IPE Views: Liboring under false pretences

first_img“This is not just a ‘nice to have’ thinking about using our stewardship role appropriately, it’s a must. And it’s not just for the long term, it’s to protect members’ money now,” he told delegates at a National Association of Pension Funds’ conference.Trustees and pension managers will be all too aware of their duty to preserve and increase the fund’s value. But many – such as the Swiss pension association – will often point to the cost associated with engaging with companies in which they only have small holdings by exercising their right to vote.Of course, making use of shareholder votes is not the only, or best, way to engage with firms. In fact, some might appreciate, and be more responsive, to a quiet word ahead of an AGM over a potentially humiliating shareholder resolution.To this end, the UK’s Kay Review recommended the launch of an investor forum, which will be launched next summer.Despite his enthusiasm for greater cooperation between shareholders to tackle any underlying problems within listed companies, James Anderson, the chair of the working group in charge of the investor forum, seems uncertain if the forum’s existence now could have prevented the Libor fines.Framing the question around a forum’s ability to prevent the damage inflicted on RBS by its acquisition of ABN AMRO, he says the problems would have started occurring much earlier on than immediately prior to the financial crisis.“Fred [Goodwin, chief executive at RBS during the ABN Amro deal] was much more obsessed about whether the filing cabinets were tidy than whether he understood what was going on, or what they might be good at – particularly the investment bank side,” he adds.He notes that, ahead of the problems at the bank, he sold many of the shares his clients held in the bank – a decision vindicated by the fallout that was to come.“But it would have been far better, ultimately, if we had all said ‘Look, there is a real serious problem at RBS’,” he says. “Perhaps taking collective action would have been intensely valuable within that environment.“It was plainly an organisation in which narrow monetary targets and incentives were the dominant ethos, more than anything else – so I think having a strategy from that point of view and having a different set of values, if you like, might well have made a difference.”Whereas Barclays and UBS shareholders saw the banks avoid €690m and €2.5bn fines, respectively, over their involvement with the euro and yen interest rate cartels, the potential for significant fines – and the combined €1.7bn raised from Deutsche Bank, RBS, Société Générale, Citigroup, JP Morgan and RP Martin – underline the importance of shareholders assuming an interest in their portfolio.The past relaxed attitude of shareholders is not only detrimental to the economy as a whole, but directly impacts pension trustees’ ability to make good on benefit payments. It’s clear that engagement is now a must – not only for the large asset managers, or during times of scrutiny such as last year’s shareholder spring – but on a day-to-day basis, outside of AGMs. The Libor and Euribor fines expose not only the importance of engagement, but also the cost of inaction for pension funds, says Jonathan Williams.The European Commission this week announced the latest in a slew of fines against banks for misconduct – not, this time, for mis-selling products to retail clients, or for their role in triggering the sub-prime mortgage crisis, but the more complex matter of colluding to manipulate the inter-bank lending rates that govern global financial institutions’ lending.The €1.7bn Libor and Euribor charge levied by the Commission against six banks may be dwarfed by the multi-billion settlements agreed between JP Morgan and the US Justice Department, but they add to an ever-growing bill for shareholders of lost dividend and equity value. Share prices only now have certainty of outcome, two years after proceedings began and more than five years after financial stocks took a beating in the wake of the Lehman Brothers collapse.As Mark Fawcett, CIO of the UK’s National Employment Savings Trust, said in late November, the $100bn (€73.6bn) in fines suffered by the largest US banks in recent months serves to underline the financial cost of failing to focus on stewardship and governance issues.last_img read more

