TCRAP_Public/080721.mbx         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

             Monday, July 21, 2008, Vol. 11, No. 143

                            Headlines

A U S T R A L I A

718932 PTY: Members' Final Meeting Set for July 25
ACN 074 356 746: Members' Meeting Set for July 25
ALLCO FINANCE: Completes Sale of Tehachapi Wind Assets
BABCOCK & BROWN POWER: Sells 73% Ecogen Stake for AU$87 Mil.
BEECHWOOD HOMES: Receiver Hopes to Reach Sale Deal This Week

ENVIRONINVEST LTD: Auditor Expresses Going Concern Doubt
KIRKBY BELAHNA: Placed Under Voluntary Liquidation
MM INVESTMENTS: Joint Meeting Slated for July 25
MICHAEL COMMERFORD: Final Meeting Set for July 25
NEWINGTON COMMUNICATIONS: Final Meeting Slated for July 25

NORDALE AUSTRALIA: Members' Final Meeting Set for July 25
R B AOUM: Members and Creditors to Meet on July 25
REVLECT PTY: Members' Final Meeting Slated for July 25
ROTONDO INDUSTRIES: Members' Meeting Set for July 25
ST GEORGE: Prices AU$1.2 Bil. Asset-Backed Securities

SUPERBOWL ON: Placed Under Voluntary Liquidation
TIFAM INVESTMENTS: Final Meeting Slated for July 25
TIFAM TRADING: Members and Creditors to Meet on July 25


C H I N A

CHINA SOUTHERN: To Cut Executive Pay to Offset Rising Fuel Costs
ICBC: Number of On-Line Clients Up 27% in First-Half 2008
PACIFICNET: Incurs US$1.15 Mil. Net Loss in First-Quarter 2008
SHENZHEN DEV'T: To Sell CNY1.5BB in Bonds to Bolster Capital


H O N G K O N G

ADEXI (H.K): Members' Final Meeting Set for August 15
APEX CONSULTANTS: Ngan Lim Chun Esther Quits as Liquidator
CITIC PACIFIC: Unit Buys 80% of Yunnan Lianzhi for CNY5.4 Mil.
CITY TELECOM: Launches Tender and Consent Offer Via HSBC
COVENT GARDEN: Gordon and Esther Quit as Liquidators

CSL UNITED: Jamieson and Middleton Quit as Liquidators
EFFECO LIMITED: Chiu and Chung Quit as Liquidators
J.H. BACHMANN: Placed Under Voluntary Liquidation
MOFREE CORPORATION: Chan Sek Kwan Rays Quits as Liquidator
ORLIMA INVESTMENTS: Members' Final Meeting Set for August 22

SPENCE ROBINSON: Placed Under Voluntary Liquidation
WORLD MAN: Rays Chan Quits as Liquidator


I N D I A

PP POLYPLAST: CRISIL Rates Rs.100 Mil. Proposed Loan at ‘B’
SCMS MARITIME: CRISIL Puts Grade 4 on Limited Fin'l Flexibility
ZOOM AUTO: CARE Rates Rs. 18.50 Crore Bank Facility at BB+


J A P A N

CITIGROUP: Moves Retirement Deadline for 1,350 Japanese Staff
SHINSEI BANK: To Acquire GE's Japan Unit for JPY580 Billion
* S&P Says Japan's BirthRate Spurs Competition in Universities


M A L A Y S I A

* MALAYSIA: Manufacturing Sector Records MYR48.7BB Sales in May
* RAM Publishes MYR31 Bil. of Debt Facilities in 1st Half 2008


N E W  Z E A L A N D

ALPHA PROCESSING: Court Appoints Liquidators
ALVESTON MANAGEMENT: Court Appoints Liquidators
FINANCE 1ST.CO.NZ: Commences Liquidation Proceedings
J & G COURIERS: Commences Liquidation Proceedings
JASH PRINT: Placed Under Liquidation

LAVISH KITCHEN: Wind-Up Petition Hearing Set for August 6
PARKSIDE DEVELOPMENTS: Appoints Oorschoot as Administrator
PRESTEK INSTALLATION: Court Appoints Liquidators
PROPERTY VENTURES: Two Subsidiaries Face Creditor Actions
ROADHAUL (N.I.): Commences Liquidation Proceedings

SAI CONSTRUCTION: Wind-Up Petition Hearing Set for August 2
WATERSEAL LIMITED: Placed Under Liquidation
* NEW ZEALAND: Confidence in Rental Property Investment Drops 3%
* New Zealand Exchange to Change Name


T A I W A N

SHIN KONG FINANCIAL: S&P's Ratings Unaffected by 2Q08 Net Loss


X X X X X X X X

* Moody's Says Fannie and Freddie Threat to Asia Exaggerated


                         - - - - -


=================
A U S T R A L I A
=================

718932 PTY: Members' Final Meeting Set for July 25
--------------------------------------------------
718932 Pty Ltd will hold a final meeting for its members at
10:00 a.m. on July 25, 2008.  During the meeting, the company's
liquidator R. B. McKern, will provided attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          R. B. McKern
          McGrathNicol
          Level 8, IBM Centre
          60 City Road
          Southbank VIC 3006
          Australia
          Telephone: (03) 9038 3100
          Website: www.mcgrathnicol.com


ACN 074 356 746: Members' Meeting Set for July 25
-------------------------------------------------
Danny Vrkic, ACN 074 356 746 Pty Ltd fka Pro Finish Management
Pty Ltd's appointed estate liquidator, will meet with the
company's members and creditors at 10:00 a.m. on July 25, 2008,
to provide them with property disposal and winding-up reports.

The liquidator can be reached at:  

          Danny Vrkic
          Jirsch Sutherland & Co
          PO Box 573
          Wollongong NSW 2500
          Australia


ALLCO FINANCE: Completes Sale of Tehachapi Wind Assets
------------------------------------------------------
Allco Finance Group has completed the sale of Tehachapi wind
development assets owned by Allco and its co-investment partners
to a consortium comprising Terra-Gen Power and Archlight Capital
Partners LLC for US$325 million.

According to Allco, the sale has resulted in an anticipated
after tax net share of sale proceeds for Allco of approximately
AU$163 million, as well as releasing Allco from contingent
commitments of AU$68 million.  In total, Allco's corporate
senior debt and contingent commitments have been reduced by
approximately AU$230 million as a result of the sale, based on
current exchange rates.

Nick Bain, Allco's Global Head of Infrastructure, said "We are
delighted with the outcome of this very competitive and
successfully executed sale.  It is disappointing to have to
divest a one-of-a-kind project like Tehachapi.  Nonetheless, we
are pleased with the financial results of the sale, which was
managed jointly by our financial adviser, Marathon Capital, and
Allco's infrastructure team.  Archlight/Terra Gen now has the
opportunity to take this exciting project forward towards full
build out."

Dan Revers, Managing Partner of Arclight Capital Partners, in
commenting, said "The AFG Tehachapi wind assets are an excellent
strategic fit and growth platform for our existing portfolio of
wind, geothermal and solar generating assets in Terra-Gen Power,
the majority of which are based in California."

Jim Pagano, CEO of Terra-Gen Power, stated that "The team here
at Terra-Gen Power is excited about taking over management of
this flagship project in California's renewable energy industry.  
Terra-Gen already owns and operates over 185 MW of existing wind
generating projects in Tehachapi wind and is committed to
further developing this critical wind resource."

The Tehachapi project sold by Allco and its co-investment
partners comprises approximately 3,100 Mws of planned wind
development along with key land control, critical transmission
queue positions and an executed and fully approved 1,550 MW long
term power purchase agreement with Southern California Edison.  
The full build out of the Tehachapi project will occur over the
next 8-10 years and will ultimately supply up to 1 million Los
Angeles area households with renewable power.

Marathon Capital, LLC, represented Allco as the exclusive
financial adviser for this transaction.  JP Morgan Chase
represented Arclight and Terra Gen.

                      About Allco Finance

Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/    
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management. The Company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets.  Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities. It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.  
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited.  The Company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                          *     *     *

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
putting its operations in the hands of administrators.

As reported in the Troubled Company Reporter-Asia Pacific, Allco
Finance Group has until July 31, 2008, to pay its AU$250 million
bridge facility.

Allco's managed vehicle, Rubicon American Trust, anticipated
breach of financial covenants as a consequence of its asset
revaluations.  The Trust, citing continued dislocation of global
credit markets and the consequential negative impact on asset
valuations, reduced the value of its real estate portfolio as of
June 30, 2008, by approximately US$97.5 million (or 7%).


BABCOCK & BROWN POWER: Sells 73% Ecogen Stake for AU$87 Mil.
------------------------------------------------------------
Babcock & Brown Power has agreed to sell its 73% equity interest
in the Ecogen power generation business (Newport and Jeeralang
Power Stations) to Ecogen co-shareholder Industry Funds
Management for a gross value of AU$87 million.  BBP's component
of the Ecogen debt facility of approximately AU$93 million will
be assumed by IFM.

