In a clear sign that credit conditions have taken a turn for the worse, a blowout in bad debts has resulted in a profit slump for the local consumer and business finance operations of GE
Loan impairment losses for GE Capital Finance Australasia, which bought AGC from Westpac five years ago, jumped 54 per cent from $185 million to $285 million.
Along with a higher tax bill, this contributed to a 31 per cent slide in net profit from $159 million to $109 million.
The GE division, with total loans and advances of $13 billion, up from $12 billion, represents only part of the fast-growing group in Australia.
Apart from AGC, the unit includes credit-card services, the Custom Fleet leasing and fleet management business purchased from National Australia Bank for $550 million, and general and life insurance activities. It does not include Wizard Home Loans.
GE representatives were unavailable for comment on the accounts, lodged yesterday with the Australian Securities and Investments Commission.
However, the GE Capital Finance numbers are consistent with warnings from the nation's big-bank chief executives in the recent interim profit reporting season that the credit cycle had turned, with stresses appearing in unsecured lending and credit-card operations, in particular.
ANZ boss John McFarlane said he expected provisions to be higher in the second half, with the first half unusually low due to recoveries.
NAB chief executive John Stewart said he was most concerned about the consumer space.
"The consumer is getting overextended with debt in certain pockets and that will always come out in danger areas like credit cards and unsecured lending," Mr Stewart said.
JP Morgan banking analyst Brian Johnson said yesterday personal lending loss rates were rising "quite dramatically", as shown by provisions at the GE unit rising to 219 basis points (as a percentage of total loans and advances).
Comparative rates for the big-four banks were far lower, at less than 20 basis points, but this was because of their massive, low-risk home lending books.
Mr Johnson estimated credit-card losses were running at about 260 basis points.
"Westpac's sale of AGC is now shown to be a pretty good decision, despite the short-term dilution in earnings per share at the time," he said.
"The banking industry is now exiting the optimal part of the cycle, and things will get worse from here."
GE's tax bill in 2006 was sharply higher, up from $18 million to $70 million. Unlike 2005, when it took a $39 million benefit from paying too much tax previously, the business had to stump up an extra $6 million.
Total assets at the end of last year came to $17.1 billion, up from $14.5 billion.
Finance income was relatively steady at $1.62 billion, but non-interest income doubled from $387 million to $767 million.
The biggest contributor was operating lease rental income, largely from Custom Fleet, which surged from $74 million to $223 million.
Custom Fleet contributed $167 million in revenue and a net loss of $2 million to the group from August 1 last year.
The total asset base for the GE group in Australia is estimated to be about $40 billion, up from $8 billion five years ago.
GE Capital Finance directors said they expected to grow the business further this year.
Source: Australian
Monday, May 28, 2007
Wednesday, May 23, 2007
US Mortgage Brokers and Mortgage Brokers blame each other for the sub-prime meltdown
It got nasty between mortgage bankers and brokers were at loggerheads Tuesday over who's to blame for the housing market's woes.
[The Mortgage Bankers seemed to have "lost their rag" by trying to infer that Mortgage Brokers were somehow to blame for the difficulties that some people have found themselves in by taking on sub prime loan arrangements. After all who determined Mortage Brokers compensation as commission, who pays the commission, and who verifies the facts of the loans before issuing documents? And don't the Mortgage Bankers make money on sub-prime loan mortgages? If not why are they in the business? Surely the Mortgage Bankers have the ultimate say, and so should be ultimately responsible and accountable. ]
The head of the mortgage banking industry's trade group claimed brokers profited from a home loan boom but didn't do enough to examine whether borrowers could repay.
Amid increasing evidence of financial distress for homeowners with weak, or sub prime, credit histories, John Robbins, chairman of the Mortgage Bankers Association, says he is "mad as hell" at "a few unethical actors" that have sullied his profession's reputation.
"Unethical people, they're responsible for this mess," Robbins said. "The short-term folks. People who get a commission when the deal happens. For them, it's the number of loans that counts. Good loan? Bad loan? Who cares? For them it's all about their commission."
In reaction, the president of the National Association of Mortgage Brokers, e-mailed a statement that said: "It is truly unfortunate (Robbins) has attempted to shift blame away from Wall street, federally chartered banks, state-chartered lenders and underwriters for the sub prime situation we find ourselves in today."
