UBS Analyst Who Took On Evergrande Now Bullish on China Property
When it comes to Chinese real estate, John Lam is a lone wolf.
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When it comes to Chinese real estate, John Lam is a lone wolf.
Analysts upgraded their forecast for China’s growth this year after a better-than-expected performance in the first quarter — but they see more signs that the world’s second-biggest economy will struggle to escape from deflationary pressures.
A rash of failures of A-rated insurers points to a hidden weakness in the market, researchers say.
Whirlpool Corp., the owner of the Maytag and Amana appliance brands, is cutting about 1,000 salaried positions worldwide to reduce costs as slow US home sales limit demand.
Chicago Bears officials alongside Mayor Brandon Johnson unveiled plans for a $4.7 billion project to build a publicly owned, enclosed stadium and enhanced lakefront area.
Jul 22, 2021
Bloomberg News
,(Bloomberg) -- Hamptons home prices reached a record high as New Yorkers stepped up their bidding for a dwindling supply of listings in the Long Island resort towns.
The median price of homes that changed hands in the second quarter jumped 30% from a year earlier to $1.405 million, the highest in data going back to 2005, according to a report Thursday by appraiser Miller Samuel Inc. and Douglas Elliman Real Estate. Of the 675 deals in the period, 21% were for more than the asking price.
For many city dwellers, who may have gotten a taste of working remotely in a home with a yard and rooms to spare, the suburbs are holding new appeal for post-Covid life, when commuting to the office may no longer be a five-day-a-week requirement.
As of the end of the second quarter, available listings in the Hamptons plunged 43% from a year earlier -- the most on record -- to just 1,081 homes, the firms said. At the current pace of sales, it would take 4.8 months to clear all the inventory. That’s the fastest in data going back to 2006.
“We have so many buyers out here that, as soon as these things come on the market, they’re going off,” said Todd Bourgard, who oversees sales in the Hamptons for Douglas Elliman. “What happens is their friends come out here, they see where they’re living, see they’re enjoying that kind of lifestyle and they think ‘Why not us?’”
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