---

       T R O U B L E D   C O M P A N Y   R E P O R T E R     
  
                    A S I A   P A C I F I C      

         Wednesday, November 4, 1998, Vol. 1, No. 179

                           Headlines


* C H I N A   &   H O N G   K O N G *

CENTURY CITY: Creditors Agree to Loan Payment Reprieve
GUANGDONG INTERNATIONAL: Default Worries Hong Kong Bankers
LASAUNDA HOLDINGS: Revenues Drop 23% & Red Ink Spills
MING FUNG: High Court Names Liquidator
SOUTH CHINA: Newspaper Advertising Revenues Fall Sharply

* I N D O N E S I A *

BAKRIE & BROTHERS: Debt Accord Expected by January 1999
GARUDA INDONESIA: May Put HQ Building Up for Sale

* J A P A N *

LONG-TERM: Bank of Japan to Infuse 2 Trillion Yen
LONG-TERM: Other Banks Asked to Shoulder Category 2 Loans

* K O R E A *

CHO HUNG: Doubts Raised About Merger Plan
CHONGGU GROUP: 10-Year Prison Term Sought for Chairman
CITIZEN'S INVESTMENT: 1 Trillion Won In The Hole    
HALLA GROUP: Creditors Give Rothschilds a Green Light
KABUL ENGINEERING: Concern is Reported to be Insolvent
KIA MOTORS: Hyundai Doesn't Have the Cash to Perform on Bid

* M A L A Y S I A *

AMBLESTAR CREATION: Winding-Up Petition
JAYASITI ENTERPRISE: Voluntary Winding-Up
NAEILA CORPORATION: Winding-Up Petition
PERSPECTIVE REVIEW: Winding-Up Petition
POTENT ENTERPRISE: Voluntary Winding-Up
UNITED ENGINEERS: Will Defer Interest Payments

* P H I L I P P I N E S *

DAVAO UNION: SEC Asked to Compel Company to Open Books
PHILIPPINE AIRLINES: Cathay Pacific Submits Conditional Bid

* S I N G A P O R E *

HUP SENG: Properties Not Selling & Hit By Forex Losses

* T H A I L A N D *

RATTANAKOSIN INSURANCE: Bankruptcy Status Asked for Insurer
SEMICONDUCTOR VENTURES: Delay in Preparing Rehab Plan
THANA ONE: FRA to Auction Billion Baht Plot


=================================
C H I N A   &   H O N G   K O N G
=================================


CENTURY CITY: Creditors Agree to Loan Payment Reprieve
------------------------------------------------------
According to the SCMP, a source said that banks have not
forced Century City International Holdings to repay a HK$574
million loan after a Saturday deadline was missed. The
company was hopeful the banks would continue not to force
repayment and continues to negotiate with the banks.

Paliburg Holdings is in talks on repayment of a US$60
million floating-rate not due on Friday. A banker said the
note had a cross default commitment which meant banks could
call back other committed loans before maturity in case of
default, and the note holders might seek legal action  
against the issuer if they failed to receive the principal
and interest on the maturity date.

Property analysts said the potential buyer of Paliburg
Holdings' 74.8 per cent stake in Regal Hotels International
had walked away from the deal. The company denied this last
night, saying the deadline is Nov 3 and talks are still
going on.  The group said Century City, Paliburg and Regal
were prudently pursuing ways to reduce the group's
indebtedness through an orderly disposal of assets, and
talks are being held with banks to arrange either short-term
facilities or to reach standstill agreements.


GUANGDONG INTERNATIONAL: Default Worries Hong Kong Bankers
----------------------------------------------------------
The Hong Kong Standard reported Tuesday that the chief
executive of the Hong Kong Monetary Authority, Joseph Yam,
and a group of the territory's commercial bankers visited
Beijing to get a better explanation of problems in China's
international trust and investment corporations, known as
"Itics."  Hong Kong bankers have been worried since last
month, when the Chinese central bank ordered the closure of
Guangdong International Trust and Investment Corp. when it
went into default on debt repayments.

The Itics are investment arms for Chinese provincial
governments, and they got into trouble by making loans on
numerous projects that the politicians backed but the
marketplace did not need such as too many power plants and
flashy apartment complexes that are largely unoccupied.

The chief executive of Hong Kong's central bank visited
Beijing on Tuesday, reportedly to seek assurances from
China's central bank that financial problems in mainland
investment institutions won't get out of hand.  The Hong
Kong Monetary Authority and the People's Bank of China
confirmed talks were taking place but they would not say
anything about the topic.

