China Property Woes Deepen With Vanke Slump, Country Garden Halt
One of China’s biggest property firms delayed its earnings report while another posted a record profit decline as the nation’s real estate crisis shows no signs of easing.
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One of China’s biggest property firms delayed its earnings report while another posted a record profit decline as the nation’s real estate crisis shows no signs of easing.
The owners of Saks Fifth Avenue are in talks to raise financing to bolster the cash portion of an offer to buy competitor Neiman Marcus, according to people familiar with the matter, moving two of America’s biggest high-end department stores closer to a deal after years of on-and-off courtship.
Jefferies Financial Group Inc.’s revenue jump — due to strong capital markets and rebounding investment banking — bodes well for the bigger banks due to report in weeks to come.
Blackstone Inc. sold 48 warehouses in Southern California to Rexford Industrial Realty Inc. for $1 billion.
Plunging demand for commodity offices in the US is driving growth for the highest-quality properties, a Morgan Stanley executive said.
Nov 3, 2021
Bloomberg News
,(Bloomberg) -- New York Governor Kathy Hochul offered her vision for redeveloping Manhattan’s Pennsylvania Station and the surrounding neighborhood, scaling back plans championed by her predecessor Andrew Cuomo.
The new proposal focuses on modernizing the existing rail hub instead of building a new terminal, Hochul announced Wednesday. The reimagined Penn Station -- -- serving Long Island Rail Road and NJ Transit commuters -- will be on a single-level, doubling circulation space on the main hall and adding more accessibility and more escalators.
The station will also get a new name: “something to do with how iconic New York State is,” Hochul said.
It would be a long-awaited upgrade for the beleaguered train hub that the governor called “depressing.”
“Improving the quality of life for New Yorkers is my top priority,” she said.
The overhaul is projected to cost $6 billion to $7 billion and be done within four to five years, Hochul said.
Her plan for the surrounding area lowers the building heights of the previous proposal, reducing the density by 1.4 million square feet, and building as many as 1,800 residential units. All buildings will be made greener and more sustainable, she said. Eight acres of public space will be added.
A scaled-down Penn complex plan can generate the revenue needed to fund the transformation of the rail hub, she said.
New towers would bring more workers to an area that’s on the southern fringe of Midtown and east of the massive Hudson Yards development. Vornado Realty Trust, a major New York office landlord, owns much of the land that is being targeted for development.
Cuomo’s ambitious proposal had drawn ire from lawmakers and community members who said it was a land grab by a governor seeking to bypass the authority of city officials.
Hochul had already put the brakes on a rail connection to LaGuardia Airport, a project also shepherded by Cuomo prior to his sexual harassment scandal and resignation earlier this year.
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