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I think in the past you've mentioned certain criteria that you would look at before deciding to do an IPO of the REIT. I remember one of the things you mentioned กระเป๋า ZARA was you need some diversification away from just HBC properties, you need some non-HBC properties. Is that still one of the criteria you need to see before there's anything with the JVs? -------------------------------------------------------------------------------- Richard Baker, Hudson's Bay Company - Governor & Executive Chairman [71] -------------------------------------------------------------------------------- Actually, as the worlds evolve, the need to diversify the credit is really much smaller than it used to be. So a public offering could be done without any diversification of credit and it could be done immediately. So that is not a driving force. I think we could create more value with diversification but that's not a driving force. I think what we originally -- when we originally launched our joint ventures, I think one of the concepts that we describe was that this would be a lumpy growth process. And I think it's proven to be that.

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China Luggage Two Golds, Martin Ends Asian Monopoly

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