One year after the outbreak of the financial tsunami, people thought that the crisis is over. However, as the United Arab Emirates, one of seven autonomous emirates of Dubai on the 27th announced that it will restructure its largest corporate entity, “Dubai World” and the “Dubai World” debt repayment period of suspension of 6 months. Has caused the global financial market sentiment reversed! As early as this year 4,5 months, Dubai real estate bubble has burst on the signs. Affected by this, a number of big money in the Americas, Europe, waving gold in Dubai where sports stars are serious investments shrink! In addition to Chelsea’s Joe Cole, in the last summer in time for the Dubai property market, the success of the sales to make money before the bubble burst, the rest almost all the major brand down the drain!
“Tiger” playing off 25 million U.S. dollars
Dubai in the desert on the rise in recent years prospered as the world’s luxury capital. The Government of Dubai ambitious, it is necessary here, into a world-class tourist and financial center. The most irksome is its 14 billion U.S. dollars heavily built “artificial Palm Island” project. Here, the most luxurious of the “seven-star” hotel, the highest level of private mansion have came out, “We want to play here, causing one of the world’s new seven wonders”, the local government’s rhetoric still ringing in our ears, but end of last year spread financial crisis that began here after the year-long period of time throwing money to buy a property here, the many sports stars have suffered investment shrink. Which is probably most affected the recent “very unfortunate” and Tiger Woods.
According to “The Times” yesterday’s report, the golf star first built in Dubai, “Tiger Woods – Dubai” Golf Project (also known as “Al Ruwaya” pitch) has suspended construction, the reason is very simple: “Dubai crisis “makes the project developer, the Saudi Industrial Development Corporation of its inability to continue a cost of 1.1 billion U.S. dollars in this huge project, the Saudi Industrial Development Company, a division of Dubai Holding Company, originally built in the design of the beginning of Tiger Woods himself as a master designer, and to 25 million U.S. dollars The design fees stake in the project. It is reported that the stadium would have is a large theme park “Dubailand”, and it is in this barren desert edge of the city built a mega-project, similar to Disneyland, but even more enormous than that. But now it appears, due to investment strand breaks, the golf course had no money to repair down the surrounding area is being built 197 luxury villas also facing mortality, some of which house optical construction costs on 12 million U.S. dollars to 2300 million dollars, “the tiger The dilemma is now worth 25 million U.S. dollars ruined the design as it is impossible to have a consortium to take over even more money, plus he would have been a considerable number of advertising contracts took a stake in the project, so he should get the All personal income becomes 0, and even the loss of the surrounding villas project should count in his head. in the industry view, he was a greater loss still to come, no one would dare in this economic environment, and then invite him to come forward to design course and partners to do business.
It is learned that Woods had already invested millions of dollars to buy two sets of villas in Dubai, in addition to plans on their own foundation here to build a golf academy and driving range, but according to the current depressed market prices, investment in Woods has shrunk more than half.
Rachel:
Sexual topics and I do not even Woods
Woods, after a car accident the day before yesterday, Rachel has once again been pushed cusp. Yesterday, all the while talking about Tiger Woods, when things crash, Rachel personally denied in an interview, “I swear on the day, Tiger Woods has nothing to do with my accident.”
Thanksgiving eve of the U.S. magazine shoot Tiger Woods Rachel secretly went to see a woman, and a “Crooked Hearts” as well. Interestingly, the incident in an interview with actress Rachel and Woods denied having an affair, “We have never occurred improper relationship. Even we do not have the phone, hair over SMS, never involved sexual topics. “She even said:” If I was Tiger Woods’s wife, he was such a thing happened, I might kill him. “end of the interview, Rachel said:” I am angry, I was portrayed as damaged another family. this matter is not true. ”
Beckham Orimoto 4 million U.S. dollars
In April 2008, David Beckham to a seaside villa in Dubai, “Palm Jumeirah island,” a gift to the parents of Spice Girls. At that time the market price of the villa of 800 million pounds. In the old married couple to get hands a month after the price of the property has shrunk to 800 million U.S. dollars. At present, according to Pui Shuai has agreed to the villa of 400 million dollars shot, but there have been few buyers. This villa is a David Beckham before the 2002 World Cup team-mate Gary Neville, Michael Owen and other people buy, others have bought a set each.
In respect of the year in January, the Beckhams still “the world’s first floor,” Dubai Tarja bought a 200-square-meter luxury suites, allegedly, Burj Dubai will be completed in September of this year, in fact, until now no completion of Burj Dubai, also face the risk of going bust. Beckham’s purchase price was 1,200 million dollars, is now almost impossible shot at half price! It is interesting that, when the media reported the house, once delivered, Beckham would be invited to a famous fashion designer Giorgio Armani to design, to which she also opened a Dubai hotel, early in November, due to shortage of funds, Hotel stopped, Armani’s investment failed to be implemented.
