UBS Analyst Who Took On Evergrande Now Bullish on China Property
When it comes to Chinese real estate, John Lam is a lone wolf.
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When it comes to Chinese real estate, John Lam is a lone wolf.
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A rash of failures of A-rated insurers points to a hidden weakness in the market, researchers say.
Whirlpool Corp., the owner of the Maytag and Amana appliance brands, is cutting about 1,000 salaried positions worldwide to reduce costs as slow US home sales limit demand.
Chicago Bears officials alongside Mayor Brandon Johnson unveiled plans for a $4.7 billion project to build a publicly owned, enclosed stadium and enhanced lakefront area.
Apr 8, 2020
Bloomberg News
,(Bloomberg) -- U.K. real estate agents called for help from the government as expectations for prices and market activity plunged.
The Royal Institution of Chartered Surveyors said anticipated near-term sales dropped to their weakest level in more than two decades. Buyer demand and price expectations also sank in March. Longer-term pessimism indicates that measures, such as a suspension of the sales tax known as stamp duty to encourage buyers, could be needed, it said Thursday.
“The legacy of Covid-19 could be such that any return to what might be described as normality in the economy will take time,” said RICS Chief Economist Simon Rubinsohn. “Further government interventions both in the wider economy and more specifically in the housing market may be necessary to aid this process.”
The lockdown has forced agents to shutter their offices and halt property viewings. Lettings have also fallen victim to the pandemic with flat-lining demand from tenants sending rent expectations below zero for the first time since the financial crash.
Here are comments from some of the real estate agents surveyed:
David Pank, Manning Stainton in Leeds
“The month started extremely well in terms of new properties and sales. Covid-19 will reduce demand for a considerable period in view of employment uncertainty for many people.”
Robert Bell, Robert Bell and Co. in Lincolnshire
“Our offices are closed. A skeleton staff are working from home. About 80% of our staff will be furloughed. