"liquidity Problems" In Thai Re Market

[jonniebkk]

Liquidity problems...humm...where have we heard that recently...oh yeah, Bear Sterns. That titan of Wall Street that survived the Great Depression and whose stock was worth $90 three months ago ($170 a year ago) and $30 a week ago that was sold for $2 a share a few days ago also had "liquidity problems" we are told. So...did anyone notice the little news item in the front section of today's Post (not in the business section...too busy there transcribing those corporate PR puff pieces I guess to report any real business news) that K-Tech workers (reported to have around 16,000 employees) were protesting not being paid their full wages for the past few months! Paid something like 20% of their salaries the past couple months. The response from the K-Tech representative was that the company was having liquidity problems due to non-payment by some of their clients on construction projects undertaken or completed. [The poor slobs are expected to be patient and live off 20% of their wages due in these inflationary times I guess.]

K-Tech is one of the larger contractors/builders in Thailand...SET listed company and all.

Humm...property developers not being able to pay their general contractor (why...aren't all these flash new condo and retail developments meeting sales projections) ...not a very good sign for Thai real estate market going forward.

Edited March 20, 2008 by jonniebkk