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Hmm. Are we getting a two-tier market?? MORE SIGNS of a soft market in wednesday's SCMP Rents are softening in the NT : down 10-15%, thanks to growing supply. There's a story of an owner in Fanling accepting a rent of $8,300 (for a lower floor flat under 400 sq ft) after failing to get the asking price of $10,000. I think $10k is clearly too high, and maybe $9,000 or so per sf would be right for a lower floor flat, and it could be less, if in poor condition. So that's more like softness, rather than a 10%+ drop imho. There's definitely some new supply coming in various non-prime areas, especially for the (popular) smaller flats

"Bengaluru innovator creates super high-efficiency machine that produces power from vacuum" Interesting. We may be getting very close to major announcements in the mainstream media

The good and bad of being an AirBNB provider The AirBnb Experiment: How I Impulsively Started a Vacation Rental Business March 20, 2014 By Paula Pant 68 Comments AIRBNB COUPON: Get $20 off your first Airbnb stay. This article is Part 1 of The Airbnb Series. When you’re done, check out Part 2, Part 3, and Part 4. “I wonder if …” . . . You see, I recently finished renovating one of my apartment units. Pre-renovation, it rented for $700 per month. Post-renovation, I think I can rent it for about $1,100/month. But then I started thinking, “I wonder if …” “… I could boost my profits by renting the apartment as a short-term vacation rental?” And that’s how The AirBnb Experiment began. How I ‘Accidentally’ Started a Vacation Rental Business (Brief background for new readers: My partner and I own six rental units, which produce a combined $35,000/year in net passive income (after all expenses, including management). You can read about them here, here, here and here.) As soon as “I wonder if …” popped into my mind, my knee-jerk reaction was to focus on the drawbacks of managing a vacation rental business. More turnover. Higher vacancy. Extra management. Upfront costs of furnishing. Higher guest expectations (full-service). I observed those objections arising. And then I asked myself, “How can I battle these?” #1: Separate “Investor Paula” from “Manager Paula.” I’ll track my hours and ‘pay myself’ the free-market rate for this position ($20/hr). Then I’ll see whether or not Investor Paula still makes a profit, even after paying Manager Paula for her time. This is crucial. Many business owners think they own an investment, when they really just own a job. The only way to successfully invest in real estate is to make a profit after paying yourself (or paying someone else). #2: Commit. I’ll commit to this experiment for at least 6 months, if not a year. That way, I can measure vacancy and turnover across the span of several seasons. #3: Budget. I’ll furnish the apartment on a $2,000 budget – including paying myself for my labor. (I’m not giving my time away for free!) Here’s what happened next: == > MORE: http://affordanything.com/2014/03/20/airbnb-experiment-impulsively-started-vacation-rental-business/

Political instability seems inevitable in Saudi - have you listened to Abby Martin's report? (welcome back. hope you are well) Empire Files: Inside Saudi Arabia: Butchery, Slavery & History of Revolt By Abby Martin on October 5, 2015 Podcasts & Videos, The Empire Files Podcast: Play in new window | Download (Duration: 27:12 — 12.5MB) | Embed Abby Martin takes us inside the brutal reality of this police-state monarchy, and tells the untold people’s histo

KITCO The 6PM Recap With Gary Wagner: Watching The River Of Crude Oil. Does Anyone Know The Real Story? Ask Putin. - Kitco News, Oct 7 2015 Silver Prices React To Strong Oil Prices; Gold Notches Another 2-Week High - Peter Hug - Kitco Video News, Oct 7 2015 4:35PM Gold To Suffer By Year-End, 2016 Due To U.S. Rate Hikes - Top Gold Forecaster - Kitco News, Oct 7 2015 1:35PM === === A mainstreamer type view on Putin ? The U.S. government's Energy Information Administration (EIA) reported that crude inventories in the country’s storage facilities jumped by 3.1 million barrels last week, versus a 2.2 million-barrel build predicted by analysts in the weekly Reuters survey. Being off by 33% is bad enough, isn’t it? But just yesterday, preliminary inventory data by the American Petroleum Institute suggested a drawdown of 1.2 million barrels. So, if you compare the EIA report and the API records, the swing is 4.3 million barrels. We’re not talking about pebbles on a beach here. We’re talking about 55-gallon drums of an expensive commodity. Not surprisingly, oil prices slid after the EIA report. At first prices seesawed in volatile trading today, trying to cling to a third day of gains even after government data showed the large U.S. crude inventory build. Perhaps traders panicked a touch, but the whole scenario speaks to the fears and inconsistencies within the energy markets when it comes to predictive data. We would like to turn to the situation in Syria being fomented by the Russians. We believe that Putin is working hard to destabilize a tottering region in the hope that he can lean on Iraq, gain the complicity of Iran and threaten Saudi Arabia and the Gulf States in order to push energy prices back up to beefier levels. Russia is on the brink of insolvency. This is why Putin decided to risk a war with NATO ??? (To me, and maybe to Paul Craig Roberts this doesn't fit the facts. Why are Russian stocks hold up so well. Nice try, by another Zionist tool? probably. Saudi Arabia is in trouble without any help from Putin.)

