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Sovereign Wealth Funds Briefing - Categorized | Alternative Investments, Performance

GIC recognises big loss in US property project

Posted on 13 January 2010

From Asiaone.com: The Government of Singapore Investment Corp (GIC) has written down most of its US$675 million investment in a giant New York apartment complex that was bought at the height of the property boom in the United States but which has since suffered from the collapse of the housing market there.

The joint owners of Stuyvesant Town and Peter Cooper Village defaulted on their debts last Friday, following a US court ruling that dealt the project a death blow last October……………………………………Full Article: Source


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