"Clearly, the government is trying to limit the negative
impact of the Itic restructuring as much as possible.  They
want to make sure banks in Hong Kong won't be affected,"
Charles Cheung, China analyst at Salomon Smith Barney told
the Financial Times.  Hong Kong-based banks have exposure of
HK$ 55bn (US$ 7.1bn) to Itics, according to the Hong Kong
Monetary Authority, the de facto central bank, and would
take a bigger hit if redchips began a default en masse.

"Much of this lending, like others to China-based companies,
lacks the hallmarks of prudent banking," the Financial Times
commented.  John Pinkel, China analyst at Merrill Lynch,
notes that a large amount of investment into the country
in the past 18 months has been "debt dressed up as equity",
mainly made by redchips and China-focused infrastructure
companies.


LASAUNDA HOLDINGS: Revenues Drop 23% & Red Ink Spills
-----------------------------------------------------
La Saunda Holdings Ltd said it swung to an after-tax loss of
HK$29.9 million in the six months ended Aug 31 from a profit
of HK$28.6 million in the same period a year earlier. The
Hong Kong clothing retailer said revenue in its fiscal first
half fell 23% to HK$215.7 million from HK$281.6 million a
year earlier. The company decided to omit an interim
dividend. A year earlier, it paid an interim dividend of
three Hong Kong cents. Hong Kong retailers have been
battered by the economic downturn in the city, which is now
entering its second year. With stock prices sharply lower
from year-earlier levels, Hong Kong consumers have curtailed
their spending.


MING FUNG: High Court Names Liquidator
--------------------------------------
The High Court has appointed KPMG Peat Marwick as liquidator
to the Ming Fung Group. The group faces investor claims of
$328 million, of which $290 million represents claims to
shares.  The stock held by the group on behalf of investors
was estimated at just $44 million.


SOUTH CHINA: Newspaper Advertising Revenues Fall Sharply
--------------------------------------------------------
South China Morning Post says its advertising revenue has
declined sharply in the past few months as a result of the
economic crisis. In the company`s annual general meeting,
chairman Kuok Khon-ean said SCMP's advertising revenue had
drastically fallen in July-September this year from the same
period last year. Mr Kuok said the display advertising
revenue had fallen by 35% during the period while classified
advertising income had plunged by about 50%.  Mr Kuok said
the advertising revenue of SCMP had been adversely affected
since last year by the slowdown in the financial markets and
the broad decline in consumer spending.



=================
I N D O N E S I A
=================


BAKRIE & BROTHERS: Debt Accord Expected by January 1999
-------------------------------------------------------
Antara news service reports that business group Bakrie &
Brothers (JSX:BNBR) expects to reach a debt settlement with
its foreign and domestic creditors by January 1999.


GARUDA INDONESIA: May Put HQ Building Up for Sale
-------------------------------------------------
AFP and Business Day report that Troubled flag carrier
Garuda Indonesia may sell or lease its headquarters building
to help it ride out the country's severe financial crisis,
citing a report from Antara news agency.  "Garuda will build
an office near its maintenance facility at the airport as
soon as it completes the streamlining of its operations,"
Antara quoted a Garuda official as saying.

Garuda spokesman Pudjobroto however declined to confirm the
report, saying he knew only of "a plan to move management
near its airport maintenance facility to closely monitor
daily operations".  He said plans to sell or lease the
building once the administrative personnel have moved were
yet to be decided.

As previously reported, the rupiah earnings of Indonesia's
airlines, including Garuda, have been eroded by their
dollar-denominated operational costs after the headlong
plunge of the local currency, forcing them to take drastic
survival measures.   Some 5,000 of Garuda's 13,000 employees
are facing being laid off or transfered to the airline's
subsidiaries.  The national flag carrier, which has already
returned some of the leased planes in its fleet, also plans
to sell some of its assets including five DC-10s and some F-
28s.

Earlier this month the European consortium Airbus Industrie
agreed to roll over $750 million of debt owed by the
troubled flag carrier for the lease of six Airbus 330
aircraft.  Reports of the rollover carried by newspapers
earlier this week said however that Airbus had rejected
Garuda's proposal to reduce the debt to $600 million.   
"Finally Garuda agreed on the size of $750 million and a
three-year rescheduling," Garuda Indonesia president Robby
Djohan was quoted as saying by Bisnis Indonesia.