Read More →

Elo eager to diversify real estate holdings after merger

first_imgElo, the newly launched €18.5bn mutual pension insurer, will use future premiums to diversify its real estate investments away from the domestic Finnish market, its head of real estate has said.Timo Stenius, head of Pension Fennia’s real estate division prior to the merger with LocalTapiola at the beginning of the year, said the mutual’s larger size would now allow it to make its risk management processes “more profound and efficient”.Speaking to IP Real Estate, he said the larger number of staff would allow Elo to explore global investment opportunities, and that this was an area he would be exploring for its real estate portfolio.“Elo’s portfolio is still very domestic, as we have 90% of the assets in Finland,” he said. “Therefore, we shall look closely at global investment opportunities and try to increase foreign investments using our future inflows.” However, he added that he was largely happy with the mutual’s current allocation to real estate, accounting for 15% of assets.“This year, we will probably make only very small changes and, as we find the prime sector pricing high, we are in no hurry to make larger new investments,” he said.Stenius said Elo currently had a small exposure to real assets, such as infrastructure, and that it would seek to grow the portfolio gradually.But he noted that the provider’s board had yet to decide on what its target allocation to the asset class would be.Asked about the reason for Fennia’s pre-merger 16.3% return from its property portfolio last year – above its 9.4% overall return for 2013 – he said it was a reflection of the demand for residential properties, regional shopping malls and office space in central business districts, where Fennia largely invested.“Together with low vacancy and steady cash flow, the appreciation of these properties gave us very good returns for the year,” he said.“On the other hand, the values of the rest of our office portfolio continued dropping. This shows how two-directional the real estate investment market is at the moment.”At the end of June last year, Fennia had €980m in direct real estate holdings and a further €222m invested in real estate funds and joint ventures, accounting for a total of 15% of its portfolio.LocalTapiola, meanwhile, had a similar direct and fund investment split in its portfolio, but with around one-fifth of all capital invested in real estate.last_img read more

Read More →

Swedish roundup: Kåpan, Kyrkans Pensionskassa

first_imgBond-related investments produced a return of 8.9% in 2014, up from 1.7% the year before, while equities generated 14.8%, down from 22.8%.Alternatives — a class which is made up of venture capital funds, property, infrastructure and forestry and land — returned 14.4%, up from 5.9%.Total premiums were SEK4.10bn last year, up from SEK4.01bn in 2013.Meanwhile Kyrkans Pensionskassa, the pension fund for the Swedish Church, reported a big rise in investment returns in 2014 to 19.2% from 4.4% in the previous year.Total assets climbed to SEK14.15bn at the end of last year from SEK12.16bn a year before, the pension fund said in its annual report.The return was due in large part to the 17.2% profit generated on the pension fund’s fixed income investments, which make up nearly 60% of assets.This return compares with the loss made on the asset class of 2.9% in 2013.Equities produced a 22.7% return, down slightly from the previous year’s 23.9%, with foreign equity funds returning 29.9% and Swedish shares returning 16.8%.Real estate produced a huge return on paper of 37%, compared to 2013’s 8.0% return, according to the annual report.However, Kyrkans Pensionskassa explained that this apparent large profit was because of a one-off effect in 2014, due to the revaluation of its property investments.The investments, which are all managed by collectively-property company Stenvalvet, were booked at market value last year, having previously been accounted for at their purchase prices, the pension fund said.Premium income fell to SEK185m from SEK522m, the pension fund said, but noted this steep fall was largely due to changes in billing practices for defined contribution insurance.This change had led to much of the 2014 premiums being billed at the beginning of 2015.Kyrkans Pensionskassa’s solvency ratio was little changed at 162% in 2014, after 163% in 2013. Sweden’s Kåpan, which manages defined contribution pensions for public sector staff, made a return on its investments of 11.5% last year, up from 8.4% in 2013, but saw solvency levels weaken.In its annual report, the pension provider said assets under management rose by SEK9.12bn (€978m) to stand at SEK69.37bn at the end of 2014.The solvency ratio slipped back to 149% at the end of 2014, from 153% a year before, Kåpan said.It said: “The weakening is due to a higher valuation of the organisation’s pension liabilities, which the year’s positive return on assets was not able to fully compensate for.”last_img read more

