whoooooooo isssssss it gonnaaaaaa beeeeeeeeeeee?
http://www.realestateweb.co.za/realestateweb/view/realestateweb/en/page228?oid=53120&sn=Detail
CT Bubble:
At this stage all I have is the section posted. I too don't have access to the Cape Times online. Hence the blog post to try and get some further clarity, if anyone out there knows....
Google Treoc and some very interesting views on their method appear:
http://www.theforumsa.co.za/forums/showthread.php?t=3512
http://secure.financialmail.co.za/08/1212/cover/coverstorye.htm
Looks like the grand daddy of a Capital Inv situation - lots of properties, lots of investors, not much of a solution for those needing out.
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