Garuda in July had already received a reduction from Airbus,
with its aircraft operating lease cut to $750 million from
an earlier $1 billion.


=========
J A P A N  
=========


LONG-TERM: Bank of Japan to Infuse 2 Trillion Yen
-------------------------------------------------
The Bank of Japan is expected to funnel up to 2 trillion yen
in additional loans to the nationalized Long-Term Credit
Bank of Japan to help repay its obligations, BOJ officials
said Tuesday.  The extra loans will be provided to the bank
in installments starting Wednesday, the officials said.  The
infusion is designed to help LTCB pay depositors and repay
creditors, as a growing number of depositors, especially
corporations, are withdrawing their deposits, the BOJ
explained.  

The 2 trillion yen infusion, according to Kyodo news and
other reports, is to be given on top of 3 trillion yen in
BOJ loans that LTCB received Oct. 23, the day it was
nationalized.  

The loans are in line with the new banking-system law
enacted last month.  That law allows the BOJ to lend public
funds via the state-run Deposit Insurance Corp. to
nationalized banks and banks placed understate control, from
a pool of 18 trillion yen created by the law at DIC.  The
DIC pool can be drawn on to help nationalized banks continue
providing credits to borrowers or to repay creditors under
the assumption that the government will guarantee repayment
of BOJ loans provided to such banks via DIC.  

The government and the BOJ are determined to continue
providing necessary funds to LTCB whenever the bank needs
additional BOJ loans to pay creditors and depositors, Kyodo
quoted BOJ officials as saying.


LONG-TERM: Other Banks Asked to Shoulder Category 2 Loans
---------------------------------------------------------
The government is expected to ask other banks to take over
category 2 loans extended by Long-Term Credit Bank of Japan
to companies for which LTCB is not a primary bank,
government sources said Monday, according to reports
appearing in the Nihon Keizai Shimbun and via newswires.  As
previously reported, category 2 loans are those that are
still being serviced but have the potential to turn sour.

Now under temporary government control, LTCB will continue
to service loans in good standing and sell bad loans to the
Japanese version of the Resolution and Trust Corp., to be
created by merging the Resolution and Collection Bank and
the Housing Loan Administration Corp.  Category 2 loans are
estimated at LTCB to total 3.3 trillion yen at the end of
September.

The Nihon Keizai speculted that banks lending to firms also
borrowing from LTCB are suffering from their own mountain of
bad loans and will not readily accede to the government's
request.  To ease their burden, the government also plans to
ask for support from Japan Development Bank, Export-Import
Bank of Japan, Small Business Finance Corp. and other
government-affiliated lenders.  "Certain incentives will be
necessary if the government wants to persuade private banks
to take over LTCB's category 2 loans," government sources
were quoted as saying, suggesting the use of public funds.


=========
K O R E A
=========


CHO HUNG: Doubts Raised About Merger Plan
-----------------------------------------
According to the SCMP and the Hong Kong Standard, Cho Hung
Bank, facing a deadline to attract foreign capital or merge,
yesterday said it would join up with two provincial banks
Kangwon and Cungbuk, but analysts said this would only
create a larger troubled bank.  The Chungbuk Bank president
later said his bank rejected Cho Hung's merger proposal but
a Financial Supervisory Commission spokesman said a merger
was likely and would be approved.

The three banks are among seven that had had rehabilitation
plans approved by the commission on the condition they lured
foreign capital or merged with other institutions by the end
of last month. None of them was close at the end of March to
meeting the recommended capital adequacy ratio of 8 per cent
set by the Bank for International Settlements.

According to the SCMP, Cho Hung had been rumored to be
negotiating a merger with a Kookmin Bank, but Kookmin
announced in Sept that it would merge with Korea Long Term
Credit Bank.  Cho Hung also had been in talks with a United
States insurer for a capital injection, but Cho Hung
president Wee Sung-bok last week said his bank might delay
seeking foreign capital until after the sale of Seoul Bank
and Korea First Bank.  Analysts said Seoul's announcement it
would share up to 80 per cent of the future losses incurred
by the two nationalised banks tempted offshore bidders to
sidestep Cho Hung.