Read More →

Aon, pensions council at loggerheads over proposed move to Belgium

first_imgThe key question during the case was whether the company could ignore its OR.Aon argued that it should be able to do so, as a cross-border move concerns pensions provision, whereas the OR has a legal say only on the pensions contract, according to the FD.The OR’s lawyer, however, argued that the employer’s additional payments were an integral part of the overall pension plan. The works council also contends that participants’ rights and overall governance are weaker in Belgium than in the Netherlands.According to the FD, the transfer to Belgium has been suspended to the time being, as the conditions set by the OR have not been met.The FD also reported that the magistrate said he would not accept Aon’s reasoning on the OR’s remit “just like that”. He is quoted as saying: “As far as the provision is about the pensions arrangements, the workers could have an interest.”The court is expected to produce a verdict on the case within the next four weeks. Risk adviser Aon has refused to plug any future funding gaps at its Dutch pension fund if the scheme’s works council (OR) continues to fight a proposed relocation to Belgium, Dutch financial news daily Het Financieele Dagblad (FD) has reported.The company has brought the case before the magistrates court.The FD quoted Dorine Wekking, Aon’s head of human resources, as saying: “It is about the pension fund without additional employer contributions versus a Belgian-based scheme with the option of such payments.” Aon called on the court to provide clarity about the OR’s right of approval. last_img read more

Read More →

Accounting roundup: FRC sets out 2017 watchlist for shareholders

first_imgSeparately, Pensions & Investment Research Consultants (PIRC), has urged investors to ignore the FRC’s pronouncements, arguing that it has no legal authority.As part of its fight-back, the regulator released a report from its so-called Financial Reporting Lab in 2015 addressing dividend disclosures.The FRC launched the Lab project following calls from a group of institutional investors for routine disclosure of distributable profits. The project scope was subsequently widened to capture the wider issue of disclosures about dividends.On pensions, the watchdog’s letter signaled that companies “may need to provide sensitivity analysis to highlight the potential impacts” of low interest rates on their assets and liabilities.The letter also highlighted the need for companies to explain “significant judgements and accounting policy choices, particularly where there is diversity of treatment, in pension reporting, for example.”Separately, the FRC has launched a consultation on proposed revisions to Practice Note 15, which provides guidance on audit standards for occupational pension schemes. The consultation runs until 30 June.In its consultation paper, the FRC said the decision to update the note was driven by recent changes to the UK’s generally-accepted accounting practice – FRS 102 – as well as changes to both the pension-related statement of reasonable practice (SORP) and UK auditing standards.In addition, since the note was last updated in 2011, there have been a number of changes to regulatory codes and guidance issued by the Pensions Regulator, as well as a proliferation of master trust structures.The note addresses the application of FRC auditing standards for occupational pension schemes. It also applies to audits undertaken under the terms of a scheme’s trust deed – or in other circumstances – where an auditor has to provide a similar report. This can include cases where trustees request a report about a scheme that is exempt from audit or for financial statements prepared other than at the normal scheme year-end.The FRC noted that “much of the guidance” could also be useful to auditors of public sector pension schemes.The guidance is intended to be read alongside the relevant International Standards on Auditing (ISAs) and is based on the legislative position as at 12 April 2017.Meanwhile, the International Accounting Standards Board (IASB) was scheduled to discuss its proposals to amend IAS 19 this week.The amendments dealt with the need to remeasure defined benefit obligations following a plan amendment, settlement, or curtailment.The proposals had been delayed by the IASB taking a second look at whether or not the board should exclude minor plan amendments from the scope of the proposals. The UK’s accounting watchdog has highlighted improvements to dividend disclosures in a letter to investors as shareholder meeting season begins.The Financial Reporting Council’s (FRC) letter, signed off by chief executive Stephen Haddrill, also addressed corporate governance and pensions issues among other topics.In relation to dividends, the FRC said: “We have already noted examples of improved disclosure, and expect to see more over the coming reporting period. You may wish to challenge companies that provide insufficient information in this area.”Dividends have come under intense scrutiny in recent years following the decision by the Local Authority Pension Fund Forum (LAPFF), together with other long-term investors, to challenge the basis for dividend distributions under International Financial Reporting Standards (IFRS).last_img read more