Golden Valley vs. Abitibi Royalties / GZZ owned 51% of RZZ in 2015 : d#1 : m#2 : RZZ-etc w/ GZZ.v ... from Beg. 2016 : Sym.: Company------- : C$price: Low-High-- : ShOS : MktCap : $Cash : BkVal : Pr/BkV : Pr./Ls : Expense : Exp/sh. GZZ : Golden Valley-- : $ 0.100 : $.075-$0.21 : 99.20 : $9.74m : $2.37m : $0.200 : 50.0% : +$0.08 : $0,000. : $0.000 RZZ : Abitibi Roylaties : $ 2.450 : $1.53- $5.10 : 10.92 : $26.8m : $1.67m : $2.180 : 112.% : +$1.75 : $0,000. : $0.000 ===>: GZZ owns 51% : of- RZZ : $2.45>$26.8m x 51% : $13.7m : KZZ : Nunavik Nickel -- : $ 0.045 : $0.04-$0.18 : 12.88 : $0.58m : $0.14m : $0.120 : 37.5% : - $0.02 : $0,000. : $0.000 VZZ : Uranium Valley -- : $ 0.025 : $.035-$0.10 : 11.17 : $0.28m : $0.06m : $0.020 : 125.% : - $0.01 : $0,000. : $0.000 ===> : GZZ owns 60%: of - KZZ : 37% - of VZZ : ------- > $0.68m ===> : Sub-Total RZZ :: + + KZZ : and +++ VZZ : ------- > $14.4m : +$2.4m : +3.0m : GZZ website : http://www.goldenvalleymines.com/ : RZZ : XXX : UZZ : Share Structure (per website) Sym.: Company ------- : C$price: -Low-High-- : ShOS : Mgmt. /FullyD : %- Co. GZZ : Golden Valley-- : $ 0.100 : $.075-$0.21 : 99.22 : 5.988 /108.25= 6.03% RZZ : Abitibi Roylaties : $ 2.450: $1.53- $5.10 : 10.92 : On March 19, 2015, Abitibi Royalties entered into an acquisition agreement with Canadian Malartic GP, a general partnership, Yamana and Agnico to sell its 30% free carried interest in the Malartic CHL Property in consideration for 3,549,695 shares of Yamana and 459,197 shares of Agnico and a 3% net smelter return royalty on the Malartic CHL Property. Based on the closing prices of the shares of Yamana ($4.93) and Agnico Eagle ($38.11) on the TSX (on February 20, 2014 the day before the announcement of the transaction), the consideration received by Abitibi Royalties amounted to $35 million excluding the royalty. The Abitibi Royalties has recorded a gain of $25,246,624 on the sale of its 30% free carried interest in the Malartic CHL Property, > http://www.goldenvalleymines.com/investors/financials/2015/GZZ-FS-June30-2015.pdf GZZ.v versus RZZ.v ... 4-yrs-W : 2yr-D : 6mo-D : 10d / ... pd Comparison - up to Oct. 2015 Updated: RZZ vs GZZ - to 8/3/2017 ... update : RATIO

Generative Exploration Co's: RRI, LRA,... etc .... Holds: ch#1: ch#2: ch#3 : zc +m m : More co's (see post#11): Examples: Mirasol Resources, Reservoir Minr'ls, Riverside Res., Aurion Res., Lara Explor., Miranda Gold, Evrim Res. http://ramageoscience.com.au/wp-content/uploads/2013/01/Rx_station-small.jpg GZZ-etc: ch#1 These co's are getting very cheap, and some of them have royalties, etc to cover their expense base. UPDATE: Late June 2019. (removed) Might this be a good time to start buying? Sym.: Company------- : C$price: Low-to-High: ShOS: MktCap: $Cash : BkVal.: Pr/BkV : Pr./Ls: Expense: Exp/sh. AVU : Avrupa Res---- : $ 0.160 : $0.07-$.400 : 55.48 : $8.88m : $0.29m : $0.040 : 00.0% : - $0.03 : $0,000. : $0.000 AZM : Azimut Explor.- : $ 0.130 : $0.10-$.285 : 37.64 : $4.89m : $1.44m : $0.180 : 72.2% : - $0.08 : $0,000. : $0.000 ALS : Altius Minerals* : $ 13.25 : $9.86-15.47 : 39.93 : $529.m : $15.5m : $8.750 : 151.% : - $0.70 : $0,000. : $0.000 CKG : ChesapeakeGd : $ 1.540 : $1.39-$2.90 : 44.42 : $68.4m : $28.7m : $1.950 : 79.0% : - $0.11 : $0,000. : $0.000 GZZ : Golden Valley-- : $ 0.100 : $.075-$0.21 : 99.20 : $9.74m : $2.37m : $0.200 : 50.0% : +$0.08 : $0,000. : $0.000 LRA : Lara Exploration: $ 0.305 : $0.20-$0.55 : 31.21 : $9.50m : $0.81m : $0.080 : 381.% : - $0.08 : $0,000. : $0.000 NGE : Nevada Explor. : $ 0.180 : $0.05 -$0.35 : 30.91 : $5.56m : $0.03m : $0.250 : 72.0% : - $0.02 : $0,000. : $0.000 RRI- : Riverside Res. -: $ 0.155 : $0.15 - $0.36 : 37.00 : $5.74m : $5.90m : $0.230 : 67.4% : - $0.07 : $0,000. : $0.000 ==== *Holds shares in jr co's, with project generative exploration Cash and Book Value per Yahoo: http://finance.yahoo.com/q/ks?s=RRI.V+Key+Statistics ==== CKG : Chesapeake Gd: $ 1.540 : $1.39-$2.90 : All : 2yrs : 6mos : GZZ : Golden Valley--- : $ 0.100 : $.075-$0.21 : all-data : 2yrs : 6mos / RZZ : all : 2yr : 6mos : LRA : Lara Exploration : $ 0.305 : $0.20-$0.55 : all-data : 2yrs : 6mos : RRI- : Riverside Res. - : $ 0.155 : $0.15-$0.36 : all-data : 2yrs : 6mos : ===

Others: GZZ .. LRA .. RRI GZZ: http://ceo.ca/2015/09/09/glenn-mullans-golden-ticket-abitibi-royalties-sept-2015-update/ What Glenn’s saying: – Abitibi has low overhead and a goal of decreasing shares outstanding through buybacks. – Yamana ($YRI) and Agnico Eagle’s ($AEM) Canadian Malartic gold mine is the largest in Canada (550k oz Au production annually and 16-year mine life) with exceptional community support. Mr. Mullan lives about 20 minutes away in Val D’or. – Mullan’s Golden Valley Mines ($GZZ.V) staked a significant area adjacent to Canadian Malartic in 2006 and spun out its interest to Abitibi Royalties in 2011. – in 2014, Ian Ball, a young mining executive with close ties to Rob McEwen, joined as the company’s president. McEwen has an approximate 8.7% interest in the company. Ball subsequently became CEO in 2015. – The Yamana-Agnico Eagle JV that operates Canadian Malartic is hosting an analyst tour later this month. Mullan is optimistic the joint venture will release exploration results from the newly discovered Odyssey Zone, which Abitibi holds a 3% NSR royalty on, prior to the site tour (while he makes no guarantees of this) – Material from Odyssey appears to be 2 g/t gold versus an average of about 1 grams in the current mine. Plus, the results are over significant 40-60 metre widths. Canadian Malartic’s 55,000 ton per day mill has an insatiable appetite for ore, and Mullan is optimistic Odyssey could host 1 million ounces of gold or more. There is no other brownfield exploration taking place at the mine. – Odyssey will see $3-4 million in exploration this year according to an April news release. Mullan expects the exploration and development of the discovery to play out over 3-5 years. – The Canadian Malartic JV is serious about Odyssey, having converted Abitibi’s 30% free carried interest into a 3% NSR and issuing $35 million worth of stock in March 2015. – Abitibi’s royalties on the Canadian Malartic camp, excluding any material from Odyssey, cover an area with approximately 400,000 ounces of gold which will start in approximately 2 years and run for 3 years. – Glenn previously took Canadian Royalties’ Nunavik nickel project from discovery through to production. Though he never sold his stake, Glenn lost control of the company to a Chinese group. The control losing lesson caused him to spin out the Canadian Malartic assets from Golden Valley Mines for a 51% stake in Newco (Abitibi Royalties). “Anyone who wants to take over Abitibi will have to come through Golden Valley’s front door,” Mr. Mullan said. Mullan is also Golden Valley’s CEO. – Abitibi is looking to grow its royalty portfolio and is evaluating royalties at all stages, from grassroots – Mr. Mullan’s specialty – to the more advanced stages, including production. The company will consider royalties in any commodity. – One of the CEO.CA readers asked about a success fee paid to members of Abitibi’s management of about $3.5 million. Mullan explained nobody at the company received compensation from 2011-2014. The fee was comparable to what a financial adviser would have received for structuring the $35-million 3% NSR deal with Agnico Eagle and Yamana. The fee will only be paid out of cash flow when the company has the capacity to pay it, and can’t be paid out of financing proceeds. – Mullan would prefer to sell Abitibi’s marketable securities to raise cash to acquire royalties rather than issue shares. – Abitibi is trying to cultivate a shareholder base with faith in management. “Survival is the key to success in mining,” Mullan said.

