Monday, January 11, 2010

GIC lost S$798millions in New York

I just read the news that GIC lost S$798millions in New York property. The article is titled 'GIC Lost on New York Property'. Here's that para:
GIC is believed to have written off over US$575 million (S$798 million) and it confirmed to The Straits Times that it 'recognised the losses' on its investment last year in Manhattan's Stuyvesant Town and Peter Cooper Village, two enormous housing apartment blocks bought for US$5.4 billion.
Quite amazing. If GIC uses Singaporeans' money for investment, and Singaporeans total about 3.2millions as of last year (SingStat website), then we each lost about $250 from the New York property.

I wonder if GIC staff is entitled to bonus based on last year's performance.


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