German Real Estate Firm Adler Reaches Agreement With Lenders
Troubled German real estate firm Adler Group SA has reached a non-binding agreement with bondholders, according to a company statement released on Thursday morning.
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Troubled German real estate firm Adler Group SA has reached a non-binding agreement with bondholders, according to a company statement released on Thursday morning.
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.
May 2, 2019
Bloomberg News
,Recent rule changes by Canadian policy makers, including tightened mortgage lending, appear to be bringing the country’s real estate market more into balance.
The federal housing agency lowered its assessment of the overall vulnerabilities in the national market to “moderate,” from “high,” according to a report Thursday from Ottawa. Canada Mortgage and Housing Corp. cited evidence of easing price acceleration for the country as a whole, with prices in Toronto and Vancouver moving closer to levels supported by fundamentals.
After being rated “high” for 10-straight quarters, the overall degree of vulnerability for Canada has changed to “moderate,” the agency said in the report.
Home sales and prices have slowed in Canada after governments at various levels took steps to mitigate the risks of a crash. The federal banking regulator imposed stress tests on new mortgage lending last year, a measure that has been particularly controversial. Toronto-Dominion Bank and Canadian Imperial Bank of Commerce, along with realtor groups and home builders, have argued the rules should be eased, saying they are punishing first-time buyers.
Bank of Canada Governor Stephen Poloz said last week that after a “huge run up in housing,” speculation is coming out of the Toronto and Vancouver housing markets, but more time may be needed for it to settle out completely.
The Real Estate Board of Greater Vancouver reported Thursday benchmark home prices fell 8.5 per cent in April from a year ago while sales were down 29 per cent. Toronto reports data tomorrow.
CMHC said its assessment of overvaluation in Vancouver has changed to moderate from high, and the “conditions of overheating are easing as well.” Vancouver, Toronto, Victoria, British Columbia, and Hamilton, Ontario continue to see a “high degree of vulnerability” in the overall assessment, “but house prices are moving closer to levels supported by housing market fundamentals” in those cities.
That said, CMHC flagged “evidence of overheating” in the Montreal and Moncton, New Brunswick resale markets. Also, vulnerability remains “moderate” for the western cities of Edmonton, Calgary, Saskatoon, Regina and Winnipeg due to “evidence of overbuilding” in these cities.
The report is based on data through the end of 2018.