CHONGGU GROUP: 10-Year Prison Term Sought for Chairman
------------------------------------------------------
A 10-year prison term was sought on Monday for Chonggu Group
Chairman Chang Su-hong on charges of embezzlement and
dereliction of duty.  He is suspected of misappropriating
147.2bn won (approximately 110.01m US dollars) from company
coffers.  Prosecutors in Taegu, according to Yonhap,
averred, "Chang caused enormous social and economic disorder
as a result of his inept management of the conglomerate and
embezzlement, eventually leading subcontractors into
bankruptcy.  He therefore deserves to be punished to the
fullest extent of the law."


CITIZEN'S INVESTMENT: 1 Trillion Won In The Hole    
------------------------------------------------
The Korea Times reported in an article discussing the
liabilities of the Hyundai Group, Korea's largest family
owned conglomerate (or chaebol), that the Citizen's
Investment Trust & Securities is estimated to have a
net debt of 1.1 trillion won.  Citizen's Investment Trust &
Securities is a business interest of Hyundai, and is
reportedly the largest investment trust firm in Korea.  The
article states that Citizen's Investment Trust & Securities
is plagued by debt and virtually all of its capital has been
depleted.


HALLA GROUP: Creditors Give Rothschilds a Green Light
-----------------------------------------------------
South Korea's Halla Group and the U.S. investment firm
Rothchilds will set up a company to transfer the assets of
Halla Cement (KSE:12910) to foreign investors, according to
a Yonhap news release.  The establishment of RH Cement by
Halla and Rothchilds is aimed at helping the cement maker to
attract foreign capital.  Foreign investors, who have
discussed with Rothchilds their investment in Halla Cement,
asked for the company setup citing fears that they may have
to shoulder Halla Cement's unforeseen liabilities, a Halla
official said.

The Korean cement maker is under court recievership.

The transaction is structured so that foreign investors in
the new company won't be liable for any of Halla's
unforeseen liabilities.  The group is expected to set up
similar new companies to help attract foreign capital for
its two bankrupt subsidiaries: Mando Machinery Corp. (05790)
and Halla Engineering and Construction (14790).

Halla and Rothchilds gained a 94 per cent agreement from
Halla's creditor group on October 12 that they will pay off
451.7 billion won (US$370.24 million) out of Halla's entire
liabilities totaling 1.08 trillion won and have the
remaining liabilities written off.


KABUL ENGINEERING: Concern is Reported to be Insolvent
------------------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Kabul Engineering Company, an affiliate
of the troubled Kabul group, is now insolvent


KIA MOTORS: Hyundai Doesn't Have the Cash to Perform on Bid
-----------------------------------------------------------
"Hyundai will pursue capital injections from US and European
automakers for early management normalisation of Kia,"
Chairman Chung Mong-kyu told the press this week, indicating
that Hyundai doesn't have the funds available to perform on
its winning bid for the right to take over bankrupt Korean
car maker Kia Motors.

As previously reported, other bidders for Kia were Daewoo
and Samsung.  Ford, a 17% shareholder in Kia, was
disqualified from the bidding process after it offered a
price for Asia Motors that was below the face value  
of the shares.

Before Hyundai can be confirmed as the owner of Kia, there
is one other conditions which must be satisfied: Kia's
creditors must approve Hyundai as the winner and second it
must accept the approximate US$10 billion debt write-off
requested by Hyundai.



===============
M A L A Y S I A
===============


AMBLESTAR CREATION: Winding-Up Petition
---------------------------------------
Campana Distributor Sdn Bhd on 5/8/98 petitioned for the
winding-up of Amblestar Creation Sdn Bhd.  The petition is
directed to be heard on 13/11/98.


JAYASITI ENTERPRISE: Voluntary Winding-Up
-----------------------------------------
The members of Jayasiti Enterprise Sdn Bhd on 2/11/98
petitioned for the winding-up of the company voluntarily.


NAEILA CORPORATION: Winding-Up Petition
---------------------------------------
MArzin Sdn Bhd on 15/9/98 petitioned for the winding-up of
Naeila Corporation Sdn Bhd.  The petition is directed to be
heard on 3/12/98.


PERSPECTIVE REVIEW: Winding-Up Petition
---------------------------------------
BSN Commercial Bank (Malaysia) Bhd on 3/8/98 petitioned for
the winding-up of Perspective Review (M) Sdn Bhd.  The
petition is directed to be heard on 13/1/99.


POTENT ENTERPRISE: Voluntary Winding-Up
---------------------------------------
The members of Potent Enterprise Sdn Bhd on 31/10/98
resolved to wind-up the company voluntarily.  Creditors are
requested to submit their claims before 30/11/98.


