TCRAP_Public/121030.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

           Tuesday, October 30, 2012, Vol. 15, No. 216

                            Headlines


C H I N A

SOHO CHINA: S&P Gives 'BB+' Corporate Credit Rating; Outlook Neg
* Fitch Withdraws Rating on Four China-Based Power Producers


H O N G  K O N G

GLOBAL AUTO: Members' Final Meeting Set for Nov. 23
GRAND CHASE: Members' Final Meeting Set for Nov. 20
GRANDWARD INVESTMENTS: Creditors' Proofs of Debt Due Nov. 19
GWEN CONSTRUCTION: Giles and Day Step Down as Liquidators
HANG YIP: Yeung Wing On Steps Down as Liquidator

KUANER COMPANY: Creditors' Meeting Set for Nov. 19
LANDFINE ENTERPRISES: Members' Final Meeting Set for Nov. 23
MEDIA VALOR: Creditors' Meeting Set for Nov. 2
NEW OPPORTUNITIES: Members' Final General Meeting Set for Nov. 21
ORION ROYAL: Placed Under Voluntary Wind-Up Proceedings


J A P A N

CAFES 1: Fitch Downgrades Rating on Four Note Classes


K O R E A

KOREA TECHNOLOGY: Court Confirms Sale-Based Plan


S I N G A P O R E

NAM FATT: Placed Under Voluntary Wind-Up Proceedings
RIGHT ANGLE: Court to Hear Wind-Up Petition Nov. 9
VELOSI PROJECT: Creditors' Proofs of Debt Due Nov. 25
WOLF TECHNOLOGY: Court Enters Wind-Up Order


                            - - - - -


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


SOHO CHINA: S&P Gives 'BB+' Corporate Credit Rating; Outlook Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to China-based commercial property
developer SOHO China Ltd. The outlook is negative. "We also
assigned our 'cnBBB' Greater China regional scale rating to SOHO.
At the same time, Standard & Poor's assigned its 'BB+' issue
rating and 'cnBBB' Greater China regional scale rating to a
proposed issue of benchmark-sized U.S. dollar-denominated senior
unsecured notes by SOHO," S&P said.

"The rating on SOHO reflects the company's fairly concentrated
project portfolio and 'lumpy' (or periodically bunched up)
property sales. We also see some execution risks with the
company's aggressive plan to shift its business model from build-
to-sell to build-to-hold," said Standard & Poor's credit analyst
Christopher Lee. "These weaknesses are tempered by our view that
SOHO has a high-quality property portfolio, established market
position, and prudent financial management."

"We view SOHO's business risk profile as 'fair' and the financial
risk profile as 'significant,'" S&P said.

"The rating on the proposed notes is the same as the corporate
credit rating because we expect the company's ratio of priority
debt to total assets to be lower than our notching threshold of
15%."

"SOHO is one of the largest commercial property developers in
China. The company has established a solid foothold in Beijing
and has expanded with good success to Shanghai. We expect SOHO to
maintain its focused strategy of building or acquiring high-
quality and well-located projects in the two key commercial
cities for China," S&P said.

"In our view, SOHO has an aggressive business plan for its
property leasing portfolio. The company aims to increase its
leasing area to about 1.7 million square meters by 2015,
representing close to 10-fold growth. SOHO's expectations for
growth in rental income may slip if it experiences any delays
in project execution. This is because SOHO is developing
significantly more projects concurrently than historically. The
company's strategy to substantially increase rental income over
the next three years will test its leasing, property management,
and marketing capability," S&P said.

"Project-concentration risk remains a rating constraint for SOHO
because it leads to volatile financial performances. SOHO has a
limited number of projects for sale each year. As such, its
property sales are subject to market conditions. Nevertheless,
the company's strong reputation and good execution has allowed it
to achieve satisfactory sales during market downturns," S&P said.

"SOHO has had a track record of strong sales execution for most
of the past few years. Most of the company's projects were sold
out at high margins within a short period of time. However, due
to the market downturn, SOHO's execution has been volatile since
2011. Nonetheless, the company has delivered projects to buyers
on time and on budget. The company benefits from lax presale
rules in Beijing and its good marketing abilities," S&P said.

