Global Housing Shortages Are Crushing Immigration-Fueled Growth
Households go backwards in 13 developed economies as record immigration runs into a housing crisis.
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Households go backwards in 13 developed economies as record immigration runs into a housing crisis.
Bond traders welcomed their first clear sign of a cooling US labor market, but it’s only a part of what’s needed to fire up the truly sweeping rally they’ve been hoping for all year.
Australia’s central bank will likely keep its key interest rate at a 12-year high and stick with it for much of the year to restrain inflationary pressures underpinned by a surprisingly tight job market.
It’s an oft-told anecdote littering social media: Those who invested early in cryptocurrencies have enjoyed life-changing wealth.
Australia’s housing rental value hit a fresh record in April with some cities seeing renewed growth momentum, a troubling sign for the Reserve Bank that’s likely to leave borrowing costs at a 12-year high this week to stave off price pressures.
Sep 16, 2021
Bloomberg News
,(Bloomberg) -- Chan Hoi Wan, the wife of billionaire Joseph Lau, sold another HK$87.5 million ($11.2 million) worth of shares in China Evergrande Group, underscoring investor concern over the Chinese developer’s escalating troubles.
Chan sold 24.4 million shares at an average price of HK$3.58 each last Friday, according to a Hong Kong exchange filing. That reduced her stake in the real estate company to 7.96% from 8.15%.
The sale marks at least the second time in a month that Chan -- whose tycoon husband has been a long-term ally of Evergrande founder Hui Ka Yan -- has cut her stake in the world’s most indebted developer.
The outlook for Evergrande is deteriorating by the day, with the company and local government hiring advisers for what could be one of the country’s largest-ever debt restructuring. Protests against the company broke out across the country after Evergrande failed to pay retail investors of its high-yield products on time.
In early September, Chan, the chief executive officer of Chinese Estates Holdings Ltd., said that she and her husband would continue to support Evergrande’s development as a shareholder.
Evergrande continued its plummet on Thursday, falling 6.4% to HK$2.63 in Hong Kong, a 10-year low. Its onshore bonds were halted after domestic risk assessor China Chengxin International Credit Rating Co. lowered the firm and nine notes to A from AA.
©2021 Bloomberg L.P.