Read More →

Dutch reforms face more delays as union opposition mounts

first_imgThe FNV’s Elzinga even cited mandatory pensions accrual for self-employed, whereas the CNV indicated that it was in favour of “encouraging” pension saving for zzp’ers.However, the CNV – the second largest union in the Netherlands – said it advocated a slower rise of the retirement age, and refrained from linking the state pension discussion to the second pillar reforms.During the symposium, it also became clear that unanimity about the second pillar reform itself was also far off. The Dutch government has made it clear that the Social and Economic Council (SER) must agree on the reforms and present a proposal to the cabinet.The FNV reiterated that it still didn’t support individual pension accrual, and said a pension contract in real terms, rather than nominal terms, was still an option for the union.Elzinga also emphasised that the parameters for setting the discount rate for liabilities should be the same for establishing pension contributions.Union VCP said that the compensation offered by the government and employers to workers set to lose out from a change in contribution rates was insufficient.It added that a pensions contract of individual accrual combined with collective risk-sharing – as currently still being fleshed out by the SER – would hardly offer any advantages.Casper van Ewijk, director of pensions think-tank Netspar and an advisory SER member, emphasised that time was needed to flesh out the “complicated issues”.Earlier this week, prime minister Mark Rutte indicated that he still expected a pensions agreement to be concluded in spring next year.However, while answering questions of senator Elco Brinkman, he said that there wasn’t a “plan B” in case the SER failed to produce any advice.At the same time, he acknowledged that second pillar pensions were a matter of for the social partners of employers and workers.Rutte also confirmed that the cabinet wanted to have completed the legislation for changing the way contributions were calculated by 2020. Proposals for a new pension system in the Netherlands are facing further delays after two more unions voiced support for demands made this week by the country’s largest union, FNV.During a symposium about the system reform yesterday in Amsterdam, Tuur Elzinga, the FNV’s trustee for pensions, reiterated that a broad agreement about the state retirement age and provision for self-employed workers (known as zzp’ers) was crucial to the negotiations.When asked by IPE’s Dutch sister publication Pensioen Pro, unions CNV and VCP also made clear that the scheduled increased to the official retirement age – to 67 in 2021 and from then on in line with longevity – was too fast.The unions also agreed that zzp’ers must accrue a pension.last_img read more