BBP will receive net proceeds of AU$79 million from the disposal
which will be used to repay a portion of the current BBPH
corporate debt facility.  The combined net proceeds from the
sale of Ecogen and the recent sale of Uranquinty will reduce the
proposed BBPH debt refinancing requirement from AU$360 million
to approximately AU$122 million.

The sale of Ecogen does not affect the previously announced
FY2009 distribution guidance of 13 to 18 cents per security.

Len Gill, BBP Chairman said "The sale of Ecogen highlights the
underlying value placed on quality power generation assets and
is a further demonstration of BBP's commitment to progressively
reduce gearing."

                About Industry Funds Management

Headquartered in Melbourne, Australia, Industry Funds Management
-- http://www.industryfundsmanagement.com.au/–is an investment  
management company specialising in the management of investment
portfolios across the infrastructure, private equity, publicly-
traded equities, and debt investment sectors.  IFM was created
as a subsidiary of IFS in 2004 through the merger of IFS's
Private Capital Group and Development Australia Fund Management
Limited.  In January 2007, Industry Super Holdings Pty Ltd, the
holding company for the Members Equity Bank group of companies,
acquired 100% of IFS and IFM.  ISH is wholly owned by 37 major
Australian ‘not for profit' superannuation funds.


                About Babcock & Brown Power

Australia-based Babcock & Brown Power (ASX:BBP) --  is a power
generation business, with assets diversified by geographic
location, fuel source, customers, contract types and operating
mode.  The portfolio has interests in 14 operating power
stations representing over 4,000MW of installed generation
capacity and five power stations under construction.  BBP has
interests in a number of other associated power assets including
the WA retail assets Alinta.  Babcock & Brown has been
developing, operating and acquiring the generation portfolio
over a period of 10 years.

Babcock & Brown Power is a listed satellite of Babcock & Brown
Ltd.

                          *     *     *

Babcock & Brown Power Fund said it will not make a distribution
for the six month period ending June 30, 2008, amongst a range
of capital initiatives it is investigating to strengthen its
balance sheet, which include refinancing of BBP Holdings Pty
Ltd's corporate facility of up to AU$360 million.

The Wall Street Journal reported that Babcock & Brown Power's
securities fell 20% to close at 72 Australian cents June 19
on news of the dividend cut.

According to WSJ, the company's securities slumped as much as
73% over the past month as it struggled to refinance AU$3.06
billion (US$2.89 billion) in debt and flagged asset sales to
help raise at least another AU$275 million for power-plant
upgrades.

  
BEECHWOOD HOMES: Receiver Hopes to Reach Sale Deal This Week
------------------------------------------------------------
There are two strong bidders for Beechwood Homes, and its
receiver, Deloitte, is hopeful of reaching a deal to sell the
company early this week, ABC News reports.

"If that occurs, then for the various stakeholders, there's
something in it for each of them," Chris Campbell, head of
Deloitte's corporate reorganisation group, was cited by ABC News
as saying.

According to the report, the receiver made the announcement
at a creditors meeting held July 17, wherein more than 100
Beechwood creditors attended.

Also in that meeting, Beechwood's administrators reported on the
company's financial status.

Beechwood Homes is an Australian owned family home building
company that was started in the early 1980s.  Beechwood's
collapse affected about 300 people who were building homes and
approximately 500 who had project home plans prepared by the
company, ABC News says.


ENVIRONINVEST LTD: Auditor Expresses Going Concern Doubt
--------------------------------------------------------
David Nairn of HLB Mann Judd expressed substantial doubt about
Environinvest Limited's ability to continue as a going concern
pointing to the company's program to sell its forestry assets,
the Herald Sun reports.

According to the report, the auditor is concerned that "without
such a program current liabilities would exceed current assets."

The auditor's statement was made based on the company's 2007
financial accounts filed with the Australian Securities &
Investments Commission on May 22.

The Herald Sun says Roger Pescott, a former government minister
who is a director and major shareholder of Environinvest, along
with his fellow directors, stated in May this year that the
company's financial report was prepared on a "going concern
basis" because it had received expert advice on the value of the
forestry assets.

The board also highlighted the interest shown by prospective
purchasers, the ongoing financial support from the major
shareholder, Mr. Pescott, and ongoing discussion with
alternative sources of finance and equity, the report says.

The Herald Sun relates that Environinvest came under financial
pressure last year and is believed to owe commissions to
financial advisers for selling the company's managed investment
products.

Adding to the company's financial pressure is having one of its
subsidiaries, Environ Management Services, placed under
administration.

The report says the subsidiary's board, which includes Mr.
Pescott, has appointed Gideon Rathner and David Coyne of Lowe
Lippman as administrators.

In late March, the Heral Sun says a Melbourne-based company,
Live Capital, took legal action in the Supreme Court of Victoria
seeking a winding up of Environinvest but withdrew the
application on April 9.

                     About Environinvest Ltd

Headquartered in Melbourne, Victoria in Australia, Environinvest
Limited -- http://www.environinvest.com.au/-- which trades as  
Primary Yield, holds a financial services licence to run several
forestry and agricultural investment schemes.  Since its
inception in 1997, the company is currently responsible under
ownership, lease, and agistment for 370,000 acres (148,857
hectares) of agricultural land in Victoria, Tasmania, South
Australia, New South Wales, and Queensland.  The company also
offers Eucalyptus industry investment opportunities, cattle
industry investment opportunities and blue gum investment
information for Australian national markets and international
clients.  As at June 30, 2004,  Environinvest and its
subsidiaries had net assets of approximately AU$36 million.


KIRKBY BELAHNA: Placed Under Voluntary Liquidation
--------------------------------------------------
Kirkby Belahna Pty. Ltd.'s members agreed on June 6, 2008, to
voluntarily liquidate the company's business.  Anthony M. Long
was appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Anthony M. Long
          Boyce Chartered Accountants
          19 Montague Street
          Goulburn NSW 2580
          Australia


MM INVESTMENTS: Joint Meeting Slated for July 25
------------------------------------------------
Martin J. Green, MM Investments Pty Ltd's appointed estate
liquidator, will meet with the company's members and creditors
on July 25, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Martin J. Green
          GHK Ferrier Green Krejci Silvia
          Level 13, 1 Castlereagh Street
          Sydney NSW 2000
          Australia


MICHAEL COMMERFORD: Final Meeting Set for July 25
-------------------------------------------------
Michael Commerford Gallery Pty Ltd will hold a final meeting for
its members and creditors at 11:00 a.m. on July 25, 2008.  
During the meeting, the company's liquidator Ozem Kassem, will
provided attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10
          76-80 Clarence Street
          Sydney, Australia
          Telephone: (02) 8221 8433


NEWINGTON COMMUNICATIONS: Final Meeting Slated for July 25
----------------------------------------------------------
Newington Communications Pty Ltd will hold a final meeting for
its members and creditors at 9:30 a.m. on July 25, 2008.  During
the meeting, the company's liquidator Robert Moodie, will
provided attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Robert Moodie
          Rodgers Reidy
          Level 8, 333 George Street
          Sydney NSW 2000
          Australia


NORDALE AUSTRALIA: Members' Final Meeting Set for July 25
---------------------------------------------------------
Nordale Australia Pty Ltd will hold a final meeting for its
members at 3:00 p.m. on July 25, 2008.  During the meeting, the
company's liquidator Paul Burness, will provided attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          Paul Burness
          Worrells Solvency & Forensic Accountants
          Level 5, 15 Queen Street
          Melbourne VIC 3000
          Australia
          Telephone: (03) 9613 5515
          Facsimile: (03) 9614 3233
          Website: www.worrells.net.au

                  About Nordale Australia

Nordale Australia Pty Ltd is a distributor of chemicals and
allied products.  The company is located at Riverwood, in New
South Wales, Australia.


R B AOUM: Members and Creditors to Meet on July 25
--------------------------------------------------
R B AOUM Developments Pty Ltd will hold a final meeting for its
members and creditors at 11:30 a.m. on July 25, 2008.  During
the meeting, the company's liquidator Ozem Kassem, will provided
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Ozem Kassem
          Cor Cordis Chartered Accountants
          Level 10
          76-80 Clarence Street
          Sydney, Australia
          Telephone: (02) 8221 8433


REVLECT PTY: Members' Final Meeting Slated for July 25
------------------------------------------------------
718932 Pty Ltd will hold a final meeting for its members at
10:00 a.m. on July 25, 2008.  During the meeting, the company's
liquidator R. B. McKern, will provided attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          R. B. McKern
          McGrathNicol
          Level 8, IBM Centre
          60 City Road
          Southbank VIC 3006
          Australia
          Telephone: (03) 9038 3100
          Website: www.mcgrathnicol.com


ROTONDO INDUSTRIES: Members' Meeting Set for July 25
----------------------------------------------------
Danny Vrkic, Rotondo Industries Pty Ltd's appointed estate
liquidator, will meet with the company's members and creditors
at 11:00 a.m. on July 25, 2008, to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Danny Vrkic
          Jirsch Sutherland & Co
          PO Box 573
          Wollongong NSW 2500
          Australia


ST GEORGE: Prices AU$1.2 Bil. Asset-Backed Securities
-----------------------------------------------------
St George Bank has disclosed the pricing of Crusade ABS Series
2008-2 Trust, an issue of asset-backed securities under its
Crusade securitisation programme.  The Class A-2 T1 and the
Class A-2 T2 Euro tranches will be listed on the Australian
Securities Exchange.  All securities will be backed by Auto Loan
receivables originated by St George Limited, a wholly owned
subsidiary of St George Bank Ltd.

