Right-of-way issues increase MPTC costs

November 22, 2022 | 12:04 am

THE toll development arm of Metro Pacific Investments Corp. (MPIC) said delays in the completion of its Cavite-Laguna Expressway (CALAX) project added 15% to its total cost.

According to Metro Pacific Tollways Corp. (MPTC) Chief Financial Officer Christopher Daniel C. Lizo, the CALAX project was supposed to be completed by July 2020 under the concession agreement.

However, the agreement also states that the right of way should have been completed by July 2017.

“Roughly mga 10% to 15% higher ang project costs from the total costs (Roughly, project costs were 10% to 15% higher from the total costs),” Mr. Lizo said during the project update and drive through of CALAX subsection 4.

Data from the Department of Public Works and Highways (DPWH) show that the total cost of the CALAX project is around P35.74 billion.

According to Wilson G. Bontigao, construction manager of Metro Pacific Tollways South Management Corp., if the complete right of way along subsection 4 of CALAX were acquired, the project is expected to be completed within three months.

On the Laguna side of the expressway, the company already acquired 99.8% of the needed right of way, while on the Cavite side, the figure is only 64.20%. The delay in right-of-way acquisitions led to more costs for the company as it needed to find new routes to construct portions of the project.

Subsection 4 of CALAX is said to ease traffic on Aguinaldo Highway. To complete the project, MPCALA Holdings, Inc. (MHI), which is a subsidiary of MPTC, needs to secure the right of way from two portions of land that subsection 4 will traverse.

Subsection 4 or the Silang (Aguinaldo) Interchange is a 3.9-kilometer expressway from Silang East Interchange to Aguinaldo Highway in Cavite.

Average daily traffic from Mamplasan to Silang East Interchange is at 33,000 and is expected to increase to 40,000 once subsection 4 opens.

“It will ease traffic congestion in the 41-kilometer Aguinaldo Highway, the busiest main thoroughfare in Cavite,” MHI President Raul L. Ignacio said in a press release.

The interchange is also seen to be an alternative way out of CALAX for motorists coming from Metro Manila to Tagaytay City.

At present, the operation segment of CALAX spans 14.24 kilometers. Its interchanges are located at Greenfield-Mamplasan, Laguna Technopark, Laguna Boulevard, Santa Rosa-Tagaytay, and Silang East.

Once MHI and the DPWH’s CALAX project tops off, it will be connected to the Manila-Cavite Expressway in Kawit, Cavite.

MPTC is the tollways unit of MPIC, one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Justine Irish D. Tabile

Actor Michael J. Fox accepts honorary Oscar for Parkinson’s advocacy

November 22, 2022 | 12:04 am

LOS ANGELES — Actor Michael J. Fox, who charmed audiences in 1980s TV comedy Family Ties and the Back to the Future movies, received an honorary Oscar on Saturday for advocacy work that has raised $1.5 billion for research into Parkinson’s disease.

Mr. Fox was diagnosed with Parkinson’s, a nerve disorder that causes tremors and other symptoms, at age 29. He later curtailed his acting career and founded the Michael J. Fox Foundation for Parkinson’s Research to help fund the search for a cure in 2000.

“It is humbling in the deepest way to stand here and accept your kindness,” the Canadian actor said on stage at the annual Governors Awards, where an A-list crowd of stars including Tom Hanks and Jennifer Lawrence gave him a standing ovation.

Mr. Fox said the hardest part about his diagnosis was “grappling with the uncertainty” and that he had kept his diagnosis private for years because “I didn’t know if an audience could laugh if they knew I was struggling.”

The Canadian actor, now 61, was given the Jean Hersholt Humanitarian Award from the board of governors of the Academy of Motion Picture Arts & Sciences, the group that hands out the Oscars, and introduced by friend Woody Harrelson.

“He turned a chilling diagnosis into a courageous mission,” the Cheers actor said.

Other recipients of the Governors Awards included prolific songwriter Diane Warren, whose songs have been featured in more than 100 movies.

Ms. Warren, 66, has been nominated for an Oscar for best original song 13 times but never won.

“I’ve waited 34 years to say this: I’d like to thank the Academy,” Ms. Warren said to applause on Saturday.