Read More →

​Swedish government expands AP funds’ investment freedom

first_imgL-R: Kerstin Hessius (CEO, AP3), Johan Magnusson (CEO, AP1) and Niklas Ekvall (CEO, AP4) at the launch of Polhem Infra last monthIt said it was possible under current rules for the funds to make such investments via funds, but they had not yet done so to any great extent.“It can be confirmed that investors usually make co-investments for a long time before they even start making direct investments, but it is far from all investors who make direct investments,” the ministry said.Being a direct owner required a high level of skill, and one of the biggest challenges was to recruit and retain qualified staff, it said.“From a cost-efficiency perspective for the pension system, it is not justifiable that the four AP funds build up large organisations in order to be able to make direct investments in such infrastructure companies,” it said. Last month, AP1, AP2 and AP4 joined forces to launch an infrastructure investment firm, Polhem Infra.A month ago, consultancy group McKinsey recommended more “modernisation” of the investment rules for AP1-4, arguing in favour of allowing direct and co-investments. However, the firm emphasised that attention should be paid to the funds’ expertise.The AP funds have been lobbying for the ability to:make direct investments in unlisted infrastructure businesses;make co-investments in unlisted shares; investments in illiquid credit;retain holdings in excess of 10% of voting capital on listing of a company in which the funds had invested beforehand; andmake loans to businesses in which the funds have invested.IPE contacted AP1, AP2, AP3 and AP4 for comment. Sweden’s finance ministry has published draft legislation giving the country’s main four pension buffer funds greater abilities to make direct investments and invest in illiquid credit.The proposed changes and clarifications address five issues raised by the funds and discussed in the country’s cross-party pensions group, which build on the new investment rules which came into effect at the beginning of this year.In a memorandum, the government proposed adding the opportunity for the funds to invest in illiquid credit, but only via funds.In addition, the proposal – which is now out for consultation until 24 June – would extend the freedom for the funds to make loans to real estate companies and “riskkapitalföretag” (holding companies for unlisted investments) in which they hold shares. According to the wording of the proposed new mandate, the AP funds would be free to lend to such firms. Currently they are only able to do so in the case of real estate companies if the borrower is majority-owned by the four buffer funds.The memorandum also contained a draft change to clarify that the funds may not be operationally responsible for such holding companies.center_img The Riksdag in Stockholm, location of the Swedish parliamentThe ministry said: “It is proposed that it be made clear that the… AP funds may make joint investments in unlisted companies through holding companies for unlisted investments and that the AP funds may not assume the operational corporate governance responsibility in these holding companies for unlisted investments.”The proposal confirmed that AP1-4 could hold shares in unlisted companies via holding companies, but each fund should own no more than 30% of the voting capital.In its introduction to the memorandum, the ministry said the purpose of the proposals was to increase cost efficiency, return opportunities, and long-term perspectives regarding illiquid assets, but also to provide the four funds with similar conditions to those of comparable institutional investors.The draft legislation is planned to come into force in March 2020.Holdings restrictionsThe proposed rules would allow the funds to hold more than 10% of a real estate or holding companies for unlisted investments, if the entities were about to be listed.For holding companies, any holding that exceeded the limit would have to be sold “as soon as it is appropriate with regard to market conditions”, and “at the latest when it can be done without loss to the fund”, the draft law stated.However, in the case of real estate companies, the holding could exceed the 10% limit on listing and be retained, but could not be added to.The ministry said that, in order for the four AP funds to undertake direct lending, they would need to build up large internal credit review operations.“The provision that bonds and other debt instruments should be issued for public sale should therefore remain,” it said, but added that the buffer funds could make such investments via funds, which would increase return and diversification opportunities.Direct infrastructure not ‘justifiable’However, the finance ministry stated that the AP funds should not be permitted to make direct investments in infrastructure.last_img read more

Read More →

Rental vacancy rates fall below 4 per cent

first_imgCloseup of man counting payments for homeTOWNSVILLE’S vacancy rate is continuing to tighten as rent prices start to rise near the under-construction North Queensland Stadium.A report by DC Economics and commissioned by Townsville Rentals shows that the June rental vacancy rate has dropped to 3.9 per cent from 4.1 per cent in April.The report stated that despite the downward trend, vacancy rates would have to fall below 3 per cent before there is Townsville-wide rent price increases but rents had already risen near the stadium.“To achieve a healthy market over the coming 12 months, the Townsville residential market needs a net absorption of an additional approximate 200 properties,” the report stated.“There is little evidence of rent increases, except for three bedroom units in the “Stadium Zone”. “Between March 2017 and March 2018, three bedroom units in postcode 4810 experienced an 8.75 per cent increase in weekly rents.” Vacancy rates peaked at 7.1 per cent in September 2016 before beginning a steady decline.They rose slightly at the start of the year to 4.5 per cent which was attributed to seasonal trends of more people relocating during December and January.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020Townsville Rentals business development manager Tamara Beacroft said their vacancy rate was the lowest it had been in two years.“Over the last 12 months, we’ve seen an additional 620 properties become tenanted across the city to get to this lower vacancy rate.,” she said.“We’ve certainly seen these results reflected at Townsville Rentals, where the vacancy rate of our properties remains just above four per cent.“We continue to advise property investors that there is a little way to go before they can expect higher rental returns and increases in the value of their property.”Regional Economist Colin Dwyer said Townsville has a positive trend in its residential rental market but there was still a long way to go before the city’s rental market can be categorised as strong.“Townsville has experienced more positive economic conditions in the past 12 months than in the past six years,” he said. “There are more projects and improved job creation from a variety of industries, including Defence, health, finance, mining and construction. Looking forward, there are more positive signs with a solid job creation pipeline. “The improving vacancy rate is strongly influenced by an improving jobs market, population growth and grey nomads visiting Townsville for an extended period.”last_img read more