In total, asset backed securities with an equivalent value of
AU$1,236 million will be issued in eight tranches:

   * The A-1 senior tranche of AU$200 million was priced
     at 1 Month BBSW plus 80 basis points.

   * The A-2 senior tranche of EU279 million was priced at
     3 Month EURIBOR plus 120 basis points.

   * The A-2 T2 senior tranche of EU300 million was priced
     at 3 Month EURIBOR plus 120 basis points.

   * Five subordinated tranches totalling AU$94.3 million
     have also been issued and were privately placed.

St George said it is expected that the senior A-1 tranche will
be rated A1+/P-1 and the A-2 T1 and A-2 T2 tranches will be
rated AAA by Standard and Poor's and Aaa by Moody's Investor
Service.

The senior Australian dollar A-1 tranche had Macquarie Bank
Limited and St George Bank Ltd as Joint Lead Managers and the A-
2 T1 tranche and the A-2 T2 tranche had Macquarie Bank Limited
and The Royal Bank of Scotland plc as Joint Lead Managers.  
Macquarie Bank Limited acted as Arranger on all tranches.

                      About St George Bank

Headquartered in Kogarah, New South Wales, Australia --
http://www.stgeorge.com.au-- St. George Bank Limited is a            
banking company.  The Company operates in four business
segments: Retail Bank (RB), Institutional and Business Banking
(IBB), BankSA (BSA) and Wealth Management (WM).  RB is
responsible for residential and consumer lending, provision of
personal financial services including transaction services, call
and term deposits, small business banking and financial
planners.  This division manages retail branches, call centers,
agency networks and electronic channels, such as electronic
funds transfer at point of sale (EFTPOS) terminals, automated
teller machines (ATMs) and Internet banking.

On September 28, 2007, it disposed of its 100% interest in
Scottish Pacific Business Finance Holdings Pty. Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
on May 13, 2008, Moody's Investors Service reviewed, with
direction uncertain, the ratings of St George Bank.  It is rated
Aa2 for deposits and senior debt, Prime-1 for short-term
obligations and carries a bank financial strength rating (BFSR)
of B.

In addition, Fitch Ratings placed St George Bank Limited's
'B' Individual Rating and 'BB+' Support Rating Floor on Rating
Watch Positive.


SUPERBOWL ON: Placed Under Voluntary Liquidation
------------------------------------------------
Superbowl on Sussex Pty. Ltd.'s members agreed on June 7, 2008,
to voluntarily liquidate the company's business.  Bill Li was
appointed to facilitate the sale of its assets.

The liquidator can be reached at:

          Bill Li & Co
          Suite 451
          311-315 Castlereagh Street
          Sydney NSW 2000
          Australia


TIFAM INVESTMENTS: Final Meeting Slated for July 25
---------------------------------------------------
Tifam Investments Pty Ltd will hold a final meeting for its
members and creditors at 9:00 a.m. on July 25, 2008.  During the
meeting, the company's liquidators John Gibbons and
Keiran Hutchison , will provided attendees with property
disposal and winding-up reports.

The liquidators can be reached at:

          John Gibbons
          Keiran Hutchison
          Ernst & Young
          Ernst & Young Centre
          680 George Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 8295 6590


TIFAM TRADING: Members and Creditors to Meet on July 25
-------------------------------------------------------
Tifam Trading Pty Ltd will hold a final meeting for its members
and creditors at 9:00 a.m. on July 25, 2008.  During the
meeting, the company's liquidators John Gibbons and
Keiran Hutchison , will provided attendees with property
disposal and winding-up reports.

The liquidators can be reached at:

          John Gibbons
          Keiran Hutchison
          Ernst & Young
          Ernst & Young Centre
          680 George Street
          Sydney NSW 2000
          Australia
          Telephone: (02) 8295 6590



=========
C H I N A
=========

CHINA SOUTHERN: To Cut Executive Pay to Offset Rising Fuel Costs
----------------------------------------------------------------
China Southern Airlines Co. will cut the pay of its executives
by 10% this month to offset rising jet-fuel costs, Irene Shen of
Bloomberg News reports.

The airline, Edmund Klamann of Reuters writes, plans to cut
operating costs by CNY1.3 billion (US$190.9 million) this year
to cope with rising fuel costs, declining passenger volumes and
other burdens.

Reuters relates that China Southern said fuel prices and other
factors were set to boost its 2008 operating expenditure by
CNY1.86 billion.   They would achieve the savings by cutting
CNY800 million in planned investment on infrastructure and
CNY500 million in other costs, China Southern said.

As reported by the Troubled Company Reporter - Asia Pacific on
July 10, 2008, China Southern sought regulatory approval to
increase the fuel surcharge on its domestic and international
flights to offset the surging fuel prices.  Company Chairman Liu
Shaoyong said that jet fuel accounts for about 40% of China
Southern's operating costs.  The latest price hike is expected
to cost the airline industry CNY15 billion.

Yu Jianjun, an analyst at Huatai Securities Co., told Bloomberg
News that "The salary cuts are a symbolic move to show the
management's efforts to reduce costs.  The carriers will do
everything they can as jet-fuel prices have run out of control."

Bloomberg News relates that China Southern Chairman Liu Shaoyong
was paid CNY751,000 (US$110,000) last year, including pension
contributions, according to the company's annual report.

                       About China Southern

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of     
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2008, Fitch Ratings affirmed China Southern Airlines
Co. Ltd.'s "B+" Long-term Foreign Currency and Local Currency
Issuer Default Ratings.  The Outlook on the ratings is Stable.


ICBC: Number of On-Line Clients Up 27% in First-Half 2008
---------------------------------------------------------
Industrial and Commercial Bank of China's on-line individual
client figure increased 27% to 9.41 million in the first half of
2008, from the same period last year, Xinhua News reports.

Online individual clients, the report relates, hit 48.49 million
in June.

The report says on-line business accounted for 39.5% of the
lender's total business volume.

Meanwhile, according to Xinhua News, on-line enterprise clients
hit 1.27 million in June, represented an increase of 294,200
during the January-June period, or 54% over the same period last
year.

ICBC attributed the remarkable increase to the bank's efforts in
introducing more business products, and perfecting an on-line
transaction system, which better met the demand of clients, the
report notes.

                            About ICBC

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn/-- is the largest state-owned commercial    
bank, and is authorized by the State Council and the People's
Bank of China.  ICBC conducts operations across China as well as
in major international financial centers.

                          *     *     *

ICBC continues to carry Fitch Ratings' Individual D/E rating.

On May 4, 2007, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The outlook for the long-
term deposit rating is positive.


PACIFICNET: Incurs US$1.15 Mil. Net Loss in First-Quarter 2008
--------------------------------------------------------------
PacificNet Inc. posted a net loss of US$1.15 million on total
revenues of US$4.42 million of revenues in the quarter ended
March 31, 2008, as compared to a net income of US$308 million on
US$5.84 million of total revenues in the same quarter of 2007.

As of March 31, 2008, the company's balance sheet showed
US$16.29 million of current assets available to pay
US$12.79 million of current liabilities.

The company's balance sheet as of end March 2008 also
reflected total assets of US$24.94 million, total liabilities of
US$19.99 million and total shareholders' equity of US$3.77
million.

                       Going Concern Doubt

The PacificNet management raised substantial doubt about the
company’s ability to continue as a going concern citing
accumulated losses of US$66 million and US$65 million as of
March 31, 2008 and December 31, 2007, respectively.  

The management also noted that negative cash flows used in the
operations were US$1.21 million for the three months ended
March 31, 2008.  

According to the management, recoverability of a major portion
of the company's recorded asset amounts is dependent upon
continued operations of the company, which in turn is dependent
upon the company's ability to raise additional capital, obtain
financing and to succeed in its future operations.  The
financial statements do not include any adjustments relating to
the recoverability and classification of recorded asset amounts
or amounts and classification of liabilities that might be
necessary should the company be unable to continue as a going
concern.

