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The troubles facing highly indebted property developers in China have dominated conversations about the Asian nation’s economy and markets this year. Yet according to Rayliant Global Advisors’ Jason Hsu, there’s an important distinction between this and past housing crises elsewhere which is guiding policymakers’ response to it: The developers are the ones who are over-leveraged, not the households.
China’s property sector has yet to see the worst of the crisis that has cast a pall over the nation’s economy and helped drive an exodus of global funds from the world’s second-largest stock market.
Real estate developer Post Brothers landed a $312 million refinancing for a major apartment building in Philadelphia.
French billionaire Bernard Arnault’s dealings with a Russian businessman are being investigated for possible money laundering, the Paris public prosecutor’s office said Friday.
Shopper Park Plus Zrt., an investor in retail parks in both Hungary and the Czech Republic, aims to raise as much as €53.1 million ($56.2 million) in the first euro-denominated initial public offering on the Budapest Stock Exchange.
Dec 5, 2017
Home sales picked up in Toronto last month as some buyers leapt into action ahead of tough new mortgage rules that take effect in January.
There were 7,374 property sales across the Greater Toronto Area in November, marking an uptick from the 7,118 transactions registered in October.
"Similar to the Greater Vancouver experience, the impact of the Ontario Fair Housing Plan and particularly the foreign buyer tax may be starting to wane," said Toronto Real Estate Board President Tim Syrianos in a press release Tuesday, in reference to the Ontario government's 16-point plan to improve housing affordability.
"On top of this, it is also possible that the upcoming changes to mortgage lending guidelines ... have prompted some households to speed up their home buying decision."
The country's top banking regulator, the Office of the Superintendent of Financial Institutions, announced new lending guidelines this fall that will see stress tests applied to borrowers who take out uninsured mortgages, starting Jan. 1, 2018.
There was also some evidence that homeowners might be trying to cash out before the new rules take effect, as active listings of properties available for sale surged 110.6 per cent year-over-year in November.
The average selling price across the GTA was $761,757 in November, compared with $780,104 in October.
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