Harry Dinham, president of the brokers' group, added that congressional hearings have shown that "most residential mortgage loans are quickly sold into the secondary market - in fact most lenders are really just brokering the transaction but afraid or ashamed to admit it," he added.
In a lunchtime speech at the National Press Club, Robbins called for a national licensing system for mortgage brokers, which would help weed out "scam artists."
The industry's woes are confined to a small segment of the market, he said. About 5 percent of homeowners have sub prime adjustable-rate loans that feature low "teaser" rates which can move sharply higher later. He estimates about half of those homeowners will be able to avoid default or foreclosure. If so, foreclosures among sub prime borrowers will amount to 0.25 percent of U.S. homeowners, Robbins said.
"No seismic financial occurrence is about to overwhelm the U.S. economy," he said.
Yet RealtyTrac Inc., an industry research firm, said last week that mortgage lenders foreclosed on 62 percent more U.S. homes in April than a year ago.
Home prices are falling too. The national median existing single-family home price in the first quarter was $212,300, down 1.8 percent from a year ago when the median price was $216,100, according to the National Association of Realtors. The median is a typical market price where half the homes sold for more and half the homes sold for less.
Earlier this month, Sen. Charles Schumer, D-N.Y. and two other senators introduced a bill that would mandate tougher federal standards for mortgage lenders. No hearing date has been set and the bill is under review by the Committee on Banking, Housing and Urban Affairs. House lawmakers are talking about introducing their own reform bill this summer.
Robbins warned against an overreaction by lawmakers that could cause the country to "revert to a time when without perfect credit you couldn't buy a home."
His speech comes a day after the Mortgage Bankers Association and four other industry trade groups banking industry trade groups endorsed mortgage reform principles.
Any legislation or new regulations should focus on lenders only being permitted to issue high-risk, home loans - if they "reasonably believe" at the time the loan is made that borrowers have the ability to repay, the statement said. Mortgage terms should be "clearly disclosed" to consumers, and estimates of monthly payments that could quickly jump in later years should be made clearer, the groups said.
Banks say they are already stepping up efforts to assist borrowers who face default or foreclosure and tightening loan standards.
Federal Reserve Chairman Ben Bernanke last week said the central bank is considering tougher rules to reduce abusive home loan practices even though he believes the economy should escape without significant harm from the problems in the sub prime mortgage market.
In March, the Fed and the other four federal agencies that regulate banks, thrifts and credit unions proposed guidelines that call for strict evaluations of a borrower's ability to repay and caution when lenders make sub prime mortgage loans.
The guidelines have not yet been made final. The Fed plans a mid-June hearing on ways to curb abusive lending practices.
Source: Forbes and AP
[The Mortgage Bankers seemed to have "lost their rag" by trying to infer that Mortgage Brokers were somehow to blame for the difficulties that some people have found themselves in by taking on sub prime loan arrangements. After all who determined Mortage Brokers compensation as commission, who pays the commission, and who verifies the facts of the loans before issuing documents? And don't the Mortgage Bankers make money on sub-prime loan mortgages? If not why are they in the business? Surely the Mortgage Bankers have the ultimate say, and so should be ultimately responsible and accountable. ]
The head of the mortgage banking industry's trade group claimed brokers profited from a home loan boom but didn't do enough to examine whether borrowers could repay.
Amid increasing evidence of financial distress for homeowners with weak, or sub prime, credit histories, John Robbins, chairman of the Mortgage Bankers Association, says he is "mad as hell" at "a few unethical actors" that have sullied his profession's reputation.
"Unethical people, they're responsible for this mess," Robbins said. "The short-term folks. People who get a commission when the deal happens. For them, it's the number of loans that counts. Good loan? Bad loan? Who cares? For them it's all about their commission."
In reaction, the president of the National Association of Mortgage Brokers, e-mailed a statement that said: "It is truly unfortunate (Robbins) has attempted to shift blame away from Wall street, federally chartered banks, state-chartered lenders and underwriters for the sub prime situation we find ourselves in today."
Harry Dinham, president of the brokers' group, added that congressional hearings have shown that "most residential mortgage loans are quickly sold into the secondary market - in fact most lenders are really just brokering the transaction but afraid or ashamed to admit it," he added.
In a lunchtime speech at the National Press Club, Robbins called for a national licensing system for mortgage brokers, which would help weed out "scam artists."
The industry's woes are confined to a small segment of the market, he said. About 5 percent of homeowners have sub prime adjustable-rate loans that feature low "teaser" rates which can move sharply higher later. He estimates about half of those homeowners will be able to avoid default or foreclosure. If so, foreclosures among sub prime borrowers will amount to 0.25 percent of U.S. homeowners, Robbins said.
"No seismic financial occurrence is about to overwhelm the U.S. economy," he said.
Yet RealtyTrac Inc., an industry research firm, said last week that mortgage lenders foreclosed on 62 percent more U.S. homes in April than a year ago.
Home prices are falling too. The national median existing single-family home price in the first quarter was $212,300, down 1.8 percent from a year ago when the median price was $216,100, according to the National Association of Realtors. The median is a typical market price where half the homes sold for more and half the homes sold for less.
Earlier this month, Sen. Charles Schumer, D-N.Y. and two other senators introduced a bill that would mandate tougher federal standards for mortgage lenders. No hearing date has been set and the bill is under review by the Committee on Banking, Housing and Urban Affairs. House lawmakers are talking about introducing their own reform bill this summer.
Robbins warned against an overreaction by lawmakers that could cause the country to "revert to a time when without perfect credit you couldn't buy a home."
His speech comes a day after the Mortgage Bankers Association and four other industry trade groups banking industry trade groups endorsed mortgage reform principles.
Any legislation or new regulations should focus on lenders only being permitted to issue high-risk, home loans - if they "reasonably believe" at the time the loan is made that borrowers have the ability to repay, the statement said. Mortgage terms should be "clearly disclosed" to consumers, and estimates of monthly payments that could quickly jump in later years should be made clearer, the groups said.
Banks say they are already stepping up efforts to assist borrowers who face default or foreclosure and tightening loan standards.
Federal Reserve Chairman Ben Bernanke last week said the central bank is considering tougher rules to reduce abusive home loan practices even though he believes the economy should escape without significant harm from the problems in the sub prime mortgage market.
In March, the Fed and the other four federal agencies that regulate banks, thrifts and credit unions proposed guidelines that call for strict evaluations of a borrower's ability to repay and caution when lenders make sub prime mortgage loans.
The guidelines have not yet been made final. The Fed plans a mid-June hearing on ways to curb abusive lending practices.
Source: Forbes and AP
Tuesday, May 22, 2007
Mortgage foreclosures four times higher than reported
The number of home foreclosures around the nation is up to four times higher than reported figures show, because lenders are disguising the nature of forced sales to prop up property prices.
Australia's biggest private debt collector, Prushka, yesterday said about three-quarters of sales forced by bank and non-bank lenders were co-ordinated with the consent of home owners, meaning they were not recorded in court repossession figures.
"By far the most popular way for lenders is to sell the property with the consent of the borrower to avoid advertising the property as a forced sale," Prushka chief executive Roger Mendelson said.
"The idea is to work with the seller because if they sell the property as a mortgagee in possession that will slaughter the price because you're going to attract the bargain hunters."
Mr Mendelson said statements by Peter Costello yesterday that Australia had a low home loan "default rate" - where borrowers can't meet mortgage repayments - failed to address the impact of increasing unreported levels of repossessions.
During a discussion about US default rates hitting an all-time high in the first quarter of 2007, the Treasurer had told Macquarie Regional Radio: "The default rate in Australia is much, much lower than it is in the US ... in fact, we have one of the lowest default rates in the world."
Experts said rising interest rates, coupled with the prevalence of low-documentation loans that do not force borrowers to disclose their income, had caused a spike in mortgage defaults in Australia.
Ian Graham, chief executive of PMI Mortgage Insurance, which insures about one million home loans, said Australia had no register for compiling total home repossessions.
"We would like to see a register introduced - I think the Reserve Bank would be one body in particular that would benefit from more complete data," Mr Graham said.
State "writs of possession" registers record only sales where lenders are forced to apply for repossession orders.
Sydney's outer western suburbs are being hardest hit by the surge in repossessions.
In NSW, 5363 writs of possession were issued last year - up 10 per cent on 2005.
Figures from the Victorian Supreme Court show there were 2791 repossession claims lodged last year, up from 2578 in 2005. The figure has more than doubled since 2003, when there were 1225.