                       Restructuring Plan

The company has taken certain restructuring steps to provide the
necessary capital to continue its operations.  These steps
included, but not limited to:

1) acceleration of disposal and spin-off of unprofitable or
   unfavorable return-on-investment non-gaming operations;

2) focus on execution of the new high potential gaming business
   initiatives;

3) acquisition of profitable and/or strategic operations through
   issuance of equity instruments;

4) formation of strategic relationship with key gaming operators
   in Asia; and

5) issuance or restructure of new long-term convertible
   debentures.

                      About PacificNet Inc.

Headquartered in Beijing, China, PacificNet Inc., (NasdaqGM:
PACT) -- http://www.pacificnet.com-- provides gaming and mobile    
game technology worldwide.  The company, through its
subsidiaries, offers solutions in casino equipment supply; and
the development, installation, and support of systems and game
content for the casino, lottery, and amusement with prizes (AWP)
markets.  The company was founded in 1987 and has additional
offices in Hong Kong, Shanghai, Shenzhen, Guangzhou, Macau, and
Zhuhai, China; the United States; and the Philippines.

Iroquois Master Fund Ltd., Whalehaven Capital Fund Ltd. and
Alpha Capital AG filed for involuntary Chapter 11 petition
against the Debtor on March 22, 2008, (Bank. D. Del. Case No.
08-10528.)  Adam Friedman, Esq. at Olshan Grundman, et al. and
Robert S. Brady, Esq. and Ian S. Fredericks, Esq. at Young
Conaway, et al. represent the petitioners in this case.


SHENZHEN DEV'T: To Sell CNY1.5BB in Bonds to Bolster Capital
------------------------------------------------------------
Shenzhen Development Bank Co. plans to sell CNY1.5 billion
(US$220 million) of subordinated bonds to bolster its capital,
Jiang Jianguo of Bloomberg News reports.

According to Reuters, the 10-year bonds will be callable by the
issuer after five years, and may have fixed or floating coupons.

The planned 10-year note sale, Bloomberg News relates, is part
of a CNY8 billion bond issue announced last year.  The bank sold
CNY6.5 billion of debt in March.

Headquartered in Shenzhen, Guangdong, People's Republic of
China, Shenzhen Development Bank Company Ltd.'s --
http://www.sdb.com.cn/-- provides local and foreign currency  
deposits and loan services.  Other activities include foreign
currencies exchanging, foreign currency deposit and remittances,
acts as an agent for issuing foreign currency value-bearing
securities, management of letters of credit and operation of
both an international and a domestic discounting service.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported that
Moody's Investors Service, on May 4, 2007, assigned E+ for the
bank's Financial Strength Rating.  The long-term Foreign
Currency Deposit Rating is Ba3.  The short-term Foreign Currency
Deposit Rating is NP.  Moody's said the outlook for all ratings
is positive.



===============
H O N G K O N G
===============

ADEXI (H.K): Members' Final Meeting Set for August 15
-----------------------------------------------------
The members of Adexi (H.K.) Limited will hold a final general
meeting on August 15, 2008, at 10:00 a.m., at Unit C, 7th Floor
of Hyde Centre, in 221-226 Gloucester Road, Hong Kong.

At the meeting, Chan King Shu, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


APEX CONSULTANTS: Ngan Lim Chun Esther Quits as Liquidator
----------------------------------------------------------
On July 2, 2008, Ngan Lim Chun Esther resigned from his post as
the liquidator of Apex Consultants Limited.

The company's former liquidator can be reached at:

          Ngan Lim Chun Esther
          1902 MassMutual Tower
          38 Gloucester Road
          Wanchai, Hong Kong


CITIC PACIFIC: Unit Buys 80% of Yunnan Lianzhi for CNY5.4 Mil.
--------------------------------------------------------------
Zhanjiang Junkai, a non-wholly owned subsidiary of CITIC Pacific
Limited, entered into an enterprise purchase agreement with
Yunnan Zhongkai.

Under the agreement, Zhanjiang Junkai will purchase an 80% stake
in Yunnan Lianzhi from Ms. Qu Guijing and Yunnan Lianzhi for
CNY5,477,374.37 (approximately HK$6,189,000) subject to
adjustment when the financial statements of Yunnan Lianzhi are
finalized and agreed by the parties.

Upon the Acquisition, Yunnan Lianzhi will be accounted for as a
subsidiary of the company.

Yunnan Zhongkai is a connected person of the company as it is
(i) a substantial shareholder of certain subsidiaries of DCH;
and (ii) an associate of a director of various subsidiaries of
DCH engaged in motor vehicle dealing, and DCH is in turn a non-
wholly owned subsidiary of the company.  Ms. Qu Guijing is an
associate of the said director.

                  Conditions and Completion

* The agreement is to take effect conditional upon the consent  
  from the relevant automobile manufacturer of the acquisition.
  The condition had been fulfilled when the agreement was
  signed.

* Completion in respect of the acquisition of the 80% equity
  interest in Yunnan Lianzhi took place on 2 July 2008.

* Completion in respect of the acquisition of the benefit of the
  Yunnan Lianzhi's Payable shall take place within three
  business days from the date when the financial statements of
  Yunnan Lianzhi as at June 30, 2008 are finalized and agreed by
  the parties.

The expected completion date is on or before September 30, 2008.

The acquisition enables further development of motor vehicle
dealing business of DCH and its subsidiaries in Yunnan Province,
the PRC.

The Directors (including the independent non-executive
Directors) consider that the acquisition is on normal commercial
terms, fair and reasonable and in the interests of the
shareholders of the company as a whole.

                       About CITIC Pacific

Headquartered in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of          
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

                          *     *     *

As reported by Troubled Company Reporter - Asia pacific on
Dec. 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB+' corporate credit rating on CITIC Pacific Ltd. (CITIC
Pacific).  The outlook is stable.  At the same time, Standard &
Poor's affirmed the 'BB+' issue rating on senior unsecured notes
issued by CITIC Pacific Finance (2001) Ltd. and guaranteed by
CITIC Pacific.

On June 28, 2006, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP reported that Moody's Investors Service
on June 16, 2006, assigned a Ba1 corporate family rating to
CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.  The
senior unsecured rating for CITIC Pacific Finance (2001) Ltd's
bond is downgraded to Ba1 from Baa3.  The rating outlook is
stable.  This concluded the review initiated by the rating
agency in April 2006.


CITY TELECOM: Launches Tender and Consent Offer Via HSBC
--------------------------------------------------------
City Telecom Limited commenced a tender offer to purchase for
cash any and all of its outstanding US$89,353,000 of aggregate
principal amount of 8.75% Senior Notes Due 2015, under and
subject to the terms and conditions set forth in the Offer to
Purchase and Consent Solicitation Statement dated July 9, 2008.

The company is also soliciting consents from holders of the
Notes for certain amendments that would, among other things,
eliminate substantially all of the restrictive covenants
contained n the indenture, dated as of January 20, 2005, as
amended and supplemented by the first supplemental indenture
dated November 23, 2005 and the second supplemental indenture
dated May 28, 2007 under which the Notes were issued.  Adoption
of theproposed amendments requires the consent of holders of at
least a majority of aggregate principal amount of the Notes
outstanding.

The Offer to Purchase and Consent Solicitation will expire at
8:00 a.m., New York City time, on August 21, 2008, unless
extended.  Subject to the terms of the Offer to Purchase and
Consent Solicitation, the right to receive the Consent Payment
by delivering valid Consents will expire at 5:00 p.m., New York
City time, on July 24, 2008 unless extended.  The right to
withdraw tendered Notes and the right to revoke Consents will
expire on the Consent Date.  Holders that wish to receive both
the Tender Consideration and the Consent Payment must validly
tender their Notes at or prior to the consent Date.  The terms
and conditions of the Offer to Purchase and Consent Solicitation
may be amended and the Expiration Date and Consent Date may be
extended by the Company in its sole discretion.

The Total Consideration or each US$1,000 principal amount of
Notes validly tendered and not validly withdrawn pursuant to the
Offer and delivery of consents pursuant to the Consent
Solicitation on or prior to the Consent Date shall be
equal to US$980.00.  The total consideration includes a consent
payment of US$20.00 in respect of each US$1,000 principal amount
of Notes tendered.

Holders who validly tender their Notes on or prior to the
consent date will be eligible to receive the total
consideration.  Holders who validly tender their Notes after the
consent date, but on or prior to the Expiration Date, will be
eligible to receive an amount equal to the Total Consideration
less the Consent Payment.  In either case, all Holders who
validly tender their Notes will receive accrued and unpaid
interest up to, but not including, the payment date.  The
payment date will be promptly after acceptance of tendered
Notes.

Holders who tender their Notes must deliver the related consents
to the Proposed Amendments.  Tendered Notes may not be withdrawn
and consents may not be revoked after the consent date.

The company intends to fund the payment of the total
consideration with a portion of the proceeds from a new debt
financing.  The company expressly reserves the right, in its
sole discretion, to terminate the Offer to Purchase and Consent
Solicitation and not accept for purchase any tendered Notes for
any reason, including if the proceeds of any new debt
financing are insufficient to pay the total consideration for
all Notes tendered and related fees and expenses.  The company's
obligation to accept for purchase any tendered Notes
pursuant to the Offer to Purchase and Consent Solicitation is
conditioned upon, among other things, Consents from Holders
representing at least the majority of the outstanding Notes
being obtained and certain other conditions.

                       About City Telecom

Hong Kong-based City Telecom (H.K.) Limited --
http://www.ctihk.com/-- is engaged in the provision of    
international telecommunications services (IDD) and fixed
telecommunications network services (FTNS) to customers in Hong
Kong and Canada.  The company operates in two segments:
international telecommunications, which is engaged in the
provision of international long-distance calls services, and
fixed telecommunications network, which is engaged in the
provision of dial up and broadband Internet access services,
local voice-over-Internet protocol services and Internet
protocol television (IP-TV) services. City Telecom (H.K.)
Limited's wholly owned subsidiaries include Attitude Holdings
Limited, Automedia Holdings Limited, City Telecom (B.C.) Inc.,
City Telecom (Canada) Inc., City Telecom Inc., City Telecom
International Limited, Credibility Holdings Limited, CTI
Guangzhou Customer Services Co. Ltd., CTI Marketing Company
Limited, Golden Trinity Holdings Limited, Hong Kong Broadband
Network Limited and IDD 1600 Company Limited.

                         *     *     *

Moody's Investors Service on Feb. 1. 2007, affirmed its B2
corporate family rating and senior unsecured bond rating for
City Telecom Ltd, and at the same time has revised the company's
rating outlook to positive from stable.

The Troubled Company Reporter-Asia Pacific reported on
December 22, 2006 that Fitch Ratings assigned a Long-term
foreign currency Issuer Default rating of 'B+' to Hong Kong-
based City Telecom (HK) Limited.  The Outlook on the rating is
Stable.  At the same time, Fitch assigned an instrument rating
of 'BB-' to the US$125 million senior unsecured notes due 2015
issued by CTI on the expectation of good recovery prospects
given default as denoted by the agency's recovery rating of
'RR3'.


COVENT GARDEN: Gordon and Esther Quit as Liquidators
----------------------------------------------------
Cheng Chung Por Gordon and Ngan Lin Chun Esther quit as
liquidators of Covent Garden Property Limited on July 2, 2008.

The former liquidators can be reached at:

          Cheng Chung Por Gordon
          Ngan Lin Chun Esther
          1902 MassMutual Tower
          28 Gloucester Road
          Wanchai, Hong Kong


CSL UNITED: Jamieson and Middleton Quit as Liquidators
------------------------------------------------------
Grant A. Jamieson and Edward S. Middleton quit as liquidators of
CSL United Personalcom Limited on July 1, 2008.

The company's former liquidators can be reached at:

          Grant A. Jamieson
          Edward S. Middleton
          KPMG
          Prince's Building, 8th Floor
          10 Chater Road
          Central, Hong Kong


EFFECO LIMITED: Chiu and Chung Quit as Liquidators
--------------------------------------------------
On July 4, 2008, Ying Hing Chiu and Chung Miu, Diana quit as
liquidators of Effeco Limited.

The company's former liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu, Diana
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


J.H. BACHMANN: Placed Under Voluntary Liquidation
-------------------------------------------------
The members of J.H. Bachmann (Hong Kong) Limited met on June 30,
2008, and resolved to voluntarily liquidate the comapny's
business.

Creditors are required to file their proofs of debt by
August 12, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

         Quan Fat Hing
         Wanchai Commercial Centre
         Room 2002, 20th Floor
         Hong Kong


MOFREE CORPORATION: Chan Sek Kwan Rays Quits as Liquidator
----------------------------------------------------------
On July 4, 2008, Chan Sek Kwan Rays quits as liquidator of
Mofree Corporation Limited.

The company's former liquidator can be reached at:

          Chan Sek Kwan Rays
          Seabright Plaza, Unit F, 12th Floor
          9-23 Shell Street, North Point
          Hong Kong


ORLIMA INVESTMENTS: Members' Final Meeting Set for August 22
------------------------------------------------------------
The members of Orlima Investments Limited will meet on Aug. 22,
2008, at 3:00 p.m., at the 21st Floor of Chinachem Tower,
34-37 Connaught Road in Central, Hong Kong.

At the meeting, Tai Hay Yuen, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SPENCE ROBINSON: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on July 7, 2008, the
members of Spence Robinson (Asia) Limited passed a resolution to
voluntarily liquidate the company's business.

The company requires its creditors to file their proofs of debt
by August 8, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Yuen Kwok Cheung
          CNT Tower, 18th Floor
          338 Hennessy Road
          Wanchai, Hong Kong


WORLD MAN: Rays Chan Quits as Liquidator
----------------------------------------
On July 4, 2008, Rays Chan resigned from his post as the
liquidator of World Man Holdings Limited.

The company's former liquidator can be reached at:

          Rays Chan
          Seabright Plaza, 12th Floor, Unit F
          9-23 Shell Street
          North Point, Hong Kong



=========
I N D I A
=========

PP POLYPLAST: CRISIL Rates Rs.100 Mil. Proposed Loan at ‘B’
-----------------------------------------------------------
CRISIL has assigned its bank loan rating of ‘B/Stable’ to PP
Polyplast Pvt Ltd’s proposed long-term bank facilities.

   * Rs.100 Million Proposed Long-Term Bank
            Loan Facilities -- B/Stable(Assigned)

According to CRISIL, the rating is constrained by the highly
fragmented nature of the high-density polyethylene (HDPE)
tarpaulin and polypropylene (PP) woven sacks industry, with low
entry barriers, leading to pressure on margins; susceptibility
of margins to volatility in raw material prices; and the
company’s moderate financial risk profile.  These constraints
are mitigated by the company’s good operating efficiency within
the industry.

Outlook: Stable

CRISIL expects PP Polyplast Pvt Ltd to maintain its moderate
financial risk profile.  The outlook may be revised to
‘Positive‘ if there is a significant improvement in the
company’s debt protection measures, and in industry prospects.
Conversely, the outlook may be revised to ‘Negative’ if the
gearing increases to more than expected levels.

                       About PP Polyplast

PP Polyplast Pvt Ltd, incorporated in 2000, was engaged in the
business of trading in plastic granules at Varanasi.  In 2006,
the company set up a greenfield project for the production of
HDPE fabric and tarpaulin at Kanpur; commercial production
started from May 2006.  The company had a total installed
capacity of 4428 tonnes per annum (tpa) as on March 31, 2008.  
It is setting up a second unit for the production of PP woven
sacks and fabrics with a planned capacity of 2745 tpa (with low
denier fabric).  PP woven sacks are used in the packaging of
products such as cement, fertilisers, food grains, and
vegetables.

For 2006-07 (refers to financial year, April 1 to March 31), PP
Polyplast Pvt Ltd reported a net loss of Rs.5.6 million on the
sales of Rs.116.1 million.


SCMS MARITIME: CRISIL Puts Grade 4 on Limited Fin'l Flexibility
---------------------------------------------------------------
CRISIL has assigned ‘Grade 4’ to the five Standards of Training,
Certification and Watch-keeping (STCW) courses conducted by the
SCMS Maritime Training Institute (SCMS).

Maritime grading is an opinion on whether an individual course
meets the stated objectives of the Directorate General of
Shipping (DGS).  The courses are graded on a five-point scale,
with ‘Grade 1’ being the highest, and ‘Grade 5’ the lowest.

  Name of the Course                 Grade
  ------------------                   -----
  Elementary First Aid (EFA)           Grade 4
  Personal Safety and Social
     Responsibilities (PSSR)           Grade 4
  Personal Survival Techniques (PST)   Grade 4
  Medical First Aid (MFA)           Grade 4
  Oil Tanker Familiarization
     Course (OTFC)                 Grade 4

According to CRISIL, the rating reflects SCMS’s inadequate
maintenance of equipment, lack of adherence to set processes,
limited financial flexibility with heavy dependence on the
promoters, and lack of independent professionals in the
management board.  These weaknesses are partially offset by
SCMS’s qualified promoters with a good track record, and
adequate infrastructure.

                           About SCMS

SCMS is located at Andheri East, off Mahakali Caves Road,
Mumbai.  Captain KK Grover and Captain SS Ghotra set up the
institute in 1998.  Captain KK Grover, the managing director of
SCMS, is a Master Mariner (Foreign going), with more than 32
years of experience in the shipping industry.  Captain SS
Ghotra, faculty of SCMS, is also a Master Mariner (Foreign
going).  Currently, SCMS offers five DGS-approved STCW courses.  
About 19,449 students have graduated till date.  The institute
is managed by the SCMS Maritime Training Institute Trust, which
was founded in January 2004.


