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 10, 2019
Bloomberg News
,(Bloomberg) -- Chinese developer Fullsun International Holdings Group Co. Ltd. plunged by a record in Hong Kong trading.
The stock sank 62% to an all-time low, with 440 million shares changing hands. The company said in a brief exchange filing shortly before midday its board wasn’t aware of any reasons for the stock slump, while its operations remain normal.
Shares started to slump Wednesday afternoon, closing down 34%.
The plunge has left Fullsun with a HK$1.08 billion ($138 million) market cap while Thursday’s trading volume equaled 10% of the company’s public float. Overall, it has 11.4 billion shares outstanding.
Fullsun, before a December 2017 takeover, was known as U-Right and involved in garment wholesaling and retailing. With a name change and divestment of that business, the firm went into property development. Shares by March 2018 got as high as HK$1.87 before starting a steady slide.
A floor was finally reached six months ago around HK$0.50. But a fresh breakdown started in September and accelerated as October arrived. Shares have fallen all six trading days so far this month.
To contact the reporter on this story: Kevin Kingsbury in Hong Kong at kkingsbury2@bloomberg.net
To contact the editors responsible for this story: Sofia Horta e Costa at shortaecosta@bloomberg.net, Richard Frost
©2019 Bloomberg L.P.