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News Center >> Now Location: London’s 2012 Olympic preparations face crisis

• London’s 2012 Olympic preparations face crisis
• Lend Lease Corp, the Australian developer building London’s Olympic Village, now has difficulty in getting funds for building the 1 billion pound project when the worldwide credit markets are impacted by crisis.
  
  "We are looking to do a debt-equity deal but it has been delayed by what is happening in the marketplace," Mark Gell, a spokesman for the Sydney based company, said.
  
  "We are still working toward it. We have said around the end of the year. There is no change to that."
  
  The most serious financial crisis since the Great Depression is significantly hindering lending, leading the world economy to recession. Developers of the Olympic site, the largest public site in Europe, haven’t got bank loans as the weak British economy push unemployment to a two-year high.
  
  "Raising project-based debt is difficult and that status has been the same for some months," Gell said. "Like all project finance you tend to put the funds in as the funds are required. You don’t have a whole lot of money sitting in the bank waiting to fund projects."
  
  Building of the Olympic Village is continuing and will be finished on time, Lend Lease’s Gell said yesterday.
  
  After its earlier declining of as much as 7.8 percent, Lend Lease shares fell another 52 cents, or 6.3 percent, to a$7.69 as of 1:50 pm in Sydney. The stock is down 56 percent this year and 61 percent in the Bloomberg Asia Pacific Real Estate Index.
  
  London’s Olympics organizers expressed earlier this month that the temporary arena plan, for example basketball and shooting temporary arenas, will be discarded. These plans are composed to save money as the global financial crisis jeopardizes the 9.3 billion-pound project.
  
  "The credit crunch is hitting the Olympics hard, but we remain resilient," John Armitt, chairman of the London Delivery Authority, said at a meeting of the city’s legislative assembly on Oct 8.
  
  Organizers decide to move events to existing arenas such as ExCeL London conference center, so four temporary ones are no longer needed.
  
  The Olympics site plans also include the regeneration of a rundown section of east London which will host the Games.
  
  Lend Lease claimed a 47 percent down of annual net income on Aug 21, as it offered the value of some assets.
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