European Real Estate Deals Slump to Lowest Level in 13 Years
The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
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The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
Investors are looking for the next policy domino to fall in Asia amid an escalating campaign against a resurgent dollar, after Indonesia used a surprise interest rate hike to defend the rupiah.
Vietnamese billionaire Pham Nhat Vuong pledged to invest at least another $1 billion of his personal wealth into VinFast Auto Ltd., providing the capital needed for expansion of the struggling electric vehicle maker.
Macrotech Developers Ltd., a real estate firm that operates under the brand name Lodha, expects pre-sales to grow about 20% in the year to March after reporting its highest ever quarterly revenue.
Distressed Indonesian property developer PT Agung Podomoro Land has hired financial advisory firm Kroll Inc. to advise on an exchange of $132 million of bonds due in June, according to people familiar with the plan.
Oct 18, 2021
Bloomberg News
,(Bloomberg) -- New York landlords sued to block a law extending the state’s moratorium on evictions and foreclosures, warning of “devastating consequences” to small property owners if it’s allowed to go forward.
New York’s biggest landlord group, the Rent Stabilization Association of NYC, and five small landlords are seeking a preliminary injunction to suspend the law, which Governor Kathy Hochul signed last month, while the case proceeds.
The law, which aims to support New Yorkers who have suffered financial losses due to the Covid-19 pandemic, extended the moratorium through Jan. 15, 2022. It also increased the amount of hardship funds available to tenants and landlords to $250 million from $100 million and created a $25 million fund for legal services for renters facing evictions.
“These plaintiffs and other New York small property owners are once again facing devastating consequences that compound with each passing day and can never be remedied later,” the landlord group said in a court filing Friday. The individual plaintiffs claim personal hardship from the inability to evict tenants who won’t pay. One, military veteran Brandie LaCasse, claimed that she and her young daughter are forced to live out of their car, unable to evict non-paying tenants from her property in Rhinebeck, New York.
The New York legislation was intended to address a U.S. Supreme Court ruling in August striking down a federal program that would have provided protection to people who couldn’t pay their rent.
The landlords claim the extension conflicts with the Supreme Court ruling.
The case is Chrysafis v. Marks, 21-cv-02516, U.S. District Court, Eastern District of New York (Brooklyn).
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