European Real Estate Deals Slump to Lowest Level in 13 Years
The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
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The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
Investors are looking for the next policy domino to fall in Asia amid an escalating campaign against a resurgent dollar, after Indonesia used a surprise interest rate hike to defend the rupiah.
Vietnamese billionaire Pham Nhat Vuong pledged to invest at least another $1 billion of his personal wealth into VinFast Auto Ltd., providing the capital needed for expansion of the struggling electric vehicle maker.
Macrotech Developers Ltd., a real estate firm that operates under the brand name Lodha, expects pre-sales to grow about 20% in the year to March after reporting its highest ever quarterly revenue.
Distressed Indonesian property developer PT Agung Podomoro Land has hired financial advisory firm Kroll Inc. to advise on an exchange of $132 million of bonds due in June, according to people familiar with the plan.
Dec 14, 2018
Bloomberg News
,(Bloomberg) -- China’s home-price gains slowed in November in a further sign the nation’s property market is cooling.
New-home prices rose an average 0.98 percent from October when they increased 1.02 percent in the 70 cities tracked by the government, according to Bloomberg calculations based on data released by the National Bureau of Statistics Saturday. November’s result snapped five straight months of gains above 1 percent.
Many developers registered slower sales growth in November despite offering steeper buyer discounts. A government that’s coping with a burgeoning trade war and slowing economic growth has raised hope among some market watchers that home-buying curbs won’t get any worse.
“The bottom of the China property market -- and probably that of the Chinese economy as well -- has yet to come,” Alan Jin, an analyst at Mizuho Securities Asia Ltd., said before the data release. Things are “set for a deeper correction next year.”
Investors are scouting for clearer property signals as China’s leaders meet to hold their annual economic policy-setting talks next week. Mortgage rates broke a 22-month rising streak last month, lending data from Rong360 show, and the country’s top economic planning body has signaled a more favorable stance with regard to bond issuance from companies with solid credit ratings.
Expectations of further easing have sent an index of major builders traded in Hong Kong up almost 10 percent since the start of November.
To contact Bloomberg News staff for this story: Emma Dong in Shanghai at edong10@bloomberg.net
To contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net, John McCluskey
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