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Q&a skincare detoured anthony sosnick on his road to success

When Anthony Sosnick was a real estate developer at the turn of the millennium, he took a little detour. Sosnick was looking for skincare products and realized there was an unexplored niche in the cosmetics industry for men’s skincare. He jumped in by launching Anthony Logistics for Men in 2000 out of his home in Bloomfield Hills, Michigan. The business eventually morphed into Anthony Brands, which now has five skincare labels targeted at both men and women; Anthony, Shaveworks, Emily & Tony, Grandma Stelle's and ACTION Solutions for Men. Sosnick, 47, credits some of his earliest life lessons for the business successes he’s had. He shared those, and some other tips, with Reuters. Q: What early lessons about money have stuck with you?A: My grandfather had built a large business but unfortunately had some money problems. Essentially, he spent more than he saved. My father, who is one of my biggest role models, always believed in the importance of saving. When he first started his business, he saved the majority of what he earned from his initial break out deal which led to him starting a company. I learned a lot by watching him manage and grow money. Q: How did your first job shape or change your work ethic and life ambitions?

A: For my first job, I worked as a caddy at a golf club on the weekends. I used to wake up and ride my bike to the golf course at 4:30 a.m. I would always be one of the first caddies in line and was able to fit in two rounds of golf into the day, essentially doubling what I was able to make. It taught me dedication and self-discipline. As a 12-year-old kid, waking up at the crack of dawn on the weekends wasn’t always exactly what I wanted to do, but I learned that if you want to be successful, you have to make sacrifices and work hard. Q: As you became more established in your career, what did you learn about handling wealth? A: I’ve lived through two recessions. During those times, you saw a lot of wealthy people losing millions of dollars and it’s devastating, not only to them but to their families as well. I think the best advice I can give is to enjoy the payoff from your hard work, but not at the expense of not having enough for a rainy day or a few rainy days.

I don’t want to give my kids an easy ride by any means, but I want to make sure that they are provided for and have money set aside for college. Q: What has the skincare business taught you about finances? A: The cosmetics industry can be extremely volatile and as fast as you make money, you can lose it. Timing is everything, in addition to product quality, of course. The skincare business has taught me to take strategic, calculated risks.

Q: How do you decide where to allocate your charitable money? A: I only give to the charities that I feel passionate about. When I was starting Anthony Brands, my father passed away from cancer and a close friend of mine had suffered from Lymphoma. Because these two diseases hit so close to home, I decided to donate a portion of all Anthony and Shaveworks proceeds to research and awareness to prevent these cancers. I am also very involved in Guitar Mash, which works to bring musicians of all ages and levels of expertise together to play with some of music’s key players. Q: What money lessons do you pass down to your own kids?A: I tell my children all the time: You can do whatever you want with your money, but after you spend it, it’s gone. I think that laying the foundation for understanding the value of money early on helps establish a sense of financial responsibility. If my kids want to make money, I give them the opportunity to come into my office for a few hours after school or do chores around the house to earn money versus receiving it as gifts for holidays or birthdays. I’ve noticed that the harder they have to work to earn money, the more careful and cautious they are when spending it.

Rlpc chinese property companies in hk loan binge

Thirteen Chinese property companies are raising around $4.6 billion of offshore syndicated loans in Hong Kong as concerns about the sector mount and regulators try to clamp down on lending to privately-owned Chinese companies. The rise in property borrowing comes as banks are becoming increasingly wary of China's cooling real-estate sector as investment, property sales and construction fall, and higher default rates for privately-owned Chinese companies. Moody's Investors Service lowered its outlook on China's real-estate sector to negative from stable at the end of May and Chinese house prices fell to an 11-month low in April. Loans for big rated property companies such as Shimao Property Holdings Ltd and Sino-Ocean Land Holdings Ltd are proving popular, but bankers say that deals for smaller companies could find less support."The more established names have relationship banks' support but the smaller ones are new and we need a longer track record of their financial performance," a second loan banker said. Lending to Chinese real-estate companies is on track to eclipse 2013 levels, despite concerns about the impact of the slowing sector on China's economy. Real estate accounts for around 15 percent of China's annual economic output. With thirteen deals in the market and nine already closed, lending to Chinese real-estate companies totals around $8 billion at the half-year, according to Thomson Reuters LPC data. Eleven Chinese property developers raised $10.6 billion of syndicated loans in Hong Kong in 2013, the data shows.

"The top names which have commercial properties in prime locations are fine," a second loan banker said. "The smaller ones which only focus on residential projects are the ones we are cautious about because home sales are not that impressive in China right now,"Moody's negative outlook on China's real estate sector reflects expectations of slower residential property sales growth, high inventory levels and weakening liquidity over the next 12 months in China, the ratings agency said. Rated Chinese property developers have strong cash buffers and manageable refinancing risk, as they are able to tap the bond market and have strong demand for mass-market properties, Moody's said. Shimao Property Holdings Ltd increased a four-year term loan to $736 million from $600 million after 11 banks joined the club deal on Thursday.

Sino-Ocean Land Holdings Ltd is also expected to increase a $450 million three-year loan to around $800 million before launching the deal to general syndication later this week. Smaller property developers including Logan Property Holdings Co Ltd, Guangzhou-based China Aoyuan Property Group Ltd and Shenzhen-based Redco Properties Group Ltd, which are tapping the market for the first time, may find banks less receptive, bankers said. Loan pricing has increased across the sector. State-owned Shenzhen Investment is offering all-in pricing of around 400 basis points (bps) on an $800 million five-year refinancing. This is 120 bps higher than the all-in pricing of 280 bps on a $447 million five-year loan that was signed last October. Smaller companies, such as Logan Logan Property Holdings Co Ltd are paying around 500 bps.

HKMA SUPERVISION The rise in offshore loans for Chinese real-estate companies comes as the Hong Kong Monetary Authority has stepped up its scrutiny of Hong Kong-based banks' lending to privately-owned Chinese companies. The HKMA is trying to clamp down on lending by Hong Kong-based banks to mainland Chinese companies which has soared since mid 2013, when government regulations designed to curb onshore US dollar lending prompted Chinese companies to raise cheaper foreign currency loans in Hong Kong."It is not just the real estate sector, it's overall Chinese exposure that we are watching because of HKMA's watchful eye on lending to the Chinese," said a senior loans banker. Hong Kong loan volume has been dominated by mainland Chinese companies' since 2011, which made up 71 percent of volume in 2013, up from 49 percent in 2012. Chinese companies have borrowed $12 billion in 2014 so far, which accounts for 41 percent of Hong Kong loan volume. Loans to property companies totalling $4 billion in 2014 so far make up 30 percent of volume, up from 13 percent in 2013.