Also honored were Australian director Peter Weir, known for films including Witness and Dead Poets Society, and Euzhan Palcy, who became the first Black woman to direct a film for a major Hollywood studio with A Dry White Season. — Reuters

Landco developing The Premier District in Batangas

November 22, 2022 | 12:03 am

A NEW residential community will rise within Landco BeachTowns’ Club Laiya, San Juan, Batangas.

The Premier District is the latest property development launched by Landco Pacific Corp.

“The residential area in the Laiya resort setting is a little more inland yet within walking distance to and from the beach,” Landco said in a statement.

The Premier District is offering 250 lots with an average size of 300 square meters). Property owners will enjoy mountain views, mini-parks, forest trail as well as access to its swimming pool with an area exclusive for lot owners.

Residents and guests will have access to roving transport that will bring them to Club Laiya’s Seaside District.

“Unlike other residential developments, Landco allows lot owners of the Premier District to build their dream beach home which can double as a bed and breakfast, vacation rental or unique homes that can be signed up for popular travel apps like Airbnb,” the company said.

Fully paid and amortizing lot owners of the Premier District will also enjoy special discounts to Club Laiya’s leisure facilities managed by Millennial Resorts.

Landco is a subsidiary of Metro Pacific Investments Corp. (MPIC). MPIC is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.

‘Spectacular:’ Adele fans rave as Vegas shows finally start

November 22, 2022 | 12:03 am

LAS VEGAS — An “incredibly nervous” Adele kicked off her Las Vegas concerts on Friday, 10 months after she angered fans by postponing the shows at the last minute.

People who attended the chart-topper’s first Weekends with Adele show at Caesars Palace said they were thrilled to finally see the Grammy-winning singer live on stage and seemed to forgive her for the postponement. The audience greeted her with a standing ovation.

“Thank you for coming back to me,” the singer said.

Fans said the show felt intimate and they were moved by her performance of hits including “Hello” and “Easy on Me.”

“Adele brought it like she always does,” said 49-year-old Nicole Quinn. “I laughed, I cried, I screamed, I jumped, everything. And so did she.”

“Amazing. Spectacular. She was the bomb,” said Sally Hoffman, a fan from Philadelphia.

The British singer faced a backlash in January, when in a tearful video she said she could not perform the shows because half her crew had COVID-19 and the pandemic had caused delivery delays. The concerts were due to begin the next day and some fans were making their way to Nevada, or already there, when they got the news.

Shannon Tupper, 55, said she had been “incredibly disappointed” at the time but, after seeing the show on Friday, felt it was “worth the wait for sure.”

“She was amazing. I’ve been to a lot of concerts. I can’t even describe how good it was,” Ms. Tupper said.

On Thursday night, Adele shared a picture of herself on Instagram during a rehearsal, saying she was “highly emotional, incredibly nervous but can’t sit still because I’m so excited.”

Known for ballads about heartbreak and nostalgia, the 34-year-old made her musical comeback last year with her fourth studio album 30. It is nominated for the coveted album of the year award at the 2023 Grammys. She is scheduled to play in Vegas through March.

“She was wonderful,” said Alisha Wilburn, a 39-year-old from Tennessee. “And I can’t believe she gets nervous. Like, why does she get nervous for peasants like us? We just revel in her gloriousness.” — Reuters

Gov’t partially awards T-bill offer as rates climb on tightening bets

November 22, 2022 | 12:03 am

THE GOVERNMENT partially awarded the Treasury bills (T-bills) it auctioned off on Monday as the market digested the recent tightening move of the Bangko Sentral ng Pilipinas (BSP) and the possibility of another rate hike by the US Federal Reserve.

The Bureau of the Treasury (BTr) raised just P10.55 billion from the T-bills it auctioned off on Monday versus the programmed P15 billion, even as bids reached P29.452 billion.

Broken down, the Treasury borrowed P5 billion as planned via the 91-day securities on Monday, with tenders for the tenor reaching P17.371 billion. The average rate of the tenor went down by 8.9 basis points (bps) to 4.375% from the 4.464% fetched last week, with accepted rates ranging from 4.14% to 4.513%.

Meanwhile, the government raised just P3.25 billion from the 182-day T-bills, even as bids hit P7.11 billion, above the P5-billion program. The six-month paper fetched an average rate of 4.921%, up by 8.3 bps from the 4.838% quoted for last week’s partial award, with the Treasury accepting offers with yields from 4.88% to 4.95%.