Becker naming business center losses
Tennis star Boris Becker has always been known to invest in smart, but this time in the “Dubai crisis,” where he could not escape. The center business district in Dubai, he has a 19-story
High commercial buildings, the title of “Boris Beikeerta.” According to yesterday’s market assessment of the building is now up to the value of the purchase price was half a second to go to Becker, the original more than 2000 million U.S. dollars investment over the past year into a five Kuangjiang! In accordance with “The Times” reports that in May this year, after the project site under construction in Dubai, with nearly 400 closed down one after another, the central business district of the real estate devaluation is particularly serious, large tracts of barren site began, the monthly management fee are very striking. Not to mention sold out.
Coincidentally, the “car king” Schumacher in August last year, spent 7.5 million U.S. dollars in Dubai involved in the construction of a 29-story residential and commercial office buildings, and put his name to “paste” This building on. At that time the office opened inside the office were all sold out within three days, said Michael did not pay for themselves, but to sell their own name, but soon, “Schumacher” That said he did participate in some of the investment, but According to market estimates, and now this can only make the value of residential and commercial center of the original price of about four fold! Not to mention money, “Schumacher” less lose points on pretty good. In addition, Crown Prince of Dubai Maktoum gave Schumacher an artificial island is now their prices have shrunk drastically, with Michael Schumacher was named after this island by the media as “priceless”, but now can only be called “a price no City “of.
Only Joe Cole
Earned 1.1 million pounds
Dubai’s three “artificial Palm Island” on the distribution of the 2000 luxury villas, these luxury of investment goods in a month divided by the world’s rich. On the eve of the 2002 World Cup, nine England players were spent 1 million pounds invested in real estate in the Palm Island, including David Beckham, as well as David James, Gary Neville and Michael Owen, among others. These properties can be sold in the previous year when the level of 8 million pounds, but in October last year, when the financial crisis, fell to 3.2 million pounds. By the first half of this year, prices are more shrink to half, to 160 million pounds. Today, it is no period of possession. Now, most players still continue to hold of their property, only the Chelsea star Joe Cole last summer to sell that part of his 210 million pounds, gaining 1.1 million pounds.
Glossary
Dubai Crisis: Dubai’s largest state-owned enterprises “Dubai World” can not immediately repay the total amount due in three batches of 57 billion in debt, rating agencies quickly lowered ratings of Dubai government-related assets, in part related businesses have even been reduced to junk level. It is learned that the government asked the enterprises to extend the repayment date after the end of May next year. “Dubai World” of the debt at 590 billion U.S. dollars, while the total debt of the entire Dubai 800 billion U.S. dollars, that is, “Dubai World” debt accounted for more than half of the entire Dubai.
Dubai Crisis
Affecting the overall golf industry,
Over the past few years, the United Arab Emirates in Dubai, Abu Dhabi was once a dream to create a halo of great success in golf, European Tour also think they took it once a gold ingot. But this year, the variable starting to show. With the sluggish real estate in Dubai, Dubai, Dubai World Championship competitions and behind the supporters of “leisure group” has found itself in financial crisis. According to British media reports, nearly 200 billion pounds in Dubai real estate projects have been dismount, numerous golf courses forced to shut down or stop the routine maintenance, the world’s most affluent places, golf being dragged into the abyss.
“Leisure group” to create and merger plans and even surprised some observers. The most crazy, they paid 63 million pounds to buy the next year’s British Open venue Turnberry. The company also owns South Africa’s Pearl Valley (South African Open venue), and Dubai, Jumeirah Golf Estate (Dubai World Championship planned to be held there) and other projects. Recently, however, the company has shown worrying signs. Leisure Group chief executive being replaced, the company has been another acquisition to the Palm Island Group, a Dubai company name, did not realize that the latter is unable to help themselves. Some conservative estimates have golf industry and its peak in 2006 decreased by 50%. Even more exaggerated estimate is that nearly 80% decrease. The reason is very simple, “leisure group” business model focused on the sale of golf courses around the mansion, now, luxury one will buy it, and what means money to fill those holes?
Alarming is that the crisis in Dubai may also affect other sports industry. F1 Abu Dhabi such as the well-known station, this is only two hours drive away from Dubai, where the same problems faced by real estate decline, coupled with the famous Dubai Jockey Club, the tennis tournament and even won the Manchester City club in the Middle East consortium, may been implicated because of the Dubai crisis. “I hope all this as soon as possible in the past, back before the ‘this month to buy aircraft, and next month to buy teams’ lives. Because before this, the money is nothing for them.” This group have written Xie Heng.
