Cactus Kate fisking Russel Norman

February 18th, 2012 at 5:16 pm by David Farrar

fisks claims by . She blogs:

Kermit has an academically lazy post on The NZ Superannuation Fund where apparently it has

“decided to take a $23 million bet on a property development company with significant exposure to China — a country where some reports say that there are 64 million vacant apartments”.

Kermit has got all confused comparing SHKP to pathetically run Landcorp in New Zealand and is worried about this
Kermit seems to be Kate’s name for Dr Norman. She notes:
Kermit then has a Hickeyesque moment where he predicts the collapse of China because Hong Kong listed company SHKP is developing new cities and starts bagging the Super Fund for investing in it …
Is China the next big property bubble on the brink of collapse?

The Chinese Government has spent much of its massive export revenues on building brand new cities. Trouble is, not many Chinese people can afford the prices of new apartments and some of the cities have become ghost cities — their emptiness
Thank you for the concern Mr Frog.
Kate knows a bit about this company, as they are her landlord:

SHKP just so happens to be my landlord so I know a bit about them. They develop huge luxury buildings and own a truckload of land in Hong Kong. All the tallest buildings IFC1, IFC2 and ICC were developed by SHKP. The building I live in is built to an extremely high standard.

The major owners the Kwok Family have one of the most interesting histories of any company in Hong Kong. SHKP was founded in 1963 by the family and listed in 1972.
In fact it seems SHKP is almost worth more than the entire NZ Super Fund.

If SHKP tank it will be because the bottom has fallen out of China and with it Hong Kong and quite frankly, export reliant New Zealand will have a hell of a lot more to worry about than .1% of its Super Fund if this happens.

Norman is simply disgracefully playing the China card and pretending he knows more than the Super Fund Managers. During the Crafar sale he complained New Zealanders cannot buy land in China, yet now he’s arguing that the NZ Superannuation Fund should have no exposure in China to a potential “bubble” and not be investing in a property company.
Newsflash - Kermit doesn’t know anything about numbers and should sit down and do what he is good at, telling farmers they pollute.
This is one of the things which concerns me over the NZ Super Fund. Politicians will always think they know better than the fund managers and they will start to tell them where to invest with the money forcefully taken from us by taxation.
Dr Norman could be Minister of Finance in a future Labour-Green Government. Will he continue to second guess the fund managers?
Tags: ,

30 Responses to “Cactus Kate fisking Russel Norman”

  1. Johnboy (17,051 comments) says:

    Perhaps he will ask the Chinese for his white flag back so he can wave it soon?

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  2. Peter (1,695 comments) says:

    They are certainly the most dangerous party in parliament.

    Economic ignorance. Religion. Blind belief. Off-the-scale self-righteousness. Soft, fluffy front.

    Shudder.

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  3. Cactus Kate (536 comments) says:

    No DPF SHKP has net assets worth THREE times the current value of the NZ Super Fund
    The family running SHKP are worth more than the current value of the NZ Super Fund

    If Norman (degree in studying the Alliance Party) gets anywhere near being Minister of Finance – run run run.

    As for the company itself, my single biggest fear currently in life is not paying the rent on time. I make sure the direct debit is locked and loaded. They are ruthless.

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  4. V (765 comments) says:

    Ironically the Greens are essentially now operating the way banks and financial professionals always have, put someone who looks semi-respectable in a suit and sound authoritative to no-nothing journalist interviewers and obtain your TV soundbite.

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  5. davidp (3,585 comments) says:

    Russel Norman…

    Strike 1: Lunging at a Chinese government official shouting “give me back my flag.” Never attempted to lunge at or assault government officials from any other country.

    Strike 2: Criticising the purchase of a group of NZ farms by Chinese people. Never criticised purchase of NZ farms by any other foreign people even tho they have purchased FAR more farms than Chinese people.

    Strike 3: Criticising investment in China. never criticised investment in any other country.

    And he’s out! NZ First is no longer alone in the Political Party Hall of Racist Shame.

