UBS Analyst Who Took On Evergrande Now Bullish on China Property
When it comes to Chinese real estate, John Lam is a lone wolf.
Latest Videos
The information you requested is not available at this time, please check back again soon.
When it comes to Chinese real estate, John Lam is a lone wolf.
Analysts upgraded their forecast for China’s growth this year after a better-than-expected performance in the first quarter — but they see more signs that the world’s second-biggest economy will struggle to escape from deflationary pressures.
A rash of failures of A-rated insurers points to a hidden weakness in the market, researchers say.
Whirlpool Corp., the owner of the Maytag and Amana appliance brands, is cutting about 1,000 salaried positions worldwide to reduce costs as slow US home sales limit demand.
Chicago Bears officials alongside Mayor Brandon Johnson unveiled plans for a $4.7 billion project to build a publicly owned, enclosed stadium and enhanced lakefront area.
Feb 2, 2021
Bloomberg News
,(Bloomberg) -- Brookfield Property Partners LP posted a $2 billion loss as the fallout from the Covid-19 pandemic caused it to reassess the value of its real estate.
The loss last year compares with $3.2 billion in net income for 2019, a decline the company attributed primarily to “unrealized reductions of values of certain assets within the portfolio,” according to a statement on Tuesday.
Funds from operations, a measure of cash flow for real estate companies, were down about 18% to $540 million for the company’s portfolio of office buildings, while FFO from retail properties fell 29% last year to $550 million, according to the statement.
The pandemic kept many offices and malls around the world empty for large portions of last year, while also accelerating changes to how people work and shop. The success of remote working during the pandemic has many companies examining how much office space they need, while stay-at-home orders have pushed broader adoption of e-commerce at the expense of brick-and-mortar retail.
Amid this pressure, Brookfield Property Partners’ corporate parent, Brookfield Asset Management Inc., has proposed taking the company private by acquiring the shares it doesn’t already own for $5.9 billion, or $16.50 a share.
The company’s shares have gained 18% this year, closing Monday at $17.08.
©2021 Bloomberg L.P.