Marchesa’s Co-Founder Lists Her Upstate Barn for $2.87 Million
The stylishly renovated home is about 100 miles away from Manhattan and set on six and a half wooded acres.
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The stylishly renovated home is about 100 miles away from Manhattan and set on six and a half wooded acres.
Greek Prime Minister Kyriakos Mitsotakis announced an increase of €50 ($53.9) a month to the country’s minimum wage for employees, lifting the amount to €830 from €780.
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.
Jun 25, 2019
Bloomberg News
,(Bloomberg) -- Chinese developers are betting property curbs will eventually be loosened after splashing out for land in Shenzhen.
A sale of five plots of residential land Monday raised 22.4 billion yuan ($3.3 billion), a record single-day haul since the city, part of the Greater Bay region with Hong Kong, started open land bidding in 2001.
Bidding was so fierce that each plot reached the maximum price set by authorities, leaving developers to compete on how much space they would set aside for affordable housing to be transferred to the government for free. On top of that, condo buyers will be banned from flipping properties for the first three years.
“These developers can hardly profit if current selling restrictions are maintained,” said Zhang Dawei, an analyst at Centaline Group. “They’re waging a huge bet on policy loosening.”
China has unleashed a vast array of measures to control housing prices, from curtailing developers’ fundraising to limit what they can pay for land, to raising deposits for second or third properties, and restricting ownership to holders of local residency permits.
More than 70 developers joined the auction, which lasted almost three hours, the China Fund newspaper reported.
Logan Property Holdings Co. won a parcel near Shenzhen North Railway Station for the equivalent of about 63,100 yuan per square meter of available floor space, a record for the area, according to Zhang Xiaoduan, Cushman & Wakefield Plc’s head of research in southern China.
“The land offer is the government’s way of calming the market that more land supply is on the way,” said Zhang. “But developers are hardly convinced. They know that lots of land resources will be reserved for affordable housing, so such commercial supply is still” highly sought after, she said.
To contact Bloomberg News staff for this story: Emma Dong in Shanghai at edong10@bloomberg.net
To contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net, Peter Vercoe, Russell Ward
©2019 Bloomberg L.P.