Lastly, the BTr awarded only P2.3 billion in 364-day debt papers, with demand reaching just P4.971 billion, lower than the P5 billion on the auction block. The average rate of the one-year paper rose by 4.2 bps to 5.142% from 5.1% last week. Accepted rates ranged from 5.125% to 5.15%.

At the secondary market before Monday’s auction, the 91-, 182- and 364-day T-bills were quoted at 4.1205%, 4.8101%, and 5.0535%, respectively, based on the PHP Bloomberg Valuation Reference Rates data provided by the Treasury.

“Results were mixed in today’s Treasury bill auction as the Auction Committee decided to fully award bids for the 91-day T-bill while partially awarding the 182- and 364-day T-bills… The auction was nearly twice oversubscribed, attracting P29.4 billion in total tenders,” the BTr said in a press release on Monday.

A trader said in a text message that the T-bill yields were mixed as rates are “still trying to settle at fair values in the wake of tighter monetary policy and an elevated inflation backdrop.”

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the partial awarding was partly due to higher bid yields following the BSP’s latest rate hike.

“T-bill average auction yields were mostly slightly higher after the widely expected local policy rate hike and higher inflation estimates,” he said in a text message.

Mr. Ricafort added that the market was also pricing in another Fed hike in December.

The BSP on Thursday fired off a 75-bp rate hike to match the Fed’s latest move and tame inflation.

The Philippine central bank has raised rates by a total of 300 bps so far this year. Its last meeting for the year is scheduled on Dec. 15.

Headline inflation in October accelerated 7.7%, its fastest pace in nearly 14 years, mainly driven by rising food costs. For the first 10 months, inflation averaged 5.4%, well above the BSP’s 2-4% target.

At its meeting last week, the central bank also raised its average inflation forecast for this year to 5.8%, from 5.4%. For next year, inflation is now seen averaging 4.3%, up from 4.1% previously.

Meanwhile, investors are looking for signals on Fed’s next move, with the market expecting a less aggressive 50-bp hike at their Dec. 13-14 meeting following four consecutive 75-bp increases.

The US central bank has raised rates by 375 bps since March.

On Tuesday, the BTr will auction off P35 billion in fresh 20-year Treasury bonds (T-bonds).

The Treasury wants to raise P215 billion from the domestic market this month, or P75 billion through T-bills and P140 billion via T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at P1.65 trillion this year, equivalent to 7.6% of gross domestic product. — Luisa Maria Jacinta C. Jocson

Globe fires up more than 600 fiber WiFi hubs

November 22, 2022 | 12:03 am

GLOBE Telecom, Inc. announced on Monday that it had fired up more than 600 fiber WiFi hubs in the country as of the end of October.

The goal is “to address the growing need for connectivity nationwide as the economy opens up and mobility improves,” the Ayala-led telco said in an e-mailed statement.

The company recently launched its first prepaid community fiber in the National Capital Region; Luzon, including Bulacan, Pampanga, Cavite, and Laguna; Visayas, specifically in Cebu and Tacloban; and Mindanao, including Davao del Norte, Davao del Sur, and Zamboanga.

“TMBayan Fiber, Globe’s pioneering prepaid fiber offer, reached this milestone just two months after the service was launched to reach more Filipinos in different parts of the country,” the company noted.

The WiFi hubs provide small stores and other community centers with fiber connectivity crucial for gaming, browsing, streaming, and creating content, according to the company.

Globe also said it is reaching out to more local retailers to expand its TMBayan fiber WiFi hubs.

This service provides Globe partners with “a new earning opportunity as many Filipinos are still working towards recovery from the worst of the pandemic,” said Janis Legaspi-Racpan, brand management head at Globe At Home.

“There is a segment of the market that is predominantly prepaid but is now in need of better speeds and more reliable connection that fiber can provide. As such, Globe continues to roll out prepaid fiber hubs to cater to the growing number of the digital Filipino.”

Globe’s attributable total comprehensive income for the third quarter reached P5.7 billion, up 16% from P4.9 billion in the same period a year ago, owing primarily to revenue growth in its corporate data and mobile services, as well as non-telco services.

