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Lehman Brothers' liquidators selling off Asian assets

http://www.bobsguide.com/guide/news/2010/Feb/10/Lehman_Brothers%27_liquidators_selling_off_Asian_assets.html


10 February 2010
Around 12 assets owned by Lehman Brothers in Asia are to be sold off within the next few months, the company's liquidators have said.
Lehman Brothers' liquidators selling off Asian assets

KPMG, which is carrying out the liquidation process, has already divested 31 of Lehman Brothers' principal investments, with 11 of the Asian assets turning in a profit.

Edward Middleton of KPMG China told Bloomberg: "We've been working these positions as any investment bank would.

"Progress in China has been refreshingly quick as well as producing better returns than I expected."

KPMG has settled $246 million worth of Lehman Brothers' real estate assets in China, with return rates of around 80 per cent on what the now-defunct financial institution paid.

The buoyant state of the property market in Asia has helped KPMG divest the assets quickly.

Last month, Chinese government economist Zhang Liqun, told the China Securities Journal that real estate investments in the country may increase by as much as 40 per cent in 2010.

By Tony Aynsley