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The troubles facing highly indebted property developers in China have dominated conversations about the Asian nation’s economy and markets this year. Yet according to Rayliant Global Advisors’ Jason Hsu, there’s an important distinction between this and past housing crises elsewhere which is guiding policymakers’ response to it: The developers are the ones who are over-leveraged, not the households.
China’s property sector has yet to see the worst of the crisis that has cast a pall over the nation’s economy and helped drive an exodus of global funds from the world’s second-largest stock market.
Real estate developer Post Brothers landed a $312 million refinancing for a major apartment building in Philadelphia.
French billionaire Bernard Arnault’s dealings with a Russian businessman are being investigated for possible money laundering, the Paris public prosecutor’s office said Friday.
Shopper Park Plus Zrt., an investor in retail parks in both Hungary and the Czech Republic, aims to raise as much as €53.1 million ($56.2 million) in the first euro-denominated initial public offering on the Budapest Stock Exchange.
May 3, 2021
, BNN Bloomberg
Toronto’s downtown condominium segment is staging a comeback with sales nearing pre-pandemic levels.
New condo sales in the Greater Toronto Area totaled 5,385 units in the first quarter of 2021, which was just shy of the 5,593 figure from a year ago, according to a market report by real estate research firm Urbanation Inc.
The report also found that buyers are making a return to the downtown core with 2,886 new units sold in that same time frame. It’s a figure that is more than twice the amount of units sold in the second and fourth quarter in 2020 and even beat the pre-pandemic first quarter in 2020, which saw 2,829 units sold.
The demand for new condos resembled the real estate market high of 2017 with 76 per cent of new presale condos finding a buyer by the end of the quarter – the highest since 2017.
During the pandemic, buyers were trading their smaller condo spaces for larger homes out in the suburbs, fuelling rapid rises in home values in the detached segment while condo sales plunged.
Shaun Hildebrand, president of Urbanation, explained that the soaring suburban house prices played a role in this condo market rebound.
“The downtown Toronto condo market turned the corner in the first quarter of the year on low borrowing costs and renewed optimism regarding the outlook,” Hildebrand said in the report. “But also partly due to chain reaction after suburban home prices soared 30 per cent over the past year and put the spotlight back on urban properties.”
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