Its third-quarter revenues, both service and non-service, grew 3% to P42.9 billion from P41.7 billion previously.

For the nine months that ended Sept. 30, Globe saw its attributable total comprehensive income increase 37% to P24.9 billion from P18.2 billion previously. Total revenues for the period went up 3% to P130.2 billion from P126.4 billion in 2021.

The growth was “led by corporate data and mobile services, supplemented by the sustained growth from non-telco services,” Globe said in a statement. — Arjay L. Balinbin

BSP tightening seen to continue until next year

November 22, 2022 | 12:02 am

THE CENTRAL BANK is expected to continue raising benchmark interest rates until next year as inflation remains elevated. — BW FILE PHOTO

THE CENTRAL BANK is likely to continue its tightening cycle to tame inflation in the coming months, but it may deliver less aggressive rate hikes as the peso stabilizes against the dollar, Fitch Solutions Country Risk & Industry Research said.

Fitch Solutions said in a commentary dated Nov. 18 that they expect the benchmark policy rate to end at 5.5% this year and go up to a peak of 5.75% next year as the Bangko Sentral ng Pilipinas (BSP) continues its fight against inflation.

“The central bank will remain resolute in reining in high domestic inflation, which we expect to average 5.8% in 2022 before moderating slightly to 4.8% in 2023,” Fitch Solutions said, adding that inflation will likely remain above the BSP’s 2-4% target throughout the first half of 2023.

“Food inflation — which accelerated further to a four-year high of 9.4% y-o-y in October — will likely remain a significant source of upside risk. Adverse weather conditions have led to disruptions in food supply this year and remains a threat to prices,” it added.

Headline inflation quickened to 7.7% in October from 6.9%, marking the seventh straight month that inflation breached the BSP’s 2-4% target range. For the first 10 months, inflation averaged 5.4%, lower than the BSP’s revised 5.8% full-year forecast.

The BSP last week raised its key interest rate by 75 basis points (bps) to 5%, the highest in nearly 14 years. It has so far hiked rates by 300 bps since May to tame inflation.

“That said, a deteriorating economic outlook and an eventual stabilization in global monetary conditions mean the pace of hikes will slow over the coming months,” Fitch Solutions said.

It said it expects the central bank to deliver a smaller 50-bp rate hike on Dec. 15 and increase borrowing costs further to a peak of 5.75% in the first half of 2023.

“Since October, the peso has started to stabilize against the US dollar and is less overvalued on a real effective exchange rate basis. Moreover, we think that the US Federal Reserve will only raise interest rates by an additional 50 bps by end-2022 before keeping them steady throughout 2023,” it added.

“If we are right, then there will be less of a need for the BSP to lean towards aggressive rate hikes to defend the peso going forward. That said, we do see upside risks to our US interest rate forecasts,” it said. “Moreover, headwinds to economic growth are mounting. While the third-quarter growth outturn showed the economy expanding by a strong 7.4% year on year, underlying signs of weakness are apparent in the breakdown.”

The economy expanded by 7.6% in the third quarter, faster than the revised 7.5% in second quarter. Growth in the first three quarters of the year averaged 7.7%.

“Further ahead, we think that the lagged impact of persistent inflation, weaker external demand, and high interest rates will lead to a slowdown in growth, which we expect to slow from 7.4% in 2022 to 5.9% in 2023,” Fitch Solutions said.

The research firm noted there are risks to their policy rate forecast, skewed slightly to the upside.

“Indeed, larger-than-expected rate hikes by the US Fed could exacerbate downside volatility for the peso, prompting steeper interest rate hikes by the BSP to ensure currency stability,” Fitch Solutions said.

The US Federal Reserve has raised policy rates by 375 bps since March to curb inflation.

US inflation eased to 7.7% in October from the 8.2% print in September. While inflation is still elevated, this may prompt the Fed to consider slower monetary tightening. — K.B. Ta-asan

Regus franchise center to open in Las Piñas

November 22, 2022 | 12:02 am

INTERNATIONAL Workspace Group (IWG) recently inked a 10-year management agreement with Kyleson, Inc. to open a Regus franchise center in Las Piñas City.