"In southwest, west and northwest Sydney, property prices are weakest and in forced-sale situations property price declines of between 20 and 25 per cent are not unusual," Mr Graham said.
Dara Dhillon, principal of Dhillon Real Estate in Ingleburn in Sydney's outer southwest, said 90 per cent of properties coming to the market were forced sales, and the number of homes hitting the market was rising.
"It's actually getting worse by the month - in one family I was working with, the elderly mother had to return to work to keep a roof over their heads," he said.
But he said that with high employment and healthy wages growth, it was last year's interest rate rises and lax lending policies of non-bank lenders - especially "low-doc" loans where borrowers are not required to prove their income - that were to blame for the current fallout.
"It's a joke - if it was my money I wouldn't lend it but I believe lenders are still doing it," he said. "Low-doc, no-doc, whatever doc - doc doesn't even come into the picture."
Source: The Australian
Australia's biggest private debt collector, Prushka, yesterday said about three-quarters of sales forced by bank and non-bank lenders were co-ordinated with the consent of home owners, meaning they were not recorded in court repossession figures.
"By far the most popular way for lenders is to sell the property with the consent of the borrower to avoid advertising the property as a forced sale," Prushka chief executive Roger Mendelson said.
"The idea is to work with the seller because if they sell the property as a mortgagee in possession that will slaughter the price because you're going to attract the bargain hunters."
Mr Mendelson said statements by Peter Costello yesterday that Australia had a low home loan "default rate" - where borrowers can't meet mortgage repayments - failed to address the impact of increasing unreported levels of repossessions.
During a discussion about US default rates hitting an all-time high in the first quarter of 2007, the Treasurer had told Macquarie Regional Radio: "The default rate in Australia is much, much lower than it is in the US ... in fact, we have one of the lowest default rates in the world."
Experts said rising interest rates, coupled with the prevalence of low-documentation loans that do not force borrowers to disclose their income, had caused a spike in mortgage defaults in Australia.
Ian Graham, chief executive of PMI Mortgage Insurance, which insures about one million home loans, said Australia had no register for compiling total home repossessions.
"We would like to see a register introduced - I think the Reserve Bank would be one body in particular that would benefit from more complete data," Mr Graham said.
State "writs of possession" registers record only sales where lenders are forced to apply for repossession orders.
Sydney's outer western suburbs are being hardest hit by the surge in repossessions.
In NSW, 5363 writs of possession were issued last year - up 10 per cent on 2005.
Figures from the Victorian Supreme Court show there were 2791 repossession claims lodged last year, up from 2578 in 2005. The figure has more than doubled since 2003, when there were 1225.
"In southwest, west and northwest Sydney, property prices are weakest and in forced-sale situations property price declines of between 20 and 25 per cent are not unusual," Mr Graham said.
Dara Dhillon, principal of Dhillon Real Estate in Ingleburn in Sydney's outer southwest, said 90 per cent of properties coming to the market were forced sales, and the number of homes hitting the market was rising.
"It's actually getting worse by the month - in one family I was working with, the elderly mother had to return to work to keep a roof over their heads," he said.
But he said that with high employment and healthy wages growth, it was last year's interest rate rises and lax lending policies of non-bank lenders - especially "low-doc" loans where borrowers are not required to prove their income - that were to blame for the current fallout.
"It's a joke - if it was my money I wouldn't lend it but I believe lenders are still doing it," he said. "Low-doc, no-doc, whatever doc - doc doesn't even come into the picture."
Source: The Australian
Monday, May 14, 2007
Home values grow above inflation but Sydney struggles to keep up
House prices grew 1.1% in the March quarter
Over the year, house prices jumped 8.6%
Sydney is lagging national gains
House prices are going back up after a long lull with strong gains recorded in most capital cities as the nation leaves the property downturn well and truly behind. Over the year house price median rose 8.6 percent. Howver Sydney is lagging other property hot-spots.
Average house prices grew by an average 1.1 per cent across Australia in the first three months of the year, according to the Australian Bureau of Statistics's House Price Index, which takes the average of the nation's eight capital cities.
Over the year, house prices jumped 8.6 per cent .
Most capital cities posted strong gains.
The mining boom propped up Perth prices, with house values rising a further 2.1 per cent in the first three months, to be up a whopping 32.1 per cent over the year. While house price growth has slowed, Perth house prices are still growing at the fastest pace in the nation.
