Chinese Property Shares Lead Market Rebound as Optimism Rises
Chinese property shares surged, leading gains in the broader market, as sentiment got a boost after a major developer reached a solution with bondholders for its liquidity issues.
Latest Videos
The information you requested is not available at this time, please check back again soon.
Chinese property shares surged, leading gains in the broader market, as sentiment got a boost after a major developer reached a solution with bondholders for its liquidity issues.
New Zealanders who own properties in areas prone to flooding or earthquakes may find they can’t afford insurance or may not be offered cover for specific risks, according to the Reserve Bank.
Message to bond underwriters: Some big customers are sizing up your ESG credentials.
Joe Biden’s allies are racing to blunt the presidential campaign of Robert F. Kennedy Jr., casting his third-party effort as a stalking-horse bid designed to boost Donald Trump’s chances — even as his wide-ranging policy positions make him a threat to both.
Chengdu, a major city in the southwest China, removed home-buying curbs, joining dozens of peers in the country in an attempt to revive real estate demand and boost economic growth.
Sep 24, 2020
BNN Bloomberg
,Canada Mortgage and Housing Corporation President and CEO Evan Siddall is warning the domestic housing market isn’t out of the woods just yet.
In an interview with BNN Bloomberg’s Amanda Lang broadcast Thursday, Siddall said that while the most bearish case for home prices doesn’t seem likely to come to pass, he still sees a price decline by just shy of 10 per cent due to the economic shocks of the COVID-19 pandemic.
“The number of people on income support, the number of people on mortgage deferral, means that at some point, probably early next year through the middle part of next year, there will probably be a negative adjustment in house prices,” he said. “In general, we think high single-digit [percentage] negative adjustment is what we can expect in most markets.”
The CMHC had released a forecast in May warning average home prices in the country could plunge as much as 18 per cent in a worst-case scenario due to the pandemic and its impact on economic growth, employment and lost income.
Siddall told BNN Bloomberg various income-support measures implemented by the federal government has helped the Canadian housing market avoid that worst-case scenario.
RELATED
“This is very much a path-dependent forecast. That was a ‘the pandemic was going to be horrible, deep,’ and it’s been pretty bad, but government income support, government fiscal support, government monetary policy support have helped alleviate some of those pressures,” he said.
However, Siddall warned that the looming reduction of federal support will lead to higher unemployment and further lost income, deflating home prices.
“Ultimately, what it does is it requires economic adjustment and in some businesses, there will be unemployment that results,” he said. “And unemployment is the kind of thing that drives prices lower.”