The flexible workspace center, located within the Colours Town Center, will have 195 workstations and 1,200 square meters (sq.m.) of co-working desks, meeting rooms, and private offices. This will be the 26^thRegus center in the Philippines.

“Our partnership with Colours Town Center combines our more than 30 years track record in equipping workspaces with the infrastructure and support services with ideal, modern locations to ensure employees experience the benefits of working wherever is most convenient for them without sacrificing productivity, or the benefits of collaboration,” Lars Wittig, IWG country manager, said in a statement.

Mr. Wittig noted worker preferences across Asia Pacific are shifting in favor of hybrid working, and companies that fail to adopt may lose their best workers.

“Adopting flexible working arrangements is crucial to business sustainability and long-term resilience,” he added.

IWG is aiming to expand its locations in the Philippines to 43.

Colours Town Center is located along the corner of Alabang-Zapote Road and Marcos Alvarez Avenue in Las Piñas City.

New Mexico sheriff releases Rust movie shooting investigation

November 22, 2022 | 12:02 am

A NEW Mexico sheriff’s office on Friday released documents from his investigation into the fatal shooting of cinematographer Halyna Hutchins last year on the set of Western movie Rust, as a state prosecutor decided whether to press criminal charges. Among 551 pages published by the Santa Fe County Sheriff’s Office were interviews with witnesses, including star Alec Baldwin, and text messages and e-mails from crew and cast members sometimes detailing chaotic and acrimonious conditions on set prior to Ms. Hutchins’ death on Oct. 21, 2021.

But the documents offered no conclusive answers as to how live ammunition got onto the movie set at a ranch outside Santa Fe and into a replica Colt .45-caliber revolver that was fired by Mr. Baldwin and killed Ms. Hutchins.

Mr. Baldwin was handed the gun during a rehearsal. A live round hit Ms. Hutchins and movie director Joel Souza, who survived. Mr. Baldwin is among up to four people who may face criminal charges for the death of the cinematographer, New Mexico District Attorney Mary Carmack-Altwies said in September. Her office had no comment on Friday.

The 30 Rock and Saturday Night Live actor has denied responsibility for Ms. Hutchins’ death and said live rounds should never have been allowed onto the set.

In police interviews and lawsuit filings, the film’s armorer, first assistant director, prop supplier, and prop master all denied culpability for the shooting.

Among the documents was an FBI report that said five live bullets were found on a props trolley and in a bandolier and holster near the movie-set church where Ms. Hutchins died.

The sheriff’s office said it would release more files on the case by Dec. 20. Under a lawsuit settlement between Mr. Baldwin, the film’s producers, and the Hutchins family, Rust will resume filming outside New Mexico in January with the same principal actors and director and the late cinematographer’s husband Matthew Hutchins serving as executive producer. — Reuters

LBC Express net loss widens to P144M

November 22, 2022 | 12:02 am

LBC Express Holdings, Inc. saw its attributable net loss for the third quarter of the year widen to P144.11 million from a loss of P64.22 million in the same period a year ago, mainly due to higher non-operating expenses.

The company’s service revenue for the period went up 1% to P3.94 billion from P3.90 billion previously.

There was a “growth in the overseas logistics and money transfer services by 12% and 14%, respectively,” LBC Express said in its third-quarter financial performance report.

Meanwhile, the company’s cost of services increased by 2% to P3.19 billion from P3.13 billion in the same period a year ago.

LBC Express attributed the increase to the higher cost of delivery and remittance by 1%.

“There are rate increases for domestic and international shipping lines and fuel rates,” the company also said.

Other charges rose to P289.69 million for the third quarter from P109.46 million previously.

This was mainly driven by “losses related to foreign exchange amounting to P89.55 million … compared to gains amounting to P22.50 million” in the same period last year, the company noted.

For the January-to-September period, the company incurred an attributable net loss of P227.10 million from a loss of P246.34 million in the same period last year.

Total service revenue for the period stood at P11.67 billion from P12.32 billion previously. Cost of services went down by 2% to P9.22 billion from P9.43 billion in 2021.

This was due to “lower cost of delivery and remittance by 7%,” the company said. “Reduction in truck rentals were aligned to current sales production.”

“However, these reductions were offset by the increasing fuel prices and surge in cost of freight-sea as general price increase was implemented by shipping lines, both domestic and overseas setting,” the company added.

