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Property Developers

All articles tagged with #property developers

businesseconomy1 year ago

China's Property Developers Facing Harsh Consequences Amid Real Estate Slump

China's government is refusing bailouts to struggling real estate developers, signaling a shift towards a "survival of the fittest" approach. The $5 trillion real estate sector has been hit hard by the government's decision to cut off debt financing, leading to bankruptcies and a significant economic downturn. The IMF has downgraded growth estimates for the Chinese economy due to unresolved financial distress among developers and weakened homebuyer confidence. Chinese Minister of Housing and Urban-Rural Development Ni Hong emphasized the need to address the challenges in the property sector and focused on initiatives for affordable housing and urban renewal projects during a parliamentary meeting.

via Fortune|
#businesseconomy#china#economic-downturn
financeeconomy1 year ago

China's Financial Institutions Urged to Boost Property Market Amid Debt Crisis

Chinese financial institutions are urged to provide strong support to the struggling real estate sector and not withdraw financing for projects facing difficulties, according to a senior regulatory official. The recent policy mandate aims to ease the cash crunch for Chinese developers, with a focus on controllable risks and commercial sustainability. The government's efforts to speed up implementation of recent policy announcements, including a rare decision to release news at a press briefing, indicate a proactive stance amid challenges in the country's stock markets.

via CNBC|
#china#financeeconomy#financial-institutions
financeeconomy2 years ago

"China's Ping An Bank Identifies 41 Property Developers for Funding Support"

Ping An Bank has identified 41 property developers eligible for its funding support, signaling a shift towards increased lending to a struggling real estate sector in China. This move follows government efforts to address the industry's challenges and aligns with regulatory guidance for financial institutions to consider more lending to selected builders.

via Bloomberg|
#china#financeeconomy#funding-support
economy2 years ago

China's High-Level Meeting: Real Estate, Local Debt Cleanup, Financial Development, and Party Control

China expressed support for property developers and addressing local government debt issues during a high-level financial meeting. The conference emphasized treating private and state-owned developers equally and meeting their reasonable funding demands. Beijing aims to establish long-term mechanisms to resolve local government debt and optimize the structure of central and local government debt. While the government has eased restrictions on home purchases and provided support for developers, it has not implemented a full-scale bailout for the struggling real estate sector. The meeting also highlighted the Chinese Communist Party's increased oversight of finance and focused on regulatory pressure to prevent new risks.

via CNBC|
#china#economy#financial-meeting
businessfinance2 years ago

China's Country Garden Faces Debt Crisis Amid Plummeting Sales

Chinese property giant Country Garden is facing a liquidity crisis after its apartment sales plummeted in September, leading to the company's failure to make an international debt payment. Once considered one of China's most stable property developers, Country Garden's financial struggles have raised concerns about the future of unfinished megadevelopments like Malaysia's Forest City.

via The Wall Street Journal|
#businessfinance#china#country-garden
business2 years ago

London's Office Market Plunges into Recession as Vacancies Soar and Property Firms Face Rating Downgrades

London's office market is experiencing a "rental recession" as the share of empty office space reaches its highest level in three decades, with vacancies in the City of London and the West End at their highest in 30 years. Canary Wharf, a newer financial district, has seen vacant units exceed 20%. The persistence of remote work has led to a 20% decrease in office utilization since the end of 2019. Investment bank Jefferies downgraded the stock of four big-cap property developers, citing falling rents and reduced pricing power for landlords. Meta (formerly Facebook) has paid $181 million to break its lease on a London office, while HSBC and other banks are also downsizing their office spaces. The downturn in office rentals contrasts with high demand and low supply in London's residential rental market.

via CNN|
#business#london#office-market
natural-disasters2 years ago

"Lahaina's Rebirth: Governor Vows to Rebuild Fire-Ravaged Maui Community Amidst Resignation and Media Attention"

Hawaii Governor Josh Green assures residents that the fire-ravaged Lahaina community in Maui will be rebuilt according to their desires, prioritizing their needs over property developers. Concerns of speculators taking advantage of destroyed land have arisen, prompting the governor to pledge that non-residents will not capitalize on the tragedy. The governor estimates nearly $6 billion in damages, with over 2,200 buildings destroyed and 500 damaged. Before rebuilding can begin, search efforts for victims' remains must be completed. The governor has also requested a comprehensive review of the disaster, including the cause of the fires and the response of officials.

via CNN|
#hawaii#lahaina#natural-disasters
business2 years ago

Cash Crunch Sends China's Property Giants Tumbling

Stocks and bonds in China's real estate industry, including those of major developers Country Garden and Dalian Wanda, have fallen to eight-month lows, deepening concerns of a cash crunch and eroding confidence in the sector. The slump reflects the ongoing troubles in the industry, which began with China Evergrande two years ago and have now affected even the largest players. Property development has come to a standstill due to a government crackdown on debts and a lack of public confidence, leaving developers unable to sell apartments or refinance their dues. The latest market decline has raised fears of defaults similar to Evergrande's, as bond prices plummet and investors worry about repayment.

via Reuters|
#bonds#business#cash-crunch