Buy this company for fifty cents on the dollar, literally October 20, 2014 BY Travis McPherson CATEGORY Gold, Resource Stocks, Rio Alto Mining, Stan Bharti, Stories, Sulliden Mining Capital, Rio Alto’s La Arena mine which is located 30kms from the former Sulliden’s Shahuindo project (Image: Rio Alto) The opportunity to buy a $1 bill and pay only $0.50 for it was created earlier this year in the shadow of the largest gold M&A deal of the year. The $3.6 billion acquisition of Osisko was announced in April when Goldcorp made a hostile offer for the Canadian gold miner and ultimately saw Agnico-Eagle/Yamana jointly outbid Goldcorp to take control of Osisko. Soon after that deal was announced, Rio Alto (RIO:TSX) the Toronto-based gold miner made a friendly +$300 million all stock offer for Stan Bharti’s Sulliden Gold which would see the two consolidate their Peruvian gold projects. Sulliden’s Shahuindo gold project located just 30 kilometres from Rio’s La Arena oxide and sulphide gold mine offered Rio the opportunity to extend their heap leach operations as they developed the larger and more expensive sulphide phase of their mine. It provided for operational and financial synergies as well as the opportunity for production growth. In order to convince Sulliden shareholders to tender their shares, Rio agreed to create a spinout company (SpinCo) that would hold Sulliden’s Quebec asset and be capitalized with $25 million in cash. The asset isn’t anything to write home about, but the cash enables the company to look at opportunities in this suffering sector. Sulliden shareholders were issued 0.10 of a new share in SpinCo creating Sulliden Mining Capital (SMC:TSX) which has 31,590,893 common shares outstanding and an enterprise value of negative $12.7 million (based on today’s share price of $0.385 and $25 million of cash). The new Sulliden’s mandate states the company “is a venture capital company focused on acquiring and advancing brownfield, development-stage and early production-stage mining projects in the Americas.” With a market capitalization that is half of its current cash balance, SMC is looking to make that money work for shareholders. Justin Reid, Sulliden Mining Capital’s President and CEO (Photo: Rio Alto) The management team at SMC which includes former Sulliden Gold executives Justin Reid and Peter Tagliamonte who were President and CEO of Sulliden Gold, respectively have made two investments since they began trading in August. Their first, a $530,000 investment in Falco Resources (FPC:TSXV) in early September to take a 1.6% stake in the company. Today that investment is worth $472,000. This morning, they announced a second and much larger investment; a $2 million private placement into Aguia Resources (an ASX-listed fertilizer development company). After closing, Sulliden will become a 15.7% shareholder in the Brazilian-focused developer. The deal includes one Board seat for Sulliden as well as a 1% NSR royalty on Aguia’s Rio Grande phosphate project in Brazil (can be repurchased for $1 million anytime over the next 36 months). Justin Reid, President and CEO of Sulliden Mining Capital, commented, “Our management has completed an extensive due diligence review of Aguia and the Rio Grande project, and we have great confidence in their team’s ability to successfully advance this asset. Our board seat will allow us to take an active role in our investment by overseeing the execution of the project; and if needed, we also intend to offer support to Aguia’s management as the project moves forward.” SMC is not the only cash box trading well below book value. Another company like this which we have highlighted in the past is Paul van Eeden’s Kobex Capital (KXM:TSX) which recently changed its mandate to an investment vehicle from a shell company looking for a mining asset. Kobex has a market cap of $25 million and has $27 million in cash with another $5 million in stock on its balance sheet. == > http://ceo.ca/2014/10/20/buy-this-company-for-fifty-cents-on-the-dollar-literally/

- 18,000,000 shs of Belo Sun (BSX) ($0.08 per share) - 43,000,000 shs of Aguia Res. (AGR-AU) ($0.36 per share) - 500,000 shs of Falco Res. (FPC) ================= Aguia Res. (AGR-AU) (2015. was $0.36 per share) ... all-data: 5yr: 2yr: 1yr: 10d/ 10/2020: A$0.042 -88.3% Belo Sun (BSX) ($0.08 > 0.205, Oct.2015) ... All-data: 5yr: 2yr: 1yr: 10d/ 10/2020: C$1.05, +412% Falco Res. (FPC) $0.245, Oct.2015 ... All-data: 5yr: 2yr: 1yr: 10d/ 10/2020: C$0.415, +69.4% (In edit - from 2019 Report): Investments > source Biggest Holdings were ====== : shares : - Paid : $-Cost : @6.20 $-Value TLG,v : 6.73 M : 0.731: 4.92m : $1.000 : 6.73m > largest shareholder, 7.6% ERTH.c : 5.55 M : 0.282: 1.57m : $0.320 : 1.76m FURA.v : 9.33 M : 0.344: 3.21m : $0.150 : 1.40m QMX : 4.87 M : 0.112: $544k : $0.140 : $682k QMX.wt : 577 K : 0.149: $. 86k : $0. ??? : $000k QGR : 2.50 M : 0.065: $163k : $0.230 : $575k QGR.wt: 2.50 M : 0.035: $ 87k : $0.??? : $000k BKI.t. : 4.77 M : 0.100: $478k: $0.105 : $501k AAG.v : 1.08 M : 0.411: $444k : $0.325 : $351k AAG.wt : 1.48 M : 0.265: $392k : $0. ??? : $000k ================= Top 7 holdings> $-Cost: 11.01m : ——— > 10.74m OTHERS: ====== Company. : shares : - Paid- : $-Cost : @10.02 C$-Value AGR.au: Aguia Res. : 375K : $0.260 : $ 97.6k : $0.042: $ 15.8k BSI.h.t : BlueSkyEgy: 955K. : $0.953 : $ 911.k : $ 0.100: $ 95.5k EMO.t : Emerita Res: 1.46M : $0.000 : $ 504k : $ 0.345: $503.7k MCO.t : Magnolia Co: 4.00M : $0.117 : $ 467k : $ 0.05D: ?200. k CNQ.c : Quest Cap. : 846K : $0.067 : $ 56.6k : $0.175: $148.1k ====== : =======================> $2.04M ======> $963K EMO.t ... 5yr: 2yr: / last: $0.27, yrH: $0.395

TAXES Pew: City residents still confused by new property-tax system Philly.com-16 Sep 2015 The 2013 overhaul of Philadelphia's property-tax system hit residential homeowners hard, with valuations tripling for nearly a third, according to a report released Tuesday by the Pew Charitable Trusts. Yet many homeowners are slow to use relief programs, and 68,000 eligible Philadelphians have failed to apply for an exemption that could trim their tax bills, the report found. "It's not really clear why some homeowners have failed to apply," said Emily Dowdall, the report's author. "City officials told us they have tried to make the process as easy as possible." Report: Commercial property tax rate change could bring nearly 80K ... Philadelphia Business Journal (blog)-8 Sep 2015 Philadelphia Growth Coalition hired Econsult Solutions Inc. to analyze the affect of its proposal to raise additional revenues by increasing the tax rate on commercial real estate, which would generate enough funds for the city wage tax to drop below 3 percent by 2025, the report said. Lowering the wage and business taxes, combined with the revenue from the higher commercial real estate tax, according to Econsult, would potentially create 79,000 jobs over a decade. “That compares to an increase of just 18,000 jobs over that same period if the changes are not enacted,” the report said. An amendment to the state’s constitution would be needed to allow Philadelphia to charge a higher tax rate for commercial real estate than for residential. Under state law, all property must be taxed at the same rate. In latest plan, Wolf backs off Pa. sales tax hike Philly.com-6 Oct 2015 The new revenue would also be used to eliminate property taxes for an additional 216,300 seniors and 31,000 households with disabled ...

Sulliden Mining Capital (SMC) SMC-etc: from 1/2019: 1/2020 ... 10d / SMC: 0.075, AGG: 0.17, BrPot (priv.):, FURA: 0.14-old, OIC: 0.21, QGR: 0.25, TM: 0.35 / prices @ 1.12.2021 === SMC.t / Sulliden Mining Capital (SMC)... All-data: 5yr-L: 3yr-L: 2yr: 1yr: 10d / Last: $0.065, yrL: $0.03, yrH: $0.095 3yr-L: 2yr: 1yr: 10d / Last: $0.065, yrL: $0.03, yrH: $0.095 SMC-etc : YTD : fr. 1/2019: 1/2020 : 5yr: 3yr: 1yr: 10d / Summary: (as of Oct. 2015) Sulliden Mining Capital (SMC) was spun-out and created as a result of the takeover the old Sulliden Gold by Rio Alto in 2014. Initially their only asset was cash (about $20 million), and one exploration property. The shares are currently trading at $0.22 and they have about 37 million shares outstanding (market cap of $8.14 million). Assets include: - $15,000,000 cash ($0.43 per SMC share) - 18,000,000 shares of Belo Sun (BSX) ($0.08 per share) - 43,000,000 shares of Aguia Res. (AGR-AU) ($0.36 per share) - 500,000 shares of Falco Res. (FPC) That’s about $0.90 per share in liquid assets. (in edit: diminished slowly towards $0.30).) Past success: In addition to the Sulliden Gold sale, the management team has also sold Central Sun Mining to B2 Gold in 2009, and Desert Sun Mining to Yamana in 2006. == > SMC website : http://sulliden.com/

SLV ran up to key resistance near $15.40 (?) ... 5-years : 12moW : 12moD / 10d: SLV : SLW : GDX : GLD : And I too some profits on Half of my SLW Call position, earning about 100% in a week. (Despite the strong rally, I counted three gaps on the way up, and that made me cautious)

Greenbelt Hamilton (on Legaspi St.) - going up fast The neighborhood will change, become more crowded. The mall at City Gate (2016-17?) should have loads of customers Photo Update : Reached the 28/floor, of 31 floors Map : Legaspi St., in Legaspi Village Height of Offices, & New buildings in the area: . ==============: height: stories: units: launch: start: compl: orig. price : Alveo Fin'l Tower: 186 m. : 49 st. : 0,365* : 09/12 : 20?? : 2020 : Php 189-230k GT Tower Int'l------ : 217 m. : 43 st. : Cl. A* : 00/00 : 1999 : 2001 : Ayala Life FGU---- : 126 m. : 33 st. : Cl. A* : 00/00 : 20?? : 1998 : RCBC Tower------- : 192 m. : 46 st. : Cl. A* : 00/00 : 1998 : 2001 : AXA Life Center--- : 095 m. : 25 st. : Cl. A* : Kroma Tower------- : 157 m. : 52 st. : 0,821 : 12/11 : 2013 : 2017 : Php 120k : Alphaland Mak 1-3 : 180 m. : 55 st. : 0,000 : 11/09 : 2009 : 0000 : GB Hamilton T1/2 : 111 m. : 31 st. : 0,601 : 05/11 : 20 -- : 20 -- : Php 105k : One Central-------- : 195 m. : 50 st. : 0,708 : 00/00 : 2010 : 2013 : Php 104k : Two Central -------- : 125 m. : 29 st. : 0,000 : 00/00 : 2012 : 2016 : Three Central------ : 200 m. : 51 st. : 0,000 : 00/00 : 2013 : 2016 : Eaton Tower-------- : 156 m. : 41 st. : 1,200 : 00/00 : 20 -- : 20 -- : The Rise (2019) - : 210 m. : 59 st. : 2,800 : 05/14 : 2014 : 2018 : =============== > Heights, etc : http://www.emporis.com/buildings/1210076/two-central-makati-philippines > Office Bldgs : http://kmcmaggroup.com/building/Alveo-Financial-Tower/ *-Office units: AFT is the "most expensive building on Ayala Avenue"