LBC Express shares closed 4.81% higher at P17 apiece on Monday. — Arjay L. Balinbin

Reluctant buyers pose main threat to Beijing’s property revival efforts

November 22, 2022 | 12:01 am

China-residential houses — RESIDENTIAL houses are seen in a valley in Tengchong, Yunnan province, in this Aug. 7, 2015 file photo. — REUTERS/STRINGER/FILES

BEIJING/HONG KONG — A slew of recent supportive measures will bring China’s cash-strapped property developers much needed relief, but a full recovery of the sector will be hobbled by increasingly elusive buyers, say bankers, developers and analysts.

From a sweeping purge a couple of years ago to a series of financing measures now, China’s changed approach towards the property sector, a key pillar of the economy, reflects how dire the situation has become.

Weighed down by protracted coronavirus disease 2019 (COVID-19) curbs, falling home prices and rising unemployment in the world’s second-largest economy, many prospective buyers are putting off their plans, creating challenges for developers and policymakers.

“These policies will have little lasting effect and the property prices will not go up significantly,” said Jack Yang, an engineer in Beijing, noting “future income” had become a key concern for homebuyers.

Mr. Yang said he had put plans to sell his home and buy a new one on hold due to COVID restrictions, cuts in his salary and concerns he may lose his job.

Chinese regulators outlined 16 supportive measures last week, mainly aimed at boosting liquidity for developers, in the most comprehensive rescue package for the sector since it was hit by a debt crisis last year.

Markets cheered the measures, which included loan repayment extensions and easier access to fresh funding, but bankers and analysts say they only address the property market’s supply problems, with the demand recovery still a key concern.

Demand for property, a sector that accounts for roughly a quarter of China’s economy, took a big hit this past year as many developers lurched from crisis to crisis and halted the construction of apartments as they ran out of money.

The economic fallout of COVID lockdowns in many cities also contributed to buyers like Mr. Yang putting off plans to take on debt to buy new homes — a trend, bankers and analysts say, is unlikely to change anytime soon.

Property sales measured by floor area fell for a 15^th straight month in October, while new home prices fell at their fastest pace in over seven years, official data showed this week.

John Lam, head of China and Hong Kong property research at UBS said the government’s move to support liquidity “kind of breaks the negative cycle,” adding this “should be a positive in terms of the demand recovery.”

But rating agency Fitch said on Tuesday it was sticking to its forecast for a “largely flat trend” in new home sales in 2023 even after the latest support measures.

Housing demand “hinges on a recovery in homebuyers’ sentiment and employment prospects, which we think depends on sustained easing of China’s pandemic-related controls,” it said.

China last week eased some COVID rules, but analysts say the zero-COVID strategy will continue to weigh on economic activity.

While Beijing has cut mortgage costs and relaxed some curbs this year to boost new home purchases, analysts say authorities’ focus mostly on affordable housing and President Xi Jinping’s “common prosperity” push are likely to keep a lid on demand.

CREDIT RISK
The fall in home prices is a major concern for homebuyers in China given a large share of them buy new homes as an investment option, with returns historically reaching as high as 30%-50% over a period of time in some cities.

Despite the recent liquidity-boosting measures, some bankers say developers continue to face credit risks given the uncertain outlook.

“The measures will improve the real estate financing environment, which means that for banks, the vicious cycle and death spiral between real estate risks and financial risks have been alleviated,” said an official at a mid-sized commercial bank.

“But it is too early to say that the credit risk alert of real estate has been lifted,” said the banker, who declined to be named as he was not authorized to speak to the media.

According to UBS, Chinese banks have roughly 88 trillion-yuan ($12.43 trillion) worth of exposure to the property sector.

It estimates the property sector downturn will cost the banking system up to 1.4-1.5 trillion yuan in the next few years, mainly from potential losses in banks’ unsecured property development loans, bonds, and non-standard assets.

For now, however, the main concern for some homebuyers is whether the latest measures will enable developers to come out of the crisis and resume the construction of apartments.

Sam Wang, a 22-year-old freelancer in the catering industry, said a relative had bought “a property for presale in full payment” in Wuhan about three years ago, but it was still unfinished.

