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Non-performing loans will haunt the People’s Republic in 2009.

Madoff should mark the end of feeder funds.

Relationships count more than ever in the world of equity trading.

Otherwise the country faces a crisis akin to 1998.

Having negotiated away their covenant protection in the boom years, lenders find themselves in a weak negotiating position in the bust.

Levels quoted make no market sense whatsoever.

It has been an annus horribilis for most property professionals. However, closer examination reveals the odd patch of clear sky in an otherwise gloomy outlook. While most traditional property fund managers have been struggling to cope with collapsing asset prices and a flood of investor redemptions, the reverse is true for property hedge funds.

The Future of Capital

Land Securities has abandoned plans for a demerger and slashed the value of its portfolio by £1.7 billion. The UK’s largest property company had been planning a three-way split. However, announcing the company’s half-year results on 14 November, chief executive Francis Salway revealed that while the sale of its Trillium outsourcing division would go ahead, further demerger plans had been shelved.

Louis Hagen is to leave the association of German Pfandbrief banks (VDP) to join Münchener Hypothekenbank’s board of managing directors. Hagen is executive director at the VDP, and is known for his spirited and often eccentric promotion of the Pfandbrief at various covered bond events around the world. Hagen was also chairman of the European covered bond council between 2004 and 2007. His departure follows Henning Rasche’s decision to leave the board of Eurohypo to concentrate on his role as president of the VDP. Hagen is succeeded by Jens Tolckmitt, general manager of the association of foreign banks in Germany.

The onset of winter has brought cold comfort for the world’s two largest commercial property services companies. Shares in CB Richard Ellis (CBRE) and Jones Lang LaSalle (JLL) have taken a beating because of weak third-quarter results and fears that the real estate market might deteriorate further.