Banks Warn of Growing Energy-Related Risks in Mortgage Portfolios
Across Europe, banks are trying to figure out how to handle a growing risk lurking in residential mortgage portfolios: energy consumption.
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Across Europe, banks are trying to figure out how to handle a growing risk lurking in residential mortgage portfolios: energy consumption.
South Korea’s top financial watchdog attempted to revive optimism over the nation’s corporate reform initiatives to investors in New York while soothing concerns over the short-selling ban.
Inflation-related releases across the Group of Seven will prime central bankers for crucial June interest-rate decisions, just as they meet in Italy to discuss the state of the world economy.
Big US bond investors have been aggressively shifting money into long-dated notes, betting that the unloved asset class will be one of the winners from eventual interest rate cuts.
A measure of underlying US inflation cooled in April for the first time in six months, a small step in the right direction for Federal Reserve officials looking to start cutting interest rates this year.
Feb 15, 2022
Bloomberg News
,(Bloomberg) -- The 15-room Manhattan condo where exiled Chinese tycoon Guo Wengui has lived for years is on sale for $45 million, about $23 million less than it was purchased for in 2015.
The entity that owns the apartment, Genever Holdings LLC, filed for Chapter 11 protection in 2020. Former bankruptcy judge Melanie Cyganowski was installed to handle the sale process for the apartment, which appeared today on the Serena Boardman website. Documents in the Chapter 11 proceedings said Guo, also known as Miles Kwok, resided at the property, which comprises the entire 18th floor of the building at 781 Fifth Avenue and has views of New York’s Central Park.
Genever Holdings bought the unit in 2015 for $67.5 million, according to New York property records. The listing describes the condo as “perched high atop the prestigious Sherry Netherland Hotel” and suited for “grand entertaining and a big lifestyle.”
Guo was held in contempt last week and ordered to pay $134 million to a creditor after a judge found that the businessman moved a yacht out of U.S. waters to shield it from debt collection.
The potential loss is yet another example of the turnaround in fortunes for Chinese investors who once fueled New York’s luxury real estate market. Ultra-wealthy tycoon Whitney Duan was involved in the purchase of a condo in a skinny skyscraper on Park Avenue that is now facing foreclosure, while city records show an entity linked to HNA Group sold properties at a loss in Extell’s One57 building.
©2022 Bloomberg L.P.