"In our view, despite fewer projects and land reserves than
similarly rated peers', SOHO's project portfolio is of high asset
quality and could be monetized when needed. The company's
projects are located in prime locations in Beijing and Shanghai,
where the commercial property markets are rapidly maturing and
the leasing outlook is favorable over the next 12-24 months. This
should help the company's shift to a leasing model," S&P said.

"Our rating also factors in SOHO's consistent and prudent
financial management. The company was in net cash position from
2008-2011, underpinned by strong cash flows and high
profitability. We believe SOHO's large surplus cash balance
provides a liquidity buffer and allows the company to opportunely
acquire land. The company has good access to onshore and offshore
funding at low cost compared with peers," S&P said.

"We believe SOHO's cash flows and credit ratios could weaken in
the next 12-24 months as the company increases capital spending
to build its investment property portfolio. At the same time,
SOHO will likely have lower property sales compared with the past
three years as it retains most of its current properties for
development into leasing properties. For 2012 and 2013, we expect
contract sales to reach about Chinese renminbi (RMB) 10 billion,
compared with RMB23.8 billion in 2010," S&P said.

"SOHO had good financial health, as reflected in credit metrics,
but these ratios deteriorated in 2011 due to the timing of
revenue recognition. We expect the company's leverage and
interest coverage to improve in 2012 as this year it will
recognize the property sales from Galaxy SOHO, a large commercial
project in Beijing. In our base-case scenario, we estimate SOHO's
debt-to-EBITDA ratio will likely hover around 3.5x and its EBITDA
interest
coverage about 4x, which are appropriate for a 'significant'
financial risk profile. These ratios are sensitive to the timing
of property sales recognition and the debt funding plan," S&P
said.

"The negative outlook reflects our expectation that SOHO's cash
flows and its credit ratios could weaken as the company reduces
its property projects available for sale and increases capital
expenditure to develop its leasing business," said Mr. Lee.

"We may lower the rating if SOHO's property sales are materially
weaker than RMB10 billion and its EBITDA margins are much lower
than 40% in the next 12 months, and debt-funded expansion is more
aggressive than we expected, such that the debt-to-EBITDA ratio
is higher than 3.5x on a sustained basis in the next two years,"
S&P said.

"Conversely, we could revise the outlook to stable if SOHO
smoothly executes its new business model such that its rental
income contributions improve significantly in the next 12 months
while it maintains its prudent financial management," S&P said.


* Fitch Withdraws Rating on Four China-Based Power Producers
------------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn the
ratings of four China-based independent power producers - China
Power International Development Limited, China Datang
International Power Generation Company Limited, Huadian Power
International Corporation Limited and Huaneng Power International
Limited.

The ratings have been withdrawn as they are no longer considered
by Fitch to be relevant to the agency's coverage.  Fitch will no
longer provide rating or analytical coverage of these issuers.

The ratings reflect weak financial profiles with high leverage
and low interest coverage.  Improvements to profit margins and
leverage seen in H112 are unlikely to be sustained if future
recovery of coal prices is not offset by sufficient tariff
increases.

Profit margins improved to 31% in H112 from 25% in 2011 for CPID,
to 28% from 25% for Datang, to 20% from 16% for Huadian and to
19% from 16% for Huaneng, following a tariff increase of
approximately 5% in November 2011.  Leverage as measured by
adjusted debt to EBITDAR also improved moderately (CPID: to 8.1x
at end-June 2012 from 10.6x at end-2011; Datang: 8.7x from 9.4x;
Huadian: 9.6x from 12.1x and Huaneng: 6.5x from 7.9x.)

The ratings of all four issuers benefit from one notch of uplift
reflecting potential state support, as per Fitch's Parent
Subsidiary Linkage methodology.