ZOOM AUTO: CARE Rates Rs. 18.50 Crore Bank Facility at BB+
----------------------------------------------------------
CARE assigned rating of ‘CARE BB+’ (Double B plus) to the bank
facility (Rupee term loan) of Rs. 18.50 crore of Zoom Auto
Ancillaries Private Limited (ZAAPL).  This rating is applicable
for facilities having tenure of more than one year. Instruments
with this rating are considered to offer inadequate safety for
timely servicing of debt obligations and carry high credit risk.

The rating is constrained by project risk associated with the
plastic fuel tank project, limited establishment of product
concept in India, absence of confirmed buyers for the planned
capacity, past delays and cost over runs in project and existing
competition from metal tank manufacturers.  The rating does take
into account the management and financial support from Zoom
Developers Private Limited (ZDPL) including corporate guarantee
given by ZDPL for term loan, technological support at hand from
established player overseas viz. YAPP Automotive Parts(YAPP) and
acceptance of product in developed countries.

Zoom Automobile Ancillaries Pvt. Ltd. (ZAAPL) belongs to the
Zoom group.  Zoom Developers Pvt Ltd.(ZDPL) is the flagship
company of the Zoom group and holding company for ZAAPL as well.  
The Zoom group is a diversified group with presence in
construction, IT, BPO etc.  In the past the group has executed
projects in road & bridges, solid waste management and
industrial projects such as setting up a petrochemical refinery.  
The present management of the company has past experience in
project execution, automobile and plastic engineering.

ZAAPL is setting up a plastic fuel tank plant used for
automobiles, at Piranguat, Mulshi Taluka, Maharashtra.  These
plastic fuel tanks will be a substitute for the steel fuel tanks
currently used in India.  ZAAPL has purchased a machinery
previously owned by Nissan Motor United Kingdom (NMUK).  ZAAPL’s
plant is proposed to be ready for trial production by April 2008
and commercial production is expected to commence from August
2009.

ZAAPL has technical collaboration with YAPP for technical know
how and trouble shooting in manufacturing process of plastic
fuel tanks.  YAPP is an established player in plastic fuel tank
business and is an ‘A’ grade supplier to Ford, General Motors
and Volks Wagon in China.  ZDPL has given corporate guarantee
and both promoters Mr. Vijay Choudhary and Mr. B. L. Kejriwal,
have given personal guarantee on behalf of ZAAPL for the term
loan taken from banks/s.

The penetration of plastic fuel tank in India is limited.  As of
now there is no plastic fuel tank manufacturer for automobiles
in India.

However, the use of plastic fuel tanks in automobiles is an
established concept in developed countries in Western Europe and
USA.  India’s growing acceptance among U.S. and European OEMs as
a low-cost destination for manufacture of auto components is
expected to augment the demand for plastic fuel tanks from these
players in India as well, going forward.  Presently some of the
OEMs based in India like Ford Motors and Honda SIEL already use
plastic fuel tanks in their models.

However, first mover in this space will have to create a lot of
awareness and convince the existing Indian users about the
benefits of plastic tanks over existing metal tanks.

Considering cost factor is major decision maker for OEMs in
order to make cheaper and affordable entry level models in
India, the entry of fuel tanks into basic entry level car models
will be a major challenge In line with the industry trend, ZAAPL
is expected to be able to tie up its customers and
commence commercial production only 9-12 months after the plant
is operational.

Considering the product is a relatively new concept in India,
starting commercial production by the time repayment of debt
commences will be a key challenge for the first entrant.



=========
J A P A N
=========

CITIGROUP: Moves Retirement Deadline for 1,350 Japanese Staff
-------------------------------------------------------------
http://www.bloomberg.com/apps/news?pid=20601101&sid=axy7V3KbfF1E
&refer=japan
(rousel/revise)

Citigroup Inc. extended a deadline for taking applications from
1,350 employees who were offered early retirement at its Japan
consumer finance unit, CFJ KK, after fewer than half of those
eligible accepted the offer, Takahiko Hyuga of Bloomberg News
reports.

As reported by the Troubled Company Reporter - Asia Pacific on
June 19, 2008, CFJ KK offered these compensations as the company
withdraws its operations from Japan.  Citigroup said that it
would shut its remaining 32 consumer lending outlets and 540
unmanned loan machines in Japan.  The company is revising global
operations after reporting losses and writedowns from the U.S.
subprime mortgage crisis totaling US$42.9 billion, more than any
other bank.

Meanwhile, about 500 employees, Bloomberg News relates, applied
between June 16 and July 15 to retire with two months' pay.

According to Bloomberg, CFJ's labor union chairman Akihito
Kawamura said in an interview on June 18 that he cannot accept
the two-months retirement package, and asked all employees not
to accept it.  Mr. Kawamura declined to confirm the contents of
July 16's memo.

                       About Citigroup Inc.

Citigroup Inc. (Citigroup)is a diversified global financial
services holding company whose businesses provide a range of
financial services to consumer and corporate customers. The
Company is a bank holding company.  As of March 31, 2008,
Citigroup was organized into four major segments: Consumer
Banking, Global Cards, Institutional Clients Group (ICG) and
Global Wealth Management (GWM).  The Company has more than 200
million customer accounts and does business in more than 100
countries.  In July 2007, the Company merged with Citigroup
Japan Investments LLC, a 100% subsidiary of the Company.  In
March 2008, Citigroup reorganized its consumer group into two
global businesses: Consumer Banking and Global Cards.  In May
2008, the Company has reorganised its equity and debt business
in Japan.  Nikko Citigroup Ltd, the Company's Japan investment
banking unit, merged its equity and debt underwriting teams into
one.


SHINSEI BANK: To Acquire GE's Japan Unit for JPY580 Billion
-----------------------------------------------------------
Shinsei Bank Ltd. said it would acquire the local financial arm
of General Electric Co., GE Consumer Finance Co. Ltd, for JPY580
billion (US$5.4 billion) in a bid to boost its consumer finance
business, Associated press reports.

"This acquisition is a critical next step in our pioneering
approach to redefine consumer finance in Japan," The Press cited
Shinsei Bank as saying.

According to the report, GE said in a statement Friday it would
continue to invest in its other Japanese businesses, including
aircraft engines, energy and health care.

                        About Shinsei Bank

Headquartered in Tokyo, Japan, Shinsei Bank Ltd --  
http://www.shinseibank.com/-- is a financial institution   
providing a full range of financial products and services to
both institutional and retail customers based on a three-pillar
strategic business model comprising institutional banking,
consumer and commercial finance and retail banking.  The Bank
has total assets of 11.5 trillion yen (US$115 billion) on a
consolidated basis (as of March 2008) and a network of 41
outlets that includes 35 Shinsei Financial Centers, 2 Platinum
Centers and 4 BankSpots in Japan.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 16, 2008, Fitch Ratings affirmed Shinsei Bank Ltd's Short-
term foreign and local currency IDRs at 'F2', Individual 'C',
Support '3', and Support Rating Floor 'BB+'.

Shinsei Bank Ltd also continues to carry a "BB" Subordinated
Debt rating, which was placed by Mikuni Credit Ratings on
October 25, 2006.
  

* S&P Says Japan's BirthRate Spurs Competition in Universities
--------------------------------------------------------------
The rapidly declining birthrate in Japan, coupled with an
oversupply of universities, has intensified competition among
universities for students and accelerated the polarization of
Japan's higher education sector, according to a report published
by Standard & Poor's Ratings Services.  Less popular
institutions are now being forced to close their doors or
declare bankruptcy, the report says.
     
The report details how S&P analyzes the extent to which a
university is able to secure the base number of applicants
required to maintain its academic level, as well as he extent to
which it is able to attract students for whom the university was
their first choice.  From this standpoint, the polarization in
demand between the larger, big-city universities and their
regional counterparts is accelerating.  This reflects the
rapidly increasing trend toward the formation of an oligopoly in
Japan's higher education sector, whereby prestigious big-city
universities become the top-choice institutions for college
applicants.



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

* MALAYSIA: Manufacturing Sector Records MYR48.7BB Sales in May
---------------------------------------------------------------
Malaysia's manufacturing sector recorded MYR48.7 billion of  
sales value in May, which is 14.8% higher than the recorded
figure last year while 1.7% higher than the reported
MYR47.9 billion of sales in April, Bernama News reports citing
data from the Statistics Department.

According to the report, the increase was generated by growth in
sales value of 69 industries out of 106 covered by a survey,
which include among others -- manufacture of refined petroleum
products, manufacture of refined petroleum products, manufacture
of basic iron and steel products and manufacture of other basic
industrial chemicals.

The report said 63 industries out of the 106 covered in the
survey recorded MYR500 million and above in sales value between
January and May.  The sales value of the 63 industries
represented 95.7 percent of the total sales value reported in
the manufacturing sector, Bernama News noted.


* RAM Publishes MYR31 Bil. of Debt Facilities in 1st Half 2008
--------------------------------------------------------------
RAM Ratings published the ratings of 30 new debt facilities in
1H 2008, with an aggregate value of MYR30.9 billion.  RAM
Ratings debt facilities issues accounted for about 67% of the
domestic market’s MYR43.4 billion rated bond issues in the first
half of this year.  Meanwhile about 50% or RM15.6 billion of the
RM30.9 billion had already been issued by end-June 2008.