UNITED ENGINEERS: Will Defer Interest Payments
----------------------------------------------
United Engineers (Malaysia) Bhd (listed on the KLSE) and its
units will defer all interest payments (around RM6.16mil) on
loans totalling RM2.02bil. with effect Oct 30, 1998 pending
finalisation of its debt restructuring scheme.  Lenders were
informed and the company is proposed to enter into a
forbearance agreement with the lenders.


=====================
P H I L I P P I N E S
=====================


DAVAO UNION: SEC Asked to Compel Company to Open Books
------------------------------------------------------
Two minority stockholders of Davao Union Cement Corp. have
asked the Securities and Exchange Commission to compel the
cement firm to open its books and records for their
inspection, according to a report appearing in the Manila
Times.  In a petition, Philip Turner and Elnora Turner told
the SEC DUCC has refused to make available its books and
records despite repeated demands.  The minority stockholders
said that under the Corporation Code, stockholders have the
right to inspect the records of all business transactions of
a corporation and the minutes of any meeting.  They said
that stockholders may even demand in writing, for copies of
excerpts from said records or minutes as provided for in
Section 74 of the Corporation Code.

Responding to the Turners' petition, the Times reports, DUCC
corporate secretary Juan Diaz has denied the couple's
request, saying their "rights as stockholders have been
suspended when they demanded for payment of the fair value
of their dissenting shares."

The Turners, however, said that they are not demanding for
their right to inspect the records of the corporation as
holders of the dissenting shares but by virtue of the being
stockholders owning one share of DUCC.

They have also demanded that they be given copies of the
1997 annual report and financial statements.  "The rejection
of the demands of the petitioners is unjustified considering
that this is one of the basic rights of a stockholder," they
said.  They also said violators of the provisions of the
Corporation code are liable to shall a fine of not less than
P1,000 but no more than P10,000 or imprisonment ranging from
30 days to five years or both.  Turners asked that they be
paid exemplary damages of P50,000 to give the company a
lesson on disclosures.

A member of the Phinma Group of Companies, DUCC is the
single biggest cement producer in the Visayas-Mindanao
region and has the most extensive distribution network among
cement manufacturers.


PHILIPPINE AIRLINES: Cathay Pacific Submits Conditional Bid
-----------------------------------------------------------
Cathay Pacific Airways Ltd said on Tuesday it had completed
initial due diligence on Philippine Airlines Inc. and had
made a conditional offer to troubled PAL.  

"Effectively, an offer is in the process of being very
seriously discussed," Peter Foster, Cathay regional manager
for Taiwan and the Philippines, told Reuters in a telephone
interview Tuesday.  "We have finished the initial study but
there is still more work to be done. . . .  We remain
extremely interested and any arrangement (that) is finally  
reached will involve a substantial investment by Cathay but
I'm not prepared to discuss any more details."

Last month, PAL officials said they expected Cathay to
submit a proposal on acquiring a stake in the flag carrier
before the end of October.  Philippine laws allow a foreign
partner like Cathay to invest up to 40 percent in a local
carrier.  

Foster told Reuters that it will take Cathay another three
to four weeks to complete its study on PAL, which now
involves a review of its technical systems and operations.  
"(It will take) probably another three to four weeks after
the acceptance, if there is indeed acceptance, of the
conditional offer," he said.

Hong Kong-based Cathay declined to comment on newspaper
reports saying it wants management control of PAL.  
"Obviously, the details have not been threshed out yet. Some
of the details are still to be decided," Foster told
Reuters.  

On Tuesday, Business Daily quoted Finance Secretary Edgardo
Espiritu saying the emerging deal with Cathay involves a
capital infusion of  "around nine billion pesos with some
five billion coming from the foreign investor."


=================
S I N G A P O R E
=================


HUP SENG: Properties Not Selling & Hit By Forex Losses
------------------------------------------------------
Newly-listed Hup Seng Huat yesterday said its operating loss
of $1.6 million for the year ended July were due to two
reasons -- a foreign exchange loss of $2.4 million from
Malaysian investments and a provision of $3.1 million for
the lowered value of its development properties.