Fitch affirms and withdraws the following ratings:

CPID

  -- Long-Term Foreign Currency Issuer Default Rating (IDR)
     affirmed at 'BB'; Outlook Stable; withdrawn
  -- Long-Term Local Currency IDR affirmed at 'BB'; Outlook
     Stable; withdrawn
  -- Short-Term Foreign Currency IDR affirmed at 'B'; withdrawn
  -- Short-Term Local Currency IDR affirmed at 'B'withdrawn

Datang

  -- Long-Term Foreign Currency IDR affirmed at 'BB'; Outlook
     Stable; withdrawn
  -- Long-Term Local Currency IDR affirmed at 'BB'; Outlook
     Stable; withdrawn
  -- Short-Term Foreign Currency IDR affirmed at 'B'; withdrawn
  -- Short-Term Local Currency IDR affirmed at 'B'withdrawn
  -- Senior unsecured rating affirmed at 'BB'; withdrawn

Huadian

  -- Long-Term Foreign Currency IDR affirmed at 'BB-'; Outlook
     Stable; withdrawn
  -- Long-Term Local Currency IDR affirmed at 'BB-'; Outlook
     Stable; withdrawn
  -- Short-Term Foreign Currency IDR affirmed at 'B'; withdrawn
  -- Short-Term Local Currency IDR affirmed at 'B'withdrawn


Huaneng

  -- Long-Term Foreign Currency IDR affirmed at 'BB+'; Outlook
     Stable; withdrawn
  -- Long-Term Local Currency IDR affirmed at 'BB+'; Outlook
     Stable; withdrawn
  -- Short-Term Foreign Currency IDR affirmed at 'B'; withdrawn
  -- Short-Term Local Currency IDR affirmed at 'B'withdrawn
  -- Senior unsecured rating affirmed at 'BB+'; withdrawn



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


GLOBAL AUTO: Members' Final Meeting Set for Nov. 23
---------------------------------------------------
Members of Global Auto Limited will hold their final meeting on
Nov. 23, 2012, at 2:30 p.m., at 17/F, Shing Lee Commercial
Building, at 6-12 Wing Kut Street, Central, in Hong Kong.

At the meeting, Chin Kwok Keung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GRAND CHASE: Members' Final Meeting Set for Nov. 20
---------------------------------------------------
Members of Grand Chase Development Limited will hold their final
general meeting on Nov. 20, 2012, at 10:00 a.m., at 905
Silvercord, Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, in
Hong Kong.

At the meeting, James T. Fulton and Cordelia Tang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GRANDWARD INVESTMENTS: Creditors' Proofs of Debt Due Nov. 19
------------------------------------------------------------
Creditors of Grandward Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 19, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 13, 2012.

The company's liquidator is:

         Lee Siu Yin
         Rm 1102, 11/F
         Henan Building, 90 Jaffe Road
         Wanchai, Hong Kong


GWEN CONSTRUCTION: Giles and Day Step Down as Liquidators
---------------------------------------------------------
William Nicholas Giles and Alan Hubert Day stepped down as
liquidators of Gwen Construction Engineering Company Limited on
Oct. 4, 2012.


HANG YIP: Yeung Wing On Steps Down as Liquidator
------------------------------------------------
Yeung Wing On stepped down as liquidator of Hang Yip Construction
Company Limited on Oct. 10, 2012.


KUANER COMPANY: Creditors' Meeting Set for Nov. 19
--------------------------------------------------
Creditors of Kuaner Company Limited will hold their meeting on
Nov. 19, 2012, at 4:30 p.m., for the purposes provided for in
Sections 241 of the Companies Ordinance.

The meeting will be held at Room 10, 2/F, Thriving Centre, at 26-
38 Sha Tsui Road.


LANDFINE ENTERPRISES: Members' Final Meeting Set for Nov. 23
------------------------------------------------------------
Members of Landfine Enterprises Limited will hold their final
meeting on Nov. 23, 2012, at 10:30 a.m., at Unit 1603-1606, 16th
Floor, Alliance Building, No. at 130-136 Connaught Road Central,
Sheung Wan, in Hong Kong.

At the meeting, Fung Kit Yee, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


MEDIA VALOR: Creditors' Meeting Set for Nov. 2
----------------------------------------------
Creditors of Media Valor Limited will hold their meeting on
Nov. 2, 2012, at 3:00 p.m., for the purposes provided for in
Sections 241 (as modified by Section 228A(17)), 242, 243, 244,
251 and 255A of the Companies Ordinance.