According to RAM's press release, the Malaysian bond market was
still satisfactory in 1H 2008; issues rated by RAM Ratings that
were offered to the market were mainly from the financial
services and infrastructure sectors.  Nonetheless, market
conditions appear to be heading south amid the current volatile
global and domestic environments, with both issuers and
investors keeping close tabs on the market before taking their
next steps.

RAM Ratings notes that more than 80% of the issuers had debt
programmes valued greater than RM1 billion; these include
Hyundai Capital Services Inc, Industrial Bank of Korea,
Lingkaran Trans Kota Sdn Bhd, Malayan Banking Berhad, MRCB
Southern Link Berhad, Plus SPV Berhad, Public Bank Berhad, Sabah
Development Bank, UMW Toyota Capital Sdn Bhd and YTL Power
International Berhad.  Meanwhile, foreign institutions that
issued ringgit-denominated debt papers, such as Industrial Bank
of Korea and Hyundai Capital Services Inc, added variety to
investors’ portfolios.

On RAM Ratings’ Lead Managers’ League Table, MYR30.9 billion of
debt facilities were brought to the market by 14 financial and
advisory institutions in 1H 2008.  RAM Ratings’ provisional
tabulation indicates that Aseambankers Malaysia Berhad topped
the list with a 23.4%-share, followed by CIMB Investment Bank
Berhad (20.3%) and RHB Investment Bank Berhad (19.9%).

   Lead Managers’ League Table as at June 30, 2008

                        By no. of             
Lead Manager                 Issues  Programme Value (MYR)
------------              -----------     --------------------
Aseambankers Malaysia
  Berhad                     4              7,245,000,000
CIMB Investment Bank Berhad    8              6,298,000,000
RHB Investment Bank Berhad     5              6,181,333,333
AmInvestment Bank Berhad       6              3,600,000,000
Public Investment Bank Berhad  1              2,500,000,000
Deutsche Bank (Malaysia)
  Berhad                       1              2,000,000,000
Citibank Berhad                1                550,000,000
Bank of Tokyo-Mitsubishi
  UFJ (Malaysia) Berhad        1                500,000,000
Hong Leong Bank Berhad         1                500,000,000
OCBC Bank (Malaysia) Berhad    1                400,000,000
HSBC Bank Malaysia Berhad      2                348,000,000
Royal Bank of Scotland Berhad  1                333,333,333
Standard Chartered Bank  
  Malaysia Berhad              1                333,333,333
Affin Investment Bank Berhad   1                150,000,000
                                                -----------
                                      Total: 30,939,000,000

In the sukuk market, MYR5.1 billion had already been issued out
of the aggregate MYR11.2 billion as at end-June 2008,
constituting 70% of the entire sukuk market.  In this instance,
CIMB Investment Bank Berhad emerged on top with a 51.5%-share,
followed by Aseambankers Malaysia Berhad (13.7%) and
AmInvestment Bank Berhad (9.8%).

Lead Managers’ League Table For Sukuk Issues as at June 30, 2008

                          By no. of
Lead Manager               Issues         Programme Value (MYR)
------------              ---------        ---------------------
CIMB Investment Bank
  Berhad                       6                 5,798,000,000
Aseambankers Malaysia
  Berhad                       2                 1,545,000,000
AmInvestment Bank Berhad       3                 1,100,000,000
Citibank Berhad                1                   550,000,000
Bank of Tokyo-Mitsubishi UFJ
  (Malaysia) Berhad            1                   500,000,000
Hong Leong Bank Berhad         1                   500,000,000
OCBC Bank (Malaysia) Berhad    1                   400,000,000
HSBC Bank Malaysia Berhad      2                   348,000,000
RHB Investment Bank Berhad     2                   348,000,000
Affin Investment Bank Berhad   1                   150,000,000
                                                   -----------
                                         Total: 11,239,000,000

   

====================
N E W  Z E A L A N D
====================

ALPHA PROCESSING: Court Appoints Liquidators
--------------------------------------------
Pursuant to Section 241 (2)(c) of the Companies Act 1993, the
High Court has appointed Malcolm Grant Hollis, chartered
accountant, and Rhys James Cain, insolvency practitioner, both
of Christchurch, as liquidators of Alpha Processing Limited.

Creditors who were not able to file their proof of debts by
July 10, 2008, were excluded from any dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Attn: Wendy Somerville
          PricewaterhouseCoopers
          119 Armagh Street (PO Box 13244)
          Christchurch
          Telephone: (03) 374 3000
          Facsimile: (03) 374 3001


ALVESTON MANAGEMENT: Court Appoints Liquidators
-----------------------------------------------
The High Court at Auckland has appointed David Stuart Vance and
Barry Phillip Jordan, chartered accountants, as liquidators of
Alveston Management Limited.

Creditors who were not able to file their proof of debts by
July 2, 2008, were excluded from any dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Robin Crimp at Deloitte
          Deloitte House
          Levels 11-16
          10 Brandon Street, Wellington
          Telephone: (04) 472 1677
          Facsimile: (04) 472 8023


FINANCE 1ST.CO.NZ: Commences Liquidation Proceedings
----------------------------------------------------
The High Court at Auckland held a hearing on June 27, 2008, to
consider an application putting Finance 1st.co.nz Limited into
liquidation.

The application was filed on March 19, 2008, by Fuji Xerox
Finance Limited.

The plaintiff's address for service is at:

          Credit Consultants Debt Services NZ Limited
          Level 3, 3-9 Church Street
          (PO Box 213 or DX SX 10069)
          Wellington
          Telephone: (04) 470 5972

Dianne S. Lester, is the plaintiff's solicitor.


J & G COURIERS: Commences Liquidation Proceedings
-------------------------------------------------
The High Court at Auckland held a hearing on July 2, 2008, to
consider an application putting J & G Couriers Limited into
liquidation.

The application was filed on May 22, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          17 Putney Way (PO Box 76198)
          Manukau, Auckland 2241
          Telephone: (09) 985 7274
          Facsimile: (09) 985 9473

Sandra Joy North, is the plaintiff's solicitor.


JASH PRINT: Placed Under Liquidation
------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Jash Print Limited  resolved that the company be
liquidated and  appointed Kirsten Osborne, of Kendons Scott
Macdonald Limited, Chartered Accountants, as liquidator.

Creditors and shareholders may direct their inquiries to:

          Kirsten Osborne
          119 Blenheim Road
          (PO Box 8621)
          Christchurch
          Telephone: (03) 343 4448
          Facsimile: (03) 348 2262


LAVISH KITCHEN: Wind-Up Petition Hearing Set for August 6
---------------------------------------------------------
The High Court at Auckland will convene a hearing on Aug. 6,
2008, to consider an application putting Lavish Kitchen Limited
into liquidation.

The application was filed on May 13, 2008, by Westmere Butchery
Limited.

The plaintiff's address for service is at:

          Whitlock & Co.
          Level 2, Baycorp House
          15 Hopetoun Street, Auckland

Malcolm David Whitlock, is the plaintiff's solicitor.


PARKSIDE DEVELOPMENTS: Appoints Oorschoot as Administrator
----------------------------------------------------------
Parkside Developments has appointed Christchurch accountant
Andrew Oorschoot as administrator of the company, after a
creditor filed proceedings in the High Court, Martin Van Beynen
of The Press reports.

According to the Press, Parkside is involved in two
controversial developments involving historic homes --  the 99-
year-old Royden homestead in Royds Street in Fendalton and the
Danmark homestead overlooking Hagley Park.

In May, the Press relates that Parkside laid off 30 staff,
including tradesmen, builders and labourers, and halted work on
the properties.

Parkside Developments is a real estate development company based
in Christchurch, New Zealand.


PRESTEK INSTALLATION: Court Appoints Liquidators
------------------------------------------------
The High Court at Auckland has appointed David Stuart Vance and
Barry Phillip Jordan, chartered accountants, as liquidators of
Prestek Installation Limited.

Creditors who were not able to file their proof of debts by
July 2, 2008, were excluded from any dividend distribution.

Creditors and shareholders may direct their inquiries to:

          Robin Crimp at Deloitte
          Deloitte House
          Levels 11-16
          10 Brandon Street, Wellington
          Telephone: (04) 472 1677
          Facsimile: (04) 472 8023


PROPERTY VENTURES: Two Subsidiaries Face Creditor Actions
---------------------------------------------------------
Two secured creditors of Five Mile Holdings placed the
Queenstown township development company under receivership for
non-payment of a loan said to be about NZ$70 million, Marta
Steeman of The Press reports.

Five Mile Holdings is a unit of Property Ventures which is
controlled by developer Dave Henderson.

The secured creditors, Hanover Finance and NZ Castle, who are
first-mortgage holders, appointed Rod Pardington, of Deloitte
Touche Tohmatsu, as receiver.

The receiver is expected to file his first report by
September 19.

Smith Crane and Construction, a Christchurch crane-hire company,
has also filed applications in the High Court to liquidate Five
Mile and Property Ventures for unpaid debts.  A court hearing
has been set today, July 21, to consider the applications.

Meanwhile, the Press relates that Mr. Henderson, talking to
Radio NZ on July 11, said it was not, in fact, Hanover that had
put Five Mile into receivership because Hanover had sold the
loan on June 30 to a company associated with an Australian
finance company called Fortress, the Press cited Mr. Henderson
as saying.

Mr. Henderson added that Hanover even tried to do a deal with
him by offering to lend him more money if he signed some
agreements and documents with them.

The Press describes Five Mile as an ambitious project to build a
high-density township for 10,000 people in Frankton, near
Queenstown Airport, with an expected value of NZ$2 billion when
finished.  

The project is now in the hands of another big Queenstown
developer, Nigel McKenna, the report says.

Another Property Ventures subsidiary, Gibbston Downs Wines, is
also facing a liquidation petition filed on June 27 by Fruitfed
Supplies, a PGG Wrightson company, The Dominion Post reports.

The Post says in Property Ventures accounts for the March 2007
year, Gibbston Downs Wines is classified as a vineyard
establishment company.

                    About Property Ventures

New Zealand-based Property Ventures Limited --
http://www.propertyventures.co.nz/-- is real estate development  
and investment company.


ROADHAUL (N.I.): Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Christchurch held a hearing on June 30, 2008,
to consider an application putting Roadhaul (N.I.) Limited into
liquidation.

The application was filed on May 20, 2008, by the Commissioner
of Inland Revenue.

The plaintiff's address for service is at:

          Inland Revenue Department
          Legal and Technical Services
          1st Floor Reception
          224 Cashel Street (PO Box 1782)
          Christchurch 8140
          Telephone: (03) 968 0807
          Facsimile: (03) 977 9853

Julie Newton is the plaintiff's solicitor.


SAI CONSTRUCTION: Wind-Up Petition Hearing Set for August 2
-----------------------------------------------------------
The High Court at Auckland will convene a hearing on Aug. 2,
2008, to consider an application putting Sai Construction
Limited into liquidation.

The application was filed on May 16, 2008, by Hi Lift Limited.

The plaintiff's address for service is at:

          Brookfields, Lawyers
          2nd Floor
          3 Osterley Way
          Manukau City

P. Moodley, is the plaintiff's solicitor.


WATERSEAL LIMITED: Placed Under Liquidation
-------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Waterseal Limited resolved that the company be
liquidated and appointed Clive Ashley Johnson, insolvency
practitioner of Auckland, as  liquidator.

Creditors who were not able to file their proof of debts by
July 11, 2008, were excluded from any dividend distribution.

Creditors and shareholders may direct their inquiries to:

          C. A. Johnson
          PO Box 33171
          Auckland
          Telephone: (09) 377 5536
          Facsimile: (09) 377 5537


* NEW ZEALAND: Confidence in Rental Property Investment Drops 3%
----------------------------------------------------------------
The glory run that has seen confidence in the residential rental
market soar over recent years has come to an end, according to
the latest ASB Investor Confidence Survey.

Rental property has been viewed by investors as providing a
better return than any other investment class for the past five
years.  However, the quarterly survey for the three months
ending June 2008 shows confidence in rental property having
dropped 3% to 16%, now sharing the top spot with term deposits.

"The weak housing market has seen prices come under pressure,
with equity in investment property retreating along with
prices," says Jonathan Beale, Head of Investment Services, ASB.
"This may be challenging some investors' perceptions that the
strong capital gains of recent years will continue into the
future."

Meanwhile, confidence in term deposits has remained stable at
16%, and confidence in bank saving deposits is not far behind at
15%, up from 12% in Q1 2008.

On a month-to-month basis, rental property was on a downward
trend over Q2 2008 and by June had dropped to 13%, both term
deposits and bank savings being viewed as providing a better
return at 17% and 16% respectively.  Geographically, confidence
in rental property was down only slightly in the top of the
North Island (from 19% to 18%) but slipped more noticeably in
the lower North Island (from 16% to 11%) and the South Island
(from 22% to 17%).

"Having money in the bank is becoming more appealing to some
investors, which is not surprising given that deposit rates have
continued to edge up and offer a high return for relatively low
risk," says Mr. Beale.

"The Portfolio Investment Entities legislation (PIE) has also
opened the door to new savings products which offer the
opportunity to pay less tax on investment income. We are
certainly seeing an influx of deposits into the ASB Cash Fund
since we launched it earlier this month."

            Investor Confidence Steady But Subdued

Overall investor confidence has remained steady at net -1% in Q2
2008, the lowest since confidence dropped to net -4% in late
2001.

"The steadiness in confidence may reflect that the investment
environment has been less volatile during the June quarter,"
says Mr. Beale.  "In contrast, the first few months of the year
were littered with bouts of sharemarket panic in January and
March and a heavy media focus on the weakening housing market."

Confidence that shares would produce the best return dropped
from 9% to 5% in Q1 after another period of market volatility,
but rose back up to 8% in Q2.  A period of relative market
stability between the survey periods may have triggered the
recovery but confidence in shares is likely to remain fragile,
especially with markets being under pressure again in recent
weeks.

"The investment environment remains very challenging, both
locally and globally.  Oil prices and the US financial crisis
are threats to the resilience of global growth and are putting
company profitability under pressure.  Domestically, the NZ
economy is weakening noticeably and the housing market continues
to soften."


* New Zealand Exchange to Change Name
-------------------------------------
New Zealand Exchange Limited said that it will be changing its
name to "NZX Limited" at the close of business on July 23, 2008.

NZ Exchange said this change will serve to reflect the company's
growth in a range of exchange related services.  NZX Limited
will still be listed under the company code of NZX.



===========
T A I W A N
===========

SHIN KONG FINANCIAL: S&P's Ratings Unaffected by 2Q08 Net Loss
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Shin Kong Financial Holding Co. Ltd. (Shin Kong FHC;
BBB/Stable/A-3) are unaffected by the company's preliminary
unaudited net loss of NT$4.9 billion in second quarter of 2008
(or 1.1% of consolidated assets, annualized), which follows a
net loss of NT$6.8 billion in first quarter 2008.  S&P expects
Shin Kong FHC's satisfactory financial flexibility, adequate
capitalization, and proactive risk management to provide a
buffer against a moderate level of investment volatility in
2008.
     
The disappointing second quarter result was mainly due to
unfavorable capital markets, locally and globally; write-off
costs for collateralized debt obligations; and higher hedging
costs on its overseas investments.  Despite its losses in the
first half of 2008, Shin Kong FHC's effective new capital
injection of NT$7 billion in first quarter 2008 supported a
ratio of consolidated equity to assets of about 5.2% at the end
of June 2008, compared with 5.8% at the end of 2007.



===============
X X X X X X X X
===============

* Moody's Says Fannie and Freddie Threat to Asia Exaggerated
------------------------------------------------------------
Moody's Investors Service says that despite the problems
afflicting the two US government sponsored mortgage finance
enterprises, Asian banks generally face little risk from their
holdings of securities issued by the Federal National Mortgage
Association (Fannie Mae) and Federal Home Loan Mortgage
Corporation (Freddie Mac).

"While some regional banks and insurers hold substantial amounts
of paper issued or guaranteed by either of the two institutions,
the risk of interim mark-to-market income statement losses is
low and of actual principal or interest payment loss miniscule,"
says Deborah Schuler, a Moody's Senior Vice President.

"In addition, possible foreign exchange-driven losses, given the
decline in the US dollar and the fact that Fannie Mae and
Freddie Mac securities are USD-denominated, are mitigated by
offsetting exposures at the banks," adds Schuler.

Schuler made her remarks in conjunction with the release of a
special comment she has authored on the risk posed by the
problems afflicting Fannie Mae and Freddie Mac to Asian banks
and insurers.

"Moreover, Asian banks and insurance companies are both liquid
(except for Australian & Korean banks) and well capitalized
enough to hold any loss-making investment securities that they
wish to maturity," says Schuler.  "In general, we believe that
market-to-market losses stemming from securities issued by these
two government sponsored enterprises will be limited and
temporary."

Furthermore, the risk of default is miniscule, in line with the
Aaa ratings on Fannie Mae's and Freddie Mac's senior unsecured
debt and guaranteed mortgage backed securities, says Schuler in
her just-released Moody's report.

"Such ratings reflect Moody's expectation that these US
government-sponsored enterprises will receive Federal support,
if needed and as they have always done.  Indeed, actions by the
Fed and Treasury over the past weekend, along with statements by
President Bush, corroborate the strength of that support," says
the report.

                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Marites M. Claro, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





                 *** End of Transmission ***