US Existing-Home Sales Decline as Rates Keep Buyers Sidelined
Sales of previously-owned homes in the US fell in March from a one-year high, underscoring the lingering impact of high mortgage rates and elevated prices.
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Sales of previously-owned homes in the US fell in March from a one-year high, underscoring the lingering impact of high mortgage rates and elevated prices.
Mortgage rates in the US climbed past 7% for the first time this year.
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Jan 24, 2022
Bloomberg News
,(Bloomberg) -- Shimao Group Holdings Ltd. has put 34 projects across China up for sale, as the embattled developer seeks to raise billions of dollars amid mounting debt repayment pressures, Caixin reported Tuesday.
The assets are residential, office, commercial and hotel projects in 17 cities including Beijing, Shanghai and Hangzhou and in the Greater Bay Area in southern China, Caixin cited documents as saying.
Shimao is asking for 42.2 billion yuan ($6.7 billion) for 15 of the projects, the report said. The remaining 19 are either joint ventures or projects in an initial investment stage in which the developer has invested a combined 32.5 billion yuan, it said.
Representatives for Shimao weren’t immediately available to comment when contacted by Bloomberg.
Shimao is among Chinese developers that are selling assets to pay bills during a liquidity crunch following a government crackdown on excessive borrowing and speculation in the housing market. It’s one of the largest bond issuers in the nation’s real estate sector, with 34.2 billion yuan of onshore debt outstanding including asset-backed securities and $5.7 billion of dollar bonds, Caixin has reported.
Shimao said on Friday it agreed to sell a property management unit for 1.06 billion yuan to a state-owned enterprise. Chairman Hui Wing Mau has put two office floors in Hong Kong up for sale for about HK$1.5 billion ($193 million), Bloomberg reported earlier this month.
Shimao is in discussions with state-owned firm China Overseas Land & Investment Ltd. to sell its stake in the Guangzhou Asian Games City project, Cailian, another Chinese media outlet, reported Monday, citing unidentified people.
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