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Chinese real estate: the worst-performing sector in the worst-performing stock market in the worst-performing continent in the world this year. It was little surprise that a large part of the stimulus package China launched in October was designed to put local property back on an even keel.

President Correa of Ecuador stated that he would not pay a $30.6 million coupon on the sovereign’s 2012 bonds that were due on December 15. This move means that holders of the 2012 notes will seek an acceleration of full payments of the $510 million in bonds, and also triggered cross default clauses on its 2015 and 2030 notes. This brings the total amount of technical default to $3.8 billion.

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.

Despite a collapse in bank financing lines and the export markets, the Panama Canal expansion project will be an attractive investment in 2009, according to the Panama Canal Authority.

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.

Peter Hansell has joined Cairn Capital from Lehman Brothers’ global real estate group.

Government support has prevented a systemic run on the banks, but funds are not getting through.

Jeremy Isaacs, the former chief executive of Lehman Brothers’ European business, has set up a boutique investment firm with Roger Nagioff, Lehman’s former head of fixed income. The firm will be called JRJ Investments.

Guy Powdrill has joined CB Richard Ellis from Goldman Sachs.

Credit insurer Coface is to launch a financial ratings service in the UK. By using company information, credit insurance expertise and its own expertise, the firm aims to be able to offer spot ratings on a medium-sized company for a starting price of just £4,000. Coface has criticized the draft EU regulation for rating agencies saying that it will increase costs without having any impact on quality.

Biggest names in European securitization research culled.

–38 the average percentage return from IPOs globally.