Edison,

I have to agree timing is an issue. I wouldn't worry so much about the Gov getting impatient. I think they want this to happen as much as we do. They don't want two failed mega developments after the Blue City fiasco. They will let this run as long as it takes.

It will all come down to numbers and the key number in my view is how much people will pay for the properties that WILL be built. This will determine whether or not the projected free cash flow figure of $500m can be achieved.

If an investor were to take on CCC's 15% stake, simple maths tells us they will make about $75m. This will obviously then determine how much they want to invest for the stake. To me a return if this kind, on top of the buy-in is a pretty decent ROI for anyone these days. So yes, I agree plenty of money to go around, provided the sales live up to expectations.

Which brings me back to timing, investors may be nervous about releasing a large tranche of properties onto a slow market as it appears to be right now. Before the price of oil dropped, there was money flooding into orojectslike these, but everyone raking a second look now.

I believe that the market would still support the prices to get the necessary return and that management are signing up savvy investors with dollar signs in their eyes. My guess is they're just going through the motions, getting the approvals and doing the due diligence that a deal of this size requires.