
Property Firm China Oceanwide Gets Liquidation Order in Bermuda
A Chinese property investor that has struggled with several US projects faces court-ordered liquidation as a Bermuda court issued a winding-up order against the firm.
Latest Videos
The information you requested is not available at this time, please check back again soon.
A Chinese property investor that has struggled with several US projects faces court-ordered liquidation as a Bermuda court issued a winding-up order against the firm.
China Evergrande Group is running out of time to get what would be one of the nation’s biggest-ever restructurings back on track, after setbacks in recent days that raise the risk of liquidation.
The impact of a deeper economic deterioration in China will be mainly felt in Australia through weaker trade and reduced risk appetite in financial markets, Australian regulators said in a quarterly statement.
Struggling Swedish landlord SBB took a major step toward stabilizing its finances after agreeing to sell a further stake in a portfolio of school buildings to Canada’s Brookfield Asset Management Ltd.
Policymakers on each side of the Atlantic are likely to take comfort this week from a slowdown taking hold in key underlying measures of consumer-price growth.
Sep 24, 2020
BNN Bloomberg
,Canada Mortgage and Housing Corporation President and CEO Evan Siddall is warning the domestic housing market isn’t out of the woods just yet.
In an interview with BNN Bloomberg’s Amanda Lang broadcast Thursday, Siddall said that while the most bearish case for home prices doesn’t seem likely to come to pass, he still sees a price decline by just shy of 10 per cent due to the economic shocks of the COVID-19 pandemic.
“The number of people on income support, the number of people on mortgage deferral, means that at some point, probably early next year through the middle part of next year, there will probably be a negative adjustment in house prices,” he said. “In general, we think high single-digit [percentage] negative adjustment is what we can expect in most markets.”
The CMHC had released a forecast in May warning average home prices in the country could plunge as much as 18 per cent in a worst-case scenario due to the pandemic and its impact on economic growth, employment and lost income.
Siddall told BNN Bloomberg various income-support measures implemented by the federal government has helped the Canadian housing market avoid that worst-case scenario.
RELATED
“This is very much a path-dependent forecast. That was a ‘the pandemic was going to be horrible, deep,’ and it’s been pretty bad, but government income support, government fiscal support, government monetary policy support have helped alleviate some of those pressures,” he said.
However, Siddall warned that the looming reduction of federal support will lead to higher unemployment and further lost income, deflating home prices.
“Ultimately, what it does is it requires economic adjustment and in some businesses, there will be unemployment that results,” he said. “And unemployment is the kind of thing that drives prices lower.”