Chinese Property Stocks Rally on Hope for More Policy Support
Shares of Chinese property developers extended a rally after Beijing announced forceful measures to shore up the beleaguered property market.
Latest Videos
The information you requested is not available at this time, please check back again soon.
Shares of Chinese property developers extended a rally after Beijing announced forceful measures to shore up the beleaguered property market.
The People’s Bank of China will establish a nationwide program to unleash 300 billion yuan ($41.5 billion) in cheap funding to help state-owned companies buy unsold homes, officials announced.
Land Securities Group Plc wrote down the value of its City of London office portfolio by almost 14% last year, dragging the UK commercial real estate landlord to a full year loss.
Football’s global governing body opened the door to potentially moving its headquarters from Zurich, while stressing that it’s “happy” for now having its main office in Switzerland
China’s economic recovery tilted even further toward manufacturing, leaving it more vulnerable to trade barriers and highlighting the stakes of a new bid to shore up domestic demand.
Jun 14, 2023
Bloomberg News
,Canadians’ mortgage borrowing hit the lowest level since 2003 amid higher interest rates.
Households added a net $11.2 billion in mortgage debt in the first three months of the year, according to national balance sheet data released Wednesday by Statistics Canada. That’s the smallest increase in two decades.
The report suggests higher borrowing costs are weighing on many households’ ability to access credit, though residential real estate prices recovered during the quarter as inventory remained constrained.
The slowdown in the net growth in mortgage debt coincides with one of the Bank of Canada’s most aggressive ever campaigns to raise to borrowing costs. After declaring a conditional pause in January, policymakers boosted the benchmark overnight rate to 4.75 per cent last week as household expenditures continued to grow.
Wednesday’s report likely represent a nadir for mortgage lending activity in the country. Data from April and May have started to show home price and sales activity building momentum in many Canadian cities.
Some of the weakness in net mortgage debt accumulation could also be the result of households deciding to pay down their mortgages in a higher rate environment. The report may raise questions about whether home purchases are being increasingly financed by non-mortgage means.
The release also showed Canadians remain among the most indebted people in the world: The ratio of household credit market debt-to-income rose to 184.5 per cent, up from 181.7 per cent in the previous quarter. The debt service ratio rose to 14.9 per cent, the highest since 2019.