Additionally, the group has not sold any units in its
building project due to the unfavourable market conditions.  
(BusinessTimes 03-Nov-1998)



===============
T H A I L A N D
===============


RATTANAKOSIN INSURANCE: Bankruptcy Status Asked for Insurer
-----------------------------------------------------------
The Commerce Ministry, according to a report appearing in
Business Day, will ask the court to declare now-defunct
Rattanakosin Insurance bankrupt after the company was found
to have debts in much greater amount than equity, quoting
Deputy Commerce Minister Paitoon Kaewthong.

Rattanakosin Insurance, Business Day recalled, was
officially shut down in May by the Commerce Ministry after
it failed to convince the Insurance Department that its
financial trouble was curable.  The company had been on a
temporary suspension since April 9 due to a serious
liquidity shortage before the ministry shut it down
permanently.

Paitoon said the liquidator team of the Commerce Ministry
responsible for appraisal of Rattanakosin Insurance's
financial position found that the amount of its debts
exceeded the figure stated in a previous report of the
company.  "The company reported that its total debts was
around 675 million baht but the amount of its debts found by
the liquidators has so far amounted over 1 billion baht," he
said.  In addition, he said, the ministry found that
receivable premiums of 555 million baht stated in the the
company's report were found to be uncollectible and some
other assets such as company vehicles did not exist, said
Paitoon.

Business Day previously that Rattanakosin Insurance claimed
total debts as of April 16 amounting to 850 million baht
while its assets as of March 31 amounted to 1.5 billion
baht.


SEMICONDUCTOR VENTURES: Delay in Preparing Rehab Plan
-----------------------------------------------------
SEMICONDUCTOR VENTURES INTERNATIONAL PUBLIC COMPANY LIMITED
advised the Stock Exchange of Thailand that the preparation
of its Rehabilitation Plan -- in process since 24th July
1998 when Nava Vickers Ballas Company Limited was appointed
a Financial Advisor -- will be delayed.  The Company
proposes the following revised timetable:

     Nov. 5, 1998    Summary of  Rehabilitation Plan to
                     be submitted the SET      

     Dec. 2, 1998    SVI and its Advisor hold a meeting
                     explaining the Rehabilitation Plan to
                     analysts

     Dec. 9, 1998    Hold an extra shareholders meeting to
                     approve the Rehabilitation Plan                                      

SVI tells the SET that the financial advisor has studied and
worked on the plan by gathering all the relevant
information, interviewed the company's executives, checked
all the details and closely coordinated with the company.

After H&Q became the company's major shareholder and the
company successfully finalized a restructuring, the company
was in a position to build up the confidence with our
existing customers and at the same time the managing
director and senior executives spent a lot of time
reinforcing the company's image with existing customers as
well as making presentations to prospective customers both
in Europe and USA as well as to customers who visited our
factory.

These activities, SVI says, by the senior executives of the
company which were essential to establish a base for the
rehabilitation plan took a lot of time with the result that
there has been a significant delay in the preparation of the
Rehabilitation Plan as compared with the previous timetable.


THANA ONE: FRA to Auction Billion Baht Plot
-------------------------------------------
The Financial Sector Restructuring Authority (FRA) will
auction a plot of land owned by Thana One Finance and
Securities Co Ltd on Sunady from a reserve price of Bt1
billion.  The 55-rai plot is between Ram-Indra Road, Khwaeng
Jorakhae Bua and Lard Prao District, FRA assistant
Secretary-general Narong Patamasevi stated in a press
release.  Another FRA executive said the plot had been put
up by Thana One as collateral for a Bt226-million loan from
Krung Thai Bank.  KTB allowed the FRA to auction the plot.
After the auction, the FRA will give Bt226 million to KTB
and keep the balance.  The billion-baht reserve price was
arrived at by a 25-per-cent discount off the market price.  
The attractive price has evoked interest from three
investors who have expressed a desire to bid for the plot.

Among the three interested parties, one has already offered
to buy the land for Bt1.8 billion.  "However, the deal has
to go through the auction process," he said.  The downward
trend of interest rates will help attract more long-term
investors. Moreover, going by economic trends, the property
market will enjoy better days after the stock market begins
to boom, he added.  

Public interest in the auction is strong; 2,000 catalogues
have sold out.  Narong anticipates the auction will attract
many bidders.


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily
newsletter co-published by Bankruptcy Creditors' Service,
Inc., Princeton, NJ USA, and Beard Group, Inc., Washington,
DC USA.  Debra Brennan and Lexy Mueller, Editors.

Copyright 1998.  All rights reserved.  ISSN: 1520-9482.  

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