Over the quarter, Hobart led the way with a 3.8 per cent quarterly increase in house prices, with values up 10.5 per cent over the year.
Brisbane followed with prices up 2.9 per cent over the quarter and 10.2 per cent over the year.
In Darwin, house prices jumped 2.8 per cent over the quarter and surged 15 per cent from a year ago.
In the south, house prices climbed 1.7 per cent in Adelaide over the quarter and 6.1 per cent over the year.
In Melbourne, prices rose 1.5 per cent and 7.4 per cent over the year.
Sydney lags gains, but also rebounding
But Sydney house prices continue to struggle. Prices in Sydney, Australia's largest housing market, fell by an average 0.4 per cent in the first quarter, and grew at a meagre 1.5 per cent over the past year.
Louis Christopher, head of property research at Adviser Edge, said house prices were rebounding around the nation, including a modest recovery in Sydney, with property investors flocking back to the market given rising rents.
Despite modest growth in the first quarter, Mr Christopher expects Sydney house prices to grow 10.5 per cent in 2007.
"I think what we will see from the June quarter onwards is the median house price numbers will move towards the numbers we're forecasting," he said.
Around Australia
Mr Christopher expects prices to rise between 5 per cent and 8 per cent in Melbourne this year, around 8 per cent in Brisbane and 4 per cent to 6 per cent for Adelaide.
"We expect Perth house prices to record flat to negative house price growth.
"If there were further interest rate rises of 50 basis points or higher, it is likely Perth will record steeper house price falls of between 7 per cent to 15 per cent for the 12-month period after the rate rises.
"Conversely, a sustained downturn in commodity prices would also trigger further house price falls," he said.
In Canberra, house prices are forecast to rise by 10 per cent to 13 per cent in 2007, assuming no more than a 25 basis point rise in interest rates by June.
Mr Christopher said there were increasing signs that after a three-year downturn there was a housing recovery underway on the east coast of Australia.
Auction clearance rates in Sydney, Brisbane, Canberra and Melbourne are higher than this time last year and indeed at their highest levels since the downturn commenced in late 2003.
Improved rental yields and affordability in some cities was helping to push up house values, he said.
Source: AAP
Over the year, house prices jumped 8.6%
Sydney is lagging national gains
House prices are going back up after a long lull with strong gains recorded in most capital cities as the nation leaves the property downturn well and truly behind. Over the year house price median rose 8.6 percent. Howver Sydney is lagging other property hot-spots.
Average house prices grew by an average 1.1 per cent across Australia in the first three months of the year, according to the Australian Bureau of Statistics's House Price Index, which takes the average of the nation's eight capital cities.
Over the year, house prices jumped 8.6 per cent .
Most capital cities posted strong gains.
The mining boom propped up Perth prices, with house values rising a further 2.1 per cent in the first three months, to be up a whopping 32.1 per cent over the year. While house price growth has slowed, Perth house prices are still growing at the fastest pace in the nation.
Over the quarter, Hobart led the way with a 3.8 per cent quarterly increase in house prices, with values up 10.5 per cent over the year.
Brisbane followed with prices up 2.9 per cent over the quarter and 10.2 per cent over the year.
In Darwin, house prices jumped 2.8 per cent over the quarter and surged 15 per cent from a year ago.
In the south, house prices climbed 1.7 per cent in Adelaide over the quarter and 6.1 per cent over the year.
In Melbourne, prices rose 1.5 per cent and 7.4 per cent over the year.
Sydney lags gains, but also rebounding
But Sydney house prices continue to struggle. Prices in Sydney, Australia's largest housing market, fell by an average 0.4 per cent in the first quarter, and grew at a meagre 1.5 per cent over the past year.
Louis Christopher, head of property research at Adviser Edge, said house prices were rebounding around the nation, including a modest recovery in Sydney, with property investors flocking back to the market given rising rents.
Despite modest growth in the first quarter, Mr Christopher expects Sydney house prices to grow 10.5 per cent in 2007.
"I think what we will see from the June quarter onwards is the median house price numbers will move towards the numbers we're forecasting," he said.
Around Australia
Mr Christopher expects prices to rise between 5 per cent and 8 per cent in Melbourne this year, around 8 per cent in Brisbane and 4 per cent to 6 per cent for Adelaide.