Wow. the sale of AFT has gone... like hotcakes, with 60% Sold in "just 2 days" / Alveo Financial Tower will form a major component of City Gate, Ayala Land’s P20-billion masterplanned mixed-use development strategically located at the rejuvenated northern tip of Ayala Avenue. City Gate will have a 2.2-hectare core area containing 81,000 square meters of gross leasable office space and 14,000 square meters of premium retail space, as well as featuring upscale residential developments, green open spaces and a 312-suite hotel. / ‘Signature’ Ayala building to rise - 363 office units / 49-stories Quote: At P240,000 per sq. m., Alveo Financial Tower will be the ati most expensive office development along the MakCentral Business District. One office unit with an average size of 116 square meters will cost P27.8 million. The tower is slated for turnover in 2020. . . . Tupaz said 80 percent of the office unit buyers were local investors, while 20 percent were taken up by foreign investors. “Including the acquisition cost, we will spend a total of P6 billion for the project,” Tupaz. Alveo Financial Tower is envisioned to be a signature office building in the heart of Ayala Avenue. “With its much-coveted location on Ayala Avenue, Alveo Financial Tower has become a rare investment opportunity for high-powered businesses and organizations wanting to be part of the country’s premier financial center,” said Tupaz, http://manilastandardtoday.com/2015/...lding-to-rise/ PRIME OFFICE. By the turnover in 2020, the tower will have retail components on its ground, 2nd and 3rd floors, as well as business activity area on its 5th and 17th floors. Photo from Ayala Land MANILA, Philippines – The upscale subsidiary of property giant Ayala Land Incorporated (ALI) is expecting to generate P10.7 billion ($228.19 million) in revenues from its new Alveo Financial Tower, set to be the most expensive office space in Makati City. 2 / Alveo Land marks record P5.8-B sale of Financial Tower office units by James Loyola | Manila Bulletin | Tuesday | September 29, 2015 Alveo Land, a unit of property giant Ayala Land, Inc., has sold 60 percent or P5.8 billion worth of the premium office spaces of its new flagship office tower, the Alveo Financial Tower in just two days after its launch. --- SNIPPED --- After acquiring the former JAKA Tower site, Alveo commissioned internationally awarded and Seattle-based structural consultant Magnusson Klemencic Associates (MKA) and prominent local engineering firm Sy^2 + Associates to conduct structural integrity tests on the existing structure. Read more at http://www.mb.com.ph/alveo-land-mark...wSe1lbyXtoz.99

Kurt Wulff speaks with Jim Puplava about his McDep Valuations XLE -- all-data : 5yr : 2yr : 6mo / 10d - Last: $63.85 +2.53 : +4.13% - near important low perhaps Some oil stock may have touched important lows already Here's a podcast which includes a discussion with Kurt Wulff (at 36 minutes): MP3 : http://www.financialsensenewshour.com/broadcast/fsn2015-1003-1.mp3 >source: http://www.financialsense.com/financial-sense-newshour/gary-dorsch/us-downturn-made-in-china NOTES: ====== Q: How safe are big oil co dividends? A: No question that co's like XON and CHV have safe dividends. The fact that they are being questioned is a sign of the low. XOM says: buybacks depend on cashflow, but divs are safe. Only risk is a drop to $20, which is unlikely and how long could it last RECOMMENDS: European co's: RD and TOT. TOT has underperformed for years, but is turning around Q: BP, is it a takeover candidate? Maybe too big to t/o. Doesnt cover it. Has good assets, but there might be liability issues Q: Rest of industry... Mid-tier co's? Likes EOG- "probably the best", Marathon, Devon have even lower mcDep ratio's Q: Royalties trusts? They are less liquid. "Completely forgotten". Paying 7% income. Have no debt. Recommends: CrossTimbers, Permian. wud like Dorchester (at $0.50 lower), It's good to diversify across various sectors Timing: maybe just one month to go (seasonally speaking) to get to the weighting you want to have. == > McDep website: http://McDep.com

The Next Crisis: Bond Funds (over-geared corporates, rather than a housing crisis?) LQD -vs- TLT ... 10-yrs : 5-yrs : 3yr-D : 6mos-D / 10-d // ALL-10yrs : 5yrs LQD-5yr : HYG / iShares iBoxx $ High Yield Corporate Bond ETF ... 10-yrs : 5-yrs : 3yr-D : 6mos-D / 10-d // ALL-10yrs Carl Icahn lays out the risk Carl Icahn ...... danger ahead Jim Puplava explains the coming crisis in detail MP3 : http://www.financialsensenewshour.com/broadcast/fsn2015-1003-2.mp3 n this week’s Big Picture, Jim outlines where he believes the next financial crisis will begin; in the bond market. He plays clips from the recent Carl Icahn video regarding danger in the high yield bond market, as well as discussing how bonds are affected when interest rates begin to rise. In the current cycle, there has been massive speculation in junk bonds, emerging debt and corporate debt. Starting from a base of a 5,000 year low in interest rates, the only direction left for rates is up. Jim and John also discuss the liquidity issues in the bond market, and the risks involved, particularly the liquidity dangers in the high yield (junk) bond sector. He also looks at the potential timing of when a bond market crisis could begin, and what would drive it. Jim also covers commodities and how to navigate Phase III of the bull market in stocks. > http://FinancialSense.com n the second part of the program, Jim and John go on to discuss concerns about bond mutual funds. As most listeners know, Jim has long advocated individual bond ladders for investors, consisting of deeply liquid bond issues, where investors know exactly what kind of interest payments they are going to receive. Jim’s strategy stands in contrast to bond mutual funds, which present several problems for investors. First, the funds are more likely to be a play on the price of bonds rather than on income. In a rising rate environment, double-digit losses can occur, which may come as a surprise to the many boomers owning these investments for “safe” returns. But an even larger drawback to bond funds is that you can potentially suffer when others panic and the fund manager is forced to sell illiquid bonds at unattractive prices. As an example, Jim reviews a recent Wall Street Journal article (see here) explaining the potential liquidity issues with several well-known bond funds. While those who have been predicting higher interest rates have been wrong for many years, Jim repeatedly reminds investors to take seriously the Federal Reserve’s warning to the markets that rates will eventually go higher. People who are hunkered down in bonds may get an unwelcome surprise when the current economic uncertainty passes. > http://www.financialsense.com/contributors/jim-puplava/this-is-not-2007-2008 Funds holding illquid (high yield) bonds will collapse in price, once the "rush for the exits" starts.

On the Brink (of a collapse) together : Junk bonds and property ? IYR / Income-producing Real Estate - vs. HYG and TLT ... 10-years : since 1/2008 They may both be at a key inflection point, as in Sept. 2008. Last time, TLT held as IYR and HYG collapsed - there was a "flight to quality" into TLT Last time they collapsed together. But Real Estate may hold better this time, since it is not over-financed, and as likely to be sold if rates go up. Whereas the cash flows and earning of many companies that use junk debt may be highly vulnerable, as Jim Puplava has explained Jim Puplava: "This Is Not 2007-2008" Household debt to income, loans outstanding, owner’s equity in real estate and debt service ratios have never been this good… The same thing holds true on the corporate side: corporate net worth, debt ratios, liquidity ratios have never been this good [and] companies are sitting...

No signs of a bullish impulse move here (yet) Gold -in-EUR

About Traffic in Manila ... (I received this comment by email): I drive few days per month in Makati and Metro Manila since 2009, and I can confirm that the situation today is critical. In case of heavy rain it's even totally chaotic. People can spend the all night in their car ! Many infrastructure projects are currently under construction. Once completed it will help a bit but during the construction phase it makes it even worse. I am not optimistic about the traffic problem within Metro Manila for the coming years. The number of cars on the road is exploding. It's a sign that the middle class is growing but it's really a negative aspect of it. It's also cultural. Cars are still a important status symbol for filipinos. They buy a car as soon as they can and consider that public transportation is for people who cannot afford to buy a car. There is currently a "number coding system" enforced in congested areas (Makati, San Juan etc..). Each car cannot be used one day per weekdays. Cars with plate numbers ending with 1 or 2 cannot be used on Monday, 3 or 4 on Tuesday etc... There is a plan to eventually increase this limitation to "every other day" so a car could only be used every 2 days. This would immediately remove many cars from the streets, but people who can afford it with have 2 cars... which will not help the parking spaces shortage... - A. === === Pinoy Joyride - Circuit Makati Joyride 2015 Makati Circuit - Quietly advancing... needs the BRT to connect to Makati CBD to thrive Comments: + I Hope this wont turn out to be like estancia where its really quiet +.It won't... Well, it actually will be quite quiet, but only for the short term. Footfall would increase exponentially as Circuit Makati gets developed and as soon as they get to do that planned BRT from Makati CBD to Circuit. Compared to Capitol Commons, Circuit is a much bigger and more complete development, with offices, condos, a hotel, multiple leisure and entertainment options, three major concert/performance venues, and two complementary malls - the lifestyle-center-slash-strip-mall Circuit Lane, and the upcoming regional mall Circuit Mall. Oh, and let's not forget, there's still some 3-hectares remaining, that big corner lot not part of the Circuit Makati masterplan which I assume have been held by PRCI from their ALI transaction as a landbank for future development or future sale once the said property appreciates in value courtesy of Circuit. == > source Subway, bus rapid transit in Metro Manila? - Rappler www.rappler.com/business/industries/.../53485-subway-bus-rapid-transit Mar 20, 2014 - The proposed subway will connect the cities of Taguig, Makati and Pasay, while the bus rapid transit will run from Manila to Quezon City. DOTC is also putting up a 28-km BRT worth P4.65 billion. The BRT system would run from the Manila City Hall to Fairview in Quezon City, passing through Commonwealth Avenue. The government has been looking for ways to ease traffic along Metro Manila roads to cut on economic losses. It is developing an Integrated Terminal System that would lessen buses plying EDSA and other metro thoroughfares. It is also reviving the Pasig ferry services to encourage commuters to take alternative routes. A study by the Japan International Cooperation Agency showed the Philippines stands to lose up to P6 billion a day by 2030 due to traffic congestion. New Shuttle Bus - Free October 19, 2015 – Circuit Makati offers a more convenient way of discovering the city’s newest entertainment district via its free shuttle service. Covered in pop graphic designs, the coasters will be hard to miss as it travels along its set route. The shuttle takes riders to Circuit Makati from several pick-up points within the Ayala Center and Makati CBD. The service runs Mondays to Fridays from 4 to 8 pm. and starts its journey from the main station at the Hotel Intercon open car park (near the Ayala MRT station). Going to Circuit Makati, the shuttle also fetches passengers from the loading areas near Ayala Triangle Gardens, Smart Tower, and Zuellig Loop, Circuit Makati’s transport terminal, and Circuit Lane. Conversely, from Circuit Makati passengers are dropped-off near Glorietta and the BPI Head Office, before heading back to the main station. “This is one of the ways we are linking passengers to new developments in the city, and it is part of our objective to provide convenience to those who want to explore the different offerings of Circuit Makati,” said Manny Blas, Ayala Land Inc. Vice President . . . Recently, the two-storey Circuit Lane opened featuring new initial offerings such as dining outlets Torch, Backyard, and Steveston Pizza, as well as a Power Mac Center and Nike store. Slated to open this October are Miracle Art, Palm Corned Beef Corner and Seafood Island. The retail strip is likewise home to Power Mac Center Spotlight, a 300-seater black box theater that is currently showing #NoFilter 2.0 by Sandbox Collective and will be showcasing Maria Isabella by Bit by Bit Productions in December. == > http://www.ayalaland.com.ph/2015/10/23/free-shuttle-to-entertainment-district-circuit-makati-offered-to-the-public/

