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.
Sep 14, 2021
Bloomberg News
,(Bloomberg) -- Evergrande New Energy Vehicle Group Ltd. shares plunged anew Tuesday, extending a decline that has wiped out more than $80 billion in market value from the would-be electric-car maker this year.
The company, which at its peak in April was worth more than Ford Motor Co. despite not yet having a car on the market, has become ensnared in the woes of its parent China Evergrande Group. The property developer said Tuesday it’s facing “tremendous” liquidity strains as it grapples with $300 billion of liabilities.
Evergrande added it had made “no material progress” on plans to sell stakes in its electric-car unit, which was once one of its most valuable assets. Evergrande NEV stock plunged as much as 24% in Hong Kong trading Tuesday to as low as HK$3.92. It has slumped almost 95% from its highs.
In its earnings report last month, Evergrande NEV said it might have to delay car production unless it can secure more capital in the short term, making its stated goal of unseating Tesla Inc. as the world’s biggest EV maker even more unlikely.
Read more: Evergrande NEV Looks Further Away From Catching Musk Than Ever
The plunge is a far cry from the heady days of earlier this year, when the stock capped a stunning 750% rally, and the automaker made a splash with an expansive showroom at the heart of the Shanghai Auto Show in April. But while nine models were put on display, none are yet available for sale.
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