The meeting will be held at Room 602, The Boys & Girl's Clubs
Association of Hong Kong, at 3 Lockhart Road, Wanchai, in Hong
Kong.


NEW OPPORTUNITIES: Members' Final General Meeting Set for Nov. 21
-----------------------------------------------------------------
Members of New Opportunities Company Limited will hold their
final general meeting on Nov. 21, 2012, at 11:00 a.m., at Room
1601, Wing On Centre, at 111 Connaught Road Central, in Hong
Kong.

At the meeting, Wong Yee Sui Andrew, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ORION ROYAL: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Oct. 12, 2012,
creditors of Orion Royal Pacific (Nominees) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong



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


CAFES 1: Fitch Downgrades Rating on Four Note Classes
-----------------------------------------------------
Fitch Ratings has downgraded four classes of Cafes 1 Trust's
trust beneficiary interests (TBIs) due May 2018 and affirmed the
remaining three classes.  The transaction is a Japanese single-
borrower type CMBS securitisation. The rating actions are as
listed below:

  -- JPY2.28bn* Class A-1 TBIs affirmed at 'AAsf'; Outlook Stable
  -- JPY28.52bn* Class A-2 TBIs affirmed at 'AAsf'; Outlook
     Stable
  -- JPY6.4bn* Class B TBIs affirmed at 'Asf'; Outlook Stable
  -- JPY3bn* Class C-1 TBIs downgraded to 'BBsf' from 'BBBsf';
     Outlook Stable
  -- JPY3.4bn* Class C-2 TBIs downgraded to 'BBsf' from 'BBBsf';
     Outlook Stable
  -- JPY1bn* Class D-1 TBIs downgraded to 'Bsf' from 'BBsf';
     Outlook Stable
  -- JPY5.6bn* Class D-2 TBIs downgraded to 'Bsf' from 'BBsf';
     Outlook Stable

*as of 25 October 2012

The downgrade of the class C-1 to D-2 TBIs reflects Fitch's
downward revisions of its cash flow assumptions and in turn, its
adopted value of the single collateral property.  Fitch's assumed
cash flow is based on market trends of rental rates and
occupancies in Japan's office properties with similar
characteristics to the collateral from a mid-to-long term
perspective.  This is despite the fact that the actual cash flow
performance has remained in line with Fitch's initial
expectations.

The affirmations and Stable Outlooks of the class A-1 to B TBIs
reflect Fitch's view that negative rating actions on these
classes are not expected, given Fitch's very conservative
assumption in property valuation.  These classes also will
benefit from the scheduled principal amortisation of the
underlying loan, which will be repaid on the TBIs principal
sequentially.

Fitch assigned ratings to this transaction in July 2006.  The
transaction is a securitisation of a loan backed by a
condominium-ownership interest to a class A office located in
Chuo-ku, Tokyo.



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


KOREA TECHNOLOGY: Court Confirms Sale-Based Plan
------------------------------------------------
Bankruptcy Judge R. Kimball Mosier confirmed the First Amended
Joint Plan of Reorganization of Korea Technology America, Inc.,
Uintah Basin Resources, LLC, and Crown Asphalt Ridge, L.L.C.
dated July 25, 2012.  The Plan which provide for the sale of
substantially all of the Debtors' assets, including their mining
properties, either pursuant to a sale to Rutter and Wilbanks
Corporation, or, if the sale to R&W does not timely close,
pursuant to an alternative sale or auction, as provided under the
Plan.  The Plan also provides for the sale to R&W of the sale of
the ownership interests in Crown Asphalt Ridge and permits the
sale of the ownership interests in Crown Asphalt Ridge pursuant
to an Alternative Sale or Auction.

No objections to the Plan were filed.

The Court has approved a roughly 120-day extension of the Sale
Deadline, from June 30, 2012 through Oct. 31.  Because of this,
the 180-day period within which to seek an Alternative Sale or at
the end of which an Auction would be held begins from Aug. 29.