Philippines: Manila voted worst city to drive on Earth 2 October 2015 Image caption Huge traffic jams are a way of life in metropolitan Manila Officials in the Philippine capital Manila say they are putting measures in place after the city received the unwanted distinction of having the worst traffic in the world, it's reported. Users of a road navigation app participated in a "Global Driver Satisfaction Index" poll, voting on their local driving experience based on factors such as traffic levels, road quality, parking and fuel prices, the Philippine Daily Inquirer reports. According to members of the Waze application community who took part across 167 metropolitan areas, Manila scored 0.4 points out of 10, closely followed by Jakarta in Indonesia, and Rio de Janeiro and Sao Paulo in Brazil. It's a finding which has led government officials to promise more to be done to help drivers in a city where the average road commute takes over 45 minutes. ...The city is currently served by a light railway system carrying millions of passengers daily, and current plans hope to have major transportation projects in place, including a new subway system, by 2030. "Subways will solve our problems," Tolentino says == > http://www.bbc.com/news/blogs-news-from-elsewhere-34424367 === === If you work in Makati, or want to visit there, you need to live there - or very nearby And it will be many years - maybe decades - before they get around to fixing the transport mess Funnily enough, the Philippines has improved financing capability, and so it could now finance a better transport system. But the politics of getting this done (and potential for corruption) make it almost impossible to get done at "Hong Kong speed", or even half of that

Agreed We need some follow-through, which we do not seem to get with Gold stocks

Talk of HLG from AX forum " I am sure you are aware that it's not totally unknown of for some blocks in developments to be moth-balled until prices improve... " Haha, Sure! Like where I used to live: the Long Beach. But that's Hang Lung, and it is pretty rare. In fact, if developers get they idea that prices are headed lower, they may cut prices in the rush to sell - even Hang Lung might rush to sell the remaining properties they have at TLB. I think that one reason that have been so slow to sell at TLB is that they thought the property was a gem, with a great location, and was bound to rise in value. That's what I heard from someone who was/is an assistant to the chairman, Ronny Chan. They did this with other properties too, but were particularly slow at TLB. I am reinvesting at least part of the money received in my sale of my unit at TLB in HLG stock. I get a slightly higher net yield, no 15% tax, and much better liquidity. I also think that HLG has the potential to raise dividends, even if rents in HK drop somewhat - they are VERY cash rich - they have something like 20X dividends covered by cash - OTP

RENTS Face Pressure Says article in today's SCMP (P1)... due to delivery of several major projects in Q4 and the resulting Supply pressure + First times since 2011 when new Supply exceeds Demand + 15,000 new properties to be completed in 2015, and 30,000 if one includes govt housing + Home prices could drop by 20% when interest rates start to rise + 5 -10% falls in both rents and home prices are expected in 2016 Before this pressure, rents at 50 Key Housing estates hit a record high of $33.56 psf, but mo-on-mo growth slowed to 0.4%. Thomas Lam of Knight Frank expects a 5% drop in rents in Q4 alone.

Where's the boeuf? its in the water