Read More →

Carindale home sells for $1.62m, giving local vendors confidence

first_imgThe master ensuite leading into the parents’ retreat and bedroom.The residence has six bedrooms and six bathrooms, the master suite with a walk-in wardrobe, separate dressing room, bathroom with soaker bath and parents’ retreat.Mr Torres said the sale gave confidence to the Carindale market, showing high prices were still being achieved in the region. The front of 15 Birkenhead Place, Carindale.Mr Torres said the new owners enjoyed the contemporary design.More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020“The buyers like the size, the fact downstairs has a registered and certified granny flat, and the fact there is an ensuite on every bedroom,” Mr Torres said. The home at 15 Birkenhead Place, Carindale, sold for $1,620,000.A PROFESSIONAL couple have bought this designer Carindale home for $1,620,000.Torres Property lead agent Will Torres said about 30 groups inspected 15 Birkenhead Place and three written offers were received after the first open home.center_img There is open-plan living.“The market is still moving forward but it is a bit funny at the moment,” he said.“Some properties are moving very quickly, selling within the first week to 10 days, and some are sitting a bit longer, for about six to eight weeks.“This sale does give confidence to the local market and shows there is still demand there.”Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 10:02Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -10:02 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p270p270p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenJune, 2018: Liz Tilley talks prestige property10:02last_img read more

Read More →

Gold Coast beach house showcases best of modern living

first_img2/5 Bali Ave, Palm Beach.LOOKING for a place close to the beach without sacrificing modern design?This duplex at the heart of Palm Beach exemplifies modern living.Neutral tones, wood features and modern technology give the two-storey residence a contemporary style.Marketing agent Dion Zorko, of Ray White Tugun, said the property’s owner, Darrell Henry, renovated the home. 2/5 Bali Ave, Palm Beach. There is a Smeg barbecue and built-in bar fridge to make the most of outdoor living.Surrounded by tropical plants, it offers a relaxing spot to wind down in the evenings or on the weekend.Upstairs, there are three bedrooms, all of which have their own balconies while the main has an ensuite. 2/5 Bali Ave, Palm Beach.He said the “dream kitchen” was one of the its standout features.It has Blumotion touch drawers, motion sensor lights, Smeg stainless steal appliances, a Miele dishwasher and Caesarstone benchtops.The combined living area flows seamlessly into a shaded alfresco area through timber bi-fold doors.More from news02:37International architect Desmond Brooks selling luxury beach villa14 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoMORE: ‘Matt Damon’s house’ sells for $3.8 million 2/5 Bali Ave, Palm Beach.Enjoy movie nights in the media room, which has a built in Jamo surround sound system and bi-fold doors that open onto a balcony.The home also has electric blinds in the lounge room, a wine fridge in the laundry and a double garage.Take advantage of the property’s central location and walk to the beach or Laguna park.“The proximity to the beach, shops and Laguna park and lake is what caught (the owner’s) eye when purchasing the home,” Mr Zorko said.He said there was already plenty of interest in the property.“We have already generated 20 enquiries and two written offers in its first week on market,” Mr Zorko said.center_img 2/5 Bali Ave, Palm Beach. 2/5 Bali Ave, Palm Beach. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenStarting your hunt for a dream home00:51last_img read more

Read More →