China Land Sales Hit Eight-Year Low as Housing Slump Worsens
China’s local governments raised the least revenue from land sales in eight years, another sign of the nation’s deepening housing crisis that has forced Beijing to pump in more cash.
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China’s local governments raised the least revenue from land sales in eight years, another sign of the nation’s deepening housing crisis that has forced Beijing to pump in more cash.
China Vanke Co., one of the nation’s few real estate giants that’s yet to default, has gotten a fresh loan, pushing recent bank borrowings over $1 billion as it shores up its finances.
South Korea’s early trade data showed that exports are continuing to grow at a double-digit clip, boosting the prospects for an acceleration in economic growth this year.
Municipal bonds tied to Destiny USA, the biggest shopping mall in New York state, will probably default, just not imminently, according to Fitch Ratings.
Money managers are piling into exchange-traded funds tracking Chinese stocks after recent government-backed measures boosted market sentiment.
Feb 14, 2020
The Canadian Press
OTTAWA - The Canadian Real Estate Association says home sales rose 11.5 per cent in January compared with a year earlier to reach the highest sales figures for the month in 12 years, even as new listings remain constrained.
The association says seasonally-adjusted sales fell 2.9 per cent in January from a month earlier, dragged down by a roughly 18 per cent drop in sales in the Lower Mainland of British Columbia.
The actual average price for homes sold in January was about $504,350, up 11.2 per cent from the same month a year earlier for the largest increase since mid-2016.
Removing the Greater Vancouver Area and Greater Toronto Area from the picture, the national average price falls to around $395,000.
Home prices declined slightly in Greater Vancouver and in Prairie cities, while Montreal and cities in Ontario saw strong gains.
Prices rose as new listings remain near decade lows, though they edged up 0.2 per cent in January from December.