Greg Goodman's job became a lot shakier yesterday -- and a potential $1bn-plus rights issue a lot harder -- after his troubled listed property trust outlined an emergency refinancing package that has left investors outraged and looking for blood.

After telling anybody who would listen that Goodman Group was in talks with a strategic investor, one that was doing due diligence at the company's office, the announcement yesterday that China Investment Corporation had signed up for a bridging facility of A$200m with free highly dilutionary in-the-money options, came as a nasty surprise.

Between this deal, and a similar accord struck with Macquarie Group last month, the company has effectively expanded the number of shares on issue by 25% for a song. The financiers, Macquarie and CIC, receive an interest coupon, security and share price upside.

The Australian