"We expect Perth house prices to record flat to negative house price growth.
"If there were further interest rate rises of 50 basis points or higher, it is likely Perth will record steeper house price falls of between 7 per cent to 15 per cent for the 12-month period after the rate rises.
"Conversely, a sustained downturn in commodity prices would also trigger further house price falls," he said.
In Canberra, house prices are forecast to rise by 10 per cent to 13 per cent in 2007, assuming no more than a 25 basis point rise in interest rates by June.
Mr Christopher said there were increasing signs that after a three-year downturn there was a housing recovery underway on the east coast of Australia.
Auction clearance rates in Sydney, Brisbane, Canberra and Melbourne are higher than this time last year and indeed at their highest levels since the downturn commenced in late 2003.
Improved rental yields and affordability in some cities was helping to push up house values, he said.
Source: AAP
Saturday, May 05, 2007
Central Equity is back in the Melbourne apartment building industry after recently leaving the sector
Central Equity, Melbourne's biggest apartment developer, is back in the apartment business less than 18 months after leaving the sector because of poor sales.
The then publicly listed Central Equity quit apartments in late 2005 as the inner Melbourne market crumbled in a slump described by chairman Eddie Kutner as likely to continue until the end of the decade. Delisted from the Australian Securities Exchange midway through last year, Central Equity retreated to the suburbs in an attempt to reinvent itself as a residential estate builder.
But with Melbourne's once oversupplied apartment market making a dramatic - and unexpected - turnaround earlier this year, the developer has returned to its old Southbank stomping ground with plans for a 36-storey tower that will cost around $50 million to build and include six levels of office space.
Melbourne's apartment recovery was confirmed last month in Australian Bureau of Statistics figures showing that 1079 apartments were approved in February this year, more than double the 535 approved in the same time last year.
Located at the corner of City Road and Power streets, the planned 317-apartment complex will be known as Vue Grand.
After only three weeks of selling, and with a display suite on the site still under construction, Central Equity is understood to have found buyers for more than 50 apartments.
Some two-bedroom apartments in the mid-levels of the tower have asking prices of more than $800,000, while five penthouses are on the sale block for between $1.5 million and $2.5 million.
The building will also provide new offices for Central Equity.
It intends to occupy all six levels of office space, vacating leased offices at 95 Queen Street. The now privatised Central Equity group, controlled by Mr Kutner and joint managing directors John Bourke and Dennis Wilson, singlehandedly created Melbourne's largest apartment precinct in Southbank, building dozens of towers worth over $2.5 billion since the mid-1990s.
Central Equity could not be contacted yesterday but is understood to be planning to start work on Vue Grand by the end of the year. It is expected to be finished by late 2009.Source: The Australian
The then publicly listed Central Equity quit apartments in late 2005 as the inner Melbourne market crumbled in a slump described by chairman Eddie Kutner as likely to continue until the end of the decade. Delisted from the Australian Securities Exchange midway through last year, Central Equity retreated to the suburbs in an attempt to reinvent itself as a residential estate builder.
But with Melbourne's once oversupplied apartment market making a dramatic - and unexpected - turnaround earlier this year, the developer has returned to its old Southbank stomping ground with plans for a 36-storey tower that will cost around $50 million to build and include six levels of office space.
Melbourne's apartment recovery was confirmed last month in Australian Bureau of Statistics figures showing that 1079 apartments were approved in February this year, more than double the 535 approved in the same time last year.
Located at the corner of City Road and Power streets, the planned 317-apartment complex will be known as Vue Grand.
After only three weeks of selling, and with a display suite on the site still under construction, Central Equity is understood to have found buyers for more than 50 apartments.
Some two-bedroom apartments in the mid-levels of the tower have asking prices of more than $800,000, while five penthouses are on the sale block for between $1.5 million and $2.5 million.
The building will also provide new offices for Central Equity.
It intends to occupy all six levels of office space, vacating leased offices at 95 Queen Street. The now privatised Central Equity group, controlled by Mr Kutner and joint managing directors John Bourke and Dennis Wilson, singlehandedly created Melbourne's largest apartment precinct in Southbank, building dozens of towers worth over $2.5 billion since the mid-1990s.
Central Equity could not be contacted yesterday but is understood to be planning to start work on Vue Grand by the end of the year. It is expected to be finished by late 2009.Source: The Australian
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