The Debtors may be reached through:

          Soung Joon Kim
          Korea Technology Industry America, Inc.
          1245 East Brickyard Road, Suite 110
          Salt Lake City, UT 84106
          Facsimile: (801) 466-4132
          Email: soungjoonkim@gmail.com

The Debtors are represented by:

          Steven J. McCardell, Esq.
          Kenneth L. Cannon II, Esq.
          DURHAM JONES & PINEGAR, P.C.
          111 East Broadway, Suite 900
          P.O. Box 4050
          Salt Lake City, UT 84110-4050
          Facsimile: (801) 415-3500
          Email:  smccardell@djplaw.com
                  kcannon@djplaw.com

The Purchaser may be reached at:

         Rutter & Wilbanks Corporation
         301 South Main Street, Suite A (Overnight delivery only)
         P.O. Box 3186
         Midland, TX 79702
         Attn: A.W. Rutter, III
         Email: b3rutter@gmail.com

The Purchaser is represented by:

         Blake D. Miller
         William R. Gray
         James W. Anderson
         MILLER GUYMON, PC
         165 South Regent Street
         Salt Lake City, UT 84111
         Facsimile: (801) 363-5601
         Email: miller@millerguymon.com
                gray@millerguymon.com
                anderson@millerguymon.com

A copy of the Court's Oct. 23 Findings of Fact and Conclusions of
Law is available at http://is.gd/5CkwHcfrom Leagle.com.

                      About Korea Technology

Korea Technology Industry America, Inc., is a subsidiary of
Seoul-based Korea Technology Industry Co. that tried to squeeze
crude oil from Utah's sandy ridges.  Korea Technology Industry
America, Uintah Basin Resources LLC, and Crown Asphalt Ridge
L.L.C., filed separate Chapter 11 bankruptcy petitions (Bankr. D.
Utah Case Nos. 11-32259, 11-32261, and 11-32264) on Aug. 22,
2011.  The cases are jointly administered under KTIA's case.
Kenneth L. Cannon, II, Esq., Lena Daggs, Esq., and Steven J.
McCardell, Esq., at Durham Jones & Pinegar, P.C., in Salt Lake
City, serve as the Debtors' counsel.  The Debtors tapped DBH
Consulting, LLC, as their accountant.  The Debtors disclosed
US$35,246,360 in assets and US$38,751,528 in debts.

Mark D. Hashimoto, in his capacity as examiner in the Debtors
cases, retained George Hofmann and the firm of Parsons Kinghorn
Harris, P.C., as his counsel, and Piercy Bowler Taylor & Kern as
his accountants and financial advisors.

Richard A. Wieland, the United States Trustee for Region 19, has
appointed three members to the Official Committee of Unsecured
Creditors.



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


NAM FATT: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on Oct. 18, 2012,
creditors of Nam Fatt Marketing (S) Pte Ltd resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Timothy James Reid
         Tan Aik Kiat
         Ng Yau Yee Theresa
         Ferrier Hodgson
         8 Robinson Road #12-00
         ASO Building
         Singapore 048544


RIGHT ANGLE: Court to Hear Wind-Up Petition Nov. 9
--------------------------------------------------
A petition to wind up the operations of The Right Angle Media Pte
Ltd will be heard before the High Court of Singapore on Nov. 9,
2012, at 10:00 a.m.

Bradley John Dillon filed the petition against the company on
Oct. 12, 2012.

The Petitioner's solicitors are:

         Messrs Wong Thomas & Leong
         4 Battery Road, #23-01
         Bank of China Building
         Singapore 049908


VELOSI PROJECT: Creditors' Proofs of Debt Due Nov. 25
-----------------------------------------------------
Creditors of Velosi Project Services Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 25, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 17, 2012.

The company's liquidator is:

          Teh Kwang Hwee
          c/o 1 Commonwealth Lane
          #07-32 One Commonwealth
          Singapore 149544


WOLF TECHNOLOGY: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Oct. 19, 2012, to
wind up the operations of Wolf Technology Pte Ltd.

Standard Chartered Bank filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11/#06-11
         Singapore 069118



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
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                            *********


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-
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Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

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