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  6. Scott Chris (6,178 comments) says:

    Yeah the Prickly One has got this right. Norman is playing dumb politics again.

    Moody’s gives SHKP an A1 rating with a ‘stable’ outlook and Standard & Poor’s raised the Group’s rating from A to A+ with a ‘stable’ outlook in December 2010 http://www.shkp.com/en-US/Pages/credit-ratings/

    (delete mental image of Russel Norman being fisted by a cactus – misread post title)

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  7. Johnboy (17,051 comments) says:

    3693 and all of them crap! :)

    [DPF: Don’t troll]

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  8. adamsmith1922 (724 comments) says:

    CK has it right

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  9. adamsmith1922 (724 comments) says:

    Greens play race card, in fact no difference between Greens and Lazarus on this. Appalling

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  10. Kimble (3,955 comments) says:

    This Green time waster is making an issue out of a holding comprising 0.1% of the portfolio?

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  11. Viking2 (11,680 comments) says:

    Johnboy (6,654) Says:
    February 18th, 2012 at 6:05 pm

    3693 and all of them crap! :)

    Un charitable johnboy. Scott is correct this time.
    There’s a little good in everyone. 8)

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  12. jonno1 (82 comments) says:

    Crikey! Yes, Scott Chris finally (a) said something I can agree with, and (b) made me spit beer all over my keyboard.

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  13. Johnboy (17,051 comments) says:

    My dad taught me never to give a turd a break even when he is down V2.

    Jeeze my dad was a real prick eh.

    Thank God I’m just like him. :)

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  14. RandySavage (223 comments) says:

    all replies in this thread took me back to 1950. Utter drivel guys

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  15. Cactus Kate (536 comments) says:

    That would make you 61 years old Randy?

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  16. reid (16,719 comments) says:

    Economic ignorance. Religion. Blind belief. Off-the-scale self-righteousness. Soft, fluffy front.

    Peter a brilliant summary of their traits. Thank you.

    The Gweens are poisonous for they take advantage of other people’s ignorance to paint their supporters a fantasy whereby they support victims whereas the reality is, the Gween’s create them. As Wussell is doing here, keeping National’s (not NZ’s) relations with big bad China (Crafar Farms anyone?) still in the news cycle.

    The Gweens don’t give a fuck about NZ Inc. I don’t think they truly and honestly understand how critical our diplomacy with China is to our future and I also don’t think they understand the difference between acting like a boorish fool whose tilting at windmills and someone whose simply drunk and lost his way in the confusing world of politics.

    Whatever the Gweens pwoblems weally are however (and I must admit I’m most unwilling to plumb those particular depths) I’m really glad I have never had any affinity with leftist politics. Everyday, I become gladder and gladder…

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  17. Monique Watson (1,062 comments) says:

    Off topic, but what is Kennedy Graham on about in his Syria speech on frogblog? Other than: “Boo ya sux we should not look to Washington for guidance on interfering with countries in the throes of Arab Spring type revolutions in case Washington is getting to big for it’s boots, or has links attributable or otherwise to a need for oil consumption”.
    Methinks it is some kind of Kumbaya peacenik angle.
    meanwhile innocent civs die.

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  18. MrTips (103 comments) says:

    Of course the Greens hate China…

    they can’t say “LARP” properly.

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  19. bhudson (4,741 comments) says:

    reid,

    The Gweens are poisonous for they take advantage of other people’s ignorance…

    Never more so that when they talk about “increasing revenue.”

    To most people that would mean economic growth. Businesses selling more, exports up, govt collects more tax.

    To the Greens it just means increasing taxes. Actual economic growth is irrelevant to their idea of “increasing revenue.” To them them revenue is increased simply by mandating new taxes and/or higher rates. I think cause and effect (in a commercial sense) is beyond them.

    (I would have said economic growth might be a ‘nice to have if we can get it’ thing for them, but the reality is they actually want to constrain our economy in areas – farming chief among them.)