“For me, I am about to buy a house for residential purposes, and in the short term, I’ll take a wait-and-see attitude,” said Wang. — Reuters

Robert Clary, Holocaust survivor who starred in TV’s Hogan’s Heroes, 96

November 22, 2022 | 12:01 am

Robert-Clary-and-Larry-Hovis-in-Hogan's-Heroes-(1965) — ROBERT CLARY (front) and Larry Hovis in a scene from the TV series Hogan’s Heroes.

ROBERT Clary, the diminutive Paris-born actor and singer who survived 31 months in Nazi concentration camps but later had no qualms about co-starring in Hogan’s Heroes, the American situation comedy set in a German World War II POW camp, has died at the age of 96.

Mr. Clary, who played strudel-baking French Corporal Louis Lebeau on Hogan’s Heroes during its six seasons from 1965 to 1971, died on Wednesday at his home in Los Angeles, his granddaughter told The Hollywood Reporter.

“Robert was an amazing gentleman and incredibly talented not just as an actor but also a performer and a gifted painter,” said David Martin, his former manager.

Mr. Clary was 16 in September 1942 when he was deported from Paris to Nazi concentration camps with 12 other members of his Jewish family. He was the only one who survived. Mr. Clary spent 2-1/2 years in the Ottmuth, Blachhammer, Gross-Rosen and Buchenwald concentration camps, enduring hunger, disease, and forced labor.

He was freed when American troops liberated Buchenwald in April 1945, but then learned that his family members, including his parents, had died in the Holocaust.

It was with some irony that Mr. Clary achieved his greatest fame playing for jokes in a TV show set in a German POW camp. He said he had no concerns about being in a show that mocked the Nazis.

His character was one of the prisoners-of-war who outwitted their dimwitted German jailers and conducted espionage and sabotage to aid the Allied cause.

“The show was a satire set in a stalag for prisoners of war, where conditions were not pleasant but in no way comparable to a concentration camp, and it had nothing to do with Jews,” Mr. Clary told the Jerusalem Post in 2002.

“Showbiz is like a roller coaster and you take what roles are offered to you,” Mr. Clary added.

Hogan’s Heroes starred Bob Crane as American Colonel Robert Hogan, with Richard Dawson, Larry Hovis, and Ivan Dixon playing other POWs. The main German characters were bumbling camp commandant Colonel Klink, played by Werner Klemperer, and pliant guard Sergeant Schultz, played by John Banner. Both actors were Jews and had fled Europe because of the Nazis.

Mr. Clary’s character was known for his burgundy beret and his cooking skills, which were used to distract German officers with delicious cuisine while his fellow POWs were up to mischief.

Hogan’s Heroes was popular with TV viewers during its run on the CBS network and for decades afterward in syndication even though some critics considered it in bad taste.

‘ONE OF THE LUCKY ONES’
Mr. Clary was born as Robert Max Widerman on March 1, 1926, the youngest of his Polish tailor father’s 14 children from two marriages. He became a professional singer as a teenager.

In the camps set up by the Nazis to eradicate Europe’s Jews, he was tattooed with the number A-5714 and forced to dig trenches, work in a shoe factory, and sing for his captors. The singing earned him a few extra morsels of food, Mr. Clary said.

“I was one of the lucky ones,” he told the Asbury Park, New Jersey, Press in 2002. “First of all, because I survived. Secondly, because I was in camps that were not as atrocious as others. I did not suffer. I did not work as hard as people were working in salt mines on quarries. I was never tortured. I was never really beaten. I was never hanged. But I saw all these things.”

After the war, Mr. Clary’s singing career took off in France. He moved to the United States in 1949 and comedian Eddie Cantor gave him national TV exposure. Mr. Clary later married Cantor’s daughter Natalie.

Mr. Clary performed on stage, in small film roles and in guest spots on TV before being cast in Hogan’s Heroes. His biggest film role was in director Robert Wise’s The Hindenburg (1975) starring George C. Scott.

Alarm over people trying to deny the Holocaust prompted Mr. Clary in 1980 to end his self-imposed silence about his experiences. He spent years traveling to schools in the United States and Canada speaking about the Holocaust. He also wrote an autobiography, From the Holocaust to Hogan’s Heroes.

“We must learn from history,” Mr. Clary told the Reno Gazette-Journal in 2002, “which we don’t.” — Reuters