China Property Woes Deepen With Vanke Slump, Country Garden Halt
One of China’s biggest property firms delayed its earnings report while another posted a record profit decline as the nation’s real estate crisis shows no signs of easing.
Latest Videos
The information you requested is not available at this time, please check back again soon.
One of China’s biggest property firms delayed its earnings report while another posted a record profit decline as the nation’s real estate crisis shows no signs of easing.
The owners of Saks Fifth Avenue are in talks to raise financing to bolster the cash portion of an offer to buy competitor Neiman Marcus, according to people familiar with the matter, moving two of America’s biggest high-end department stores closer to a deal after years of on-and-off courtship.
Jefferies Financial Group Inc.’s revenue jump — due to strong capital markets and rebounding investment banking — bodes well for the bigger banks due to report in weeks to come.
Blackstone Inc. sold 48 warehouses in Southern California to Rexford Industrial Realty Inc. for $1 billion.
Plunging demand for commodity offices in the US is driving growth for the highest-quality properties, a Morgan Stanley executive said.
Oct 4, 2021
Bloomberg News
,(Bloomberg) -- Deals by real estate investment trusts totaled $108 billion this year through September, beating the annual record as ample capital fueled transactions in the recovering economy, according to Jones Lang LaSalle Inc.
The U.S. deal surge signals the beginning of a new cycle emerging from the pandemic-related economic halt, according to Sheheryar Hafeez, a managing director in the capital markets group at JLL.
“There is renewed confidence in the runway ahead of us in 2022 and beyond,” said Hafeez, whose company released a report on REIT transactions Monday.
REIT mergers and acquisitions had plunged to $17 billion last year. Even before the pandemic, deals were slowing from the recent high of $86 billion in 2018 as investors worried about the decade-plus bull market coming to an end, according to Hafeez. The all-time high was $103 billion in 2006.
REITs have outperformed the broader stock market this year after routinely beating earnings estimates. As of Oct. 1, the Bloomberg REIT Index had a total return of 23%, compared with 17% for the S&P 500.
©2021 Bloomberg L.P.