This is a business trust which Solace, a guest blogger, and I discussed for a while. This business trust owns hotels in Australia, China, Japan and Singapore. Unlike rental income from industrial, commercial or residential properties, for examples, a hotel's income is less stable. It has a strong element of seasonality. As most of Ascendas Hospitality Trust's properties are in Australia, China and Japan, its income is also very much subjected to foreign exchange risks. To make it more attractive as an investment for income, at its IPO price of 88c a unit, yield was engineered to be higher through a 1 year waiver to income distributions by the sponsor. The income forecast was also very optimistic. To be fair, it was probably a difficult job to provide an accurate forecast and, in July 2012, I said: "I feel that I need to be conversant in the economies of three...