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  20. reid (16,719 comments) says:

    (I would have said economic growth might be a ‘nice to have if we can get it’ thing for them, but the reality is they actually want to constrain our economy in areas – farming chief among them.)

    Aren’t they fools. Their fanatical belief in AGW leads them to thinking how good it would be if we rid ourselves of all the farting ruminants, at the same time talking of “Gween technologies” as if we could replace our entire export income from those overnight.

    They lie, in other words. All of them. What thinking person believes that. But that’s what they keep saying and 15% of the morons are apparently listening and believing.

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  21. hj (7,167 comments) says:

    Alice Poon knows more about SHKP than Cactus Kate.
    http://www.hkjournal.org/archive/2011_spring/3.htm

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  22. Griff (8,419 comments) says:

    Ha greens
    When did little tale about heart land turn up on a so called green website ?
    To busy crowing about socialist bullshit
    and trying to generate mileage out of Mojo

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  23. Cactus Kate (536 comments) says:

    She is a former employee Hj so I would hope so. Although she sounds a wee bit bitter so perhaps didn’t get a large enough bonus and left.
    All she’s published there is precisely why it’s such a good stock for a Super Fund to diversify into to spead their risk.
    The ruling classes control land in HK and the government controls land supply as if you didn’t know, HK doesn’t have much space developed into usable land.
    All the waffle about inequality is irrelevant as Hong Kong couldn’t care less about inequality, and neither do it’s people. They care about the stockmarket and the property market. They like rich people here because they all aspire to be richer themselves.

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  24. peterwn (3,335 comments) says:

    Political interference in Superannuation reminds me of Norm Kirk’s fund which Rob Muldoon dismantled (and court case Fitzgerald v Muldoon). There was utter confusion from Labour people what the fund ought to do. For example with one breath the fund was to get a ‘commercial’ rate of return. In the next breath it would offer ‘soft’ mortgages. Presumably in a more modern context it would finance Len’s train sets at a very low interest rate.

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  25. Maggie (672 comments) says:

    If the Greens are so dreadful how come they have such growing support? While ACT is dying?

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  26. bhudson (4,741 comments) says:

    Maggie,

    If the Greens are so dreadful how come they have such growing support?

    Because people lost confidence in Labour and felt they had nowhere else to go. If Labour are able to recover support then support for the Greens will fall again.

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  27. hj (7,167 comments) says:

    They like rich people here because they all aspire to be richer themselves.
    …..
    Lot’s of people buy lotto tickets but all they are buying is the dream. Once the wealth of the land is captured as capital gains, concentrated and solidified by political influence, the odds are stacked against the ordinary people who populate the bulk of the normal curve. The influence of property interests is very evident in the National Party.

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  28. Kimble (3,955 comments) says:

    If the Greens are so dreadful how come they have such growing support?

    Gambling, drinking alcohol, eating meat, religion, chocolate eating, reality-TV watching, consumption… all things the Greens think should be gone despite being very popular.

    Organic farming, veganism, unionism, severe trade restrictions, central planning the economy… all things the Greens think should be done despite being very unpopular.

    Democracy determines representation. It doesnt determine what is true or what will work. The Greens increasing popularity simply means a few more people are supporting them. It doesnt mean their policies are well thought-out, sensible, or likely to work. Of course, you dont care about that. Like most Green supporters, it is enough that you feel good.

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  29. wat dabney (3,849 comments) says:

    If the Greens are so dreadful how come they have such growing support

    There is any number of intolerant, authoritarian parties around the world doing nicely in the polls.

    Basically, a lot of people love the idea of forcing everyone else to do what they say.

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote
  30. Paulus (2,711 comments) says:

    The Greenpeace do not care about people only conclusions.
    They are middle class well educated (mainly women) and are wired to the result no matter what it takes to achieve it – people get in the way of results (conclusions).

    Vote: Thumb up 0 Thumb down 0 You need to be logged in to vote