
Shimao Creditors Are Getting Organized After $1 Billion Default
Shimao Group Holdings Ltd.’s global creditors are gearing up to organize themselves after the luxury builder defaulted on a $1 billion dollar bond due Sunday.
Latest Videos
The information you requested is not available at this time, please check back again soon.
Shimao Group Holdings Ltd.’s global creditors are gearing up to organize themselves after the luxury builder defaulted on a $1 billion dollar bond due Sunday.
Tecom Group traded unchanged in Dubai after raising $454 million in its initial public offering, in another sign of waning investor appetite for Gulf listings.
New Zealand house prices fell the most in 13 years in the second quarter as the central bank raised interest rates aggressively to curb inflation.
Fomento Economico Mexicano made an all-cash offer to buy Switzerland-based convenience store operator Valora for up to $1.2 billion.
The Calgary Real Estate Board says sales eased in June as the market experienced a pullback in the detached and semi-detached housing categories.
Jul 19, 2021
BNN Bloomberg
CALGARY - A new report suggests Toronto businesses are making plans to call employees back to the office.
The report, released last week by commercial real estate firm Avison Young, says office market activity in downtown Toronto remains muted due to the COVID-19 pandemic. The downtown office vacancy rate hit a new all-time high of 7.3 per cent in the second quarter, but the report suggests the market may be on the brink of recovery.
According to Avison Young, some companies that were trying to shed downtown office space on the sublet market are reversing course. Available sublet space fell for the first time in six quarters, ending the quarter at 288,000 square metres or 32 per cent of available space downtown. The report suggests this is a sign that some Toronto businesses are anticipating more employees will return to the office soon.
Some companies including TMX Group and Intelex Technologies have withdrawn sublet space from the market in part or altogether. In addition, Netflix's selection of Toronto over Vancouver for its Canadian headquarters affirms Toronto's status as a growing tech hub, the report said.
Other companies have already offered a glimpse into what return-to-work strategies could look like. Sun Life is allowing staff flexibility to decide their own work arrangements, while Apple has asked its employees to return to the office three days a week starting in the fall.
The frequency of remote versus on-site work will vary by industry, function, and location, as well as personal circumstances and preferences, Avison Young said.
“Downtown will be the catalyst for the GTA's growth when the market recovers,” Avison Young said in the report. “The possibilities of a hybrid workplace have helped shift occupiers' mindset from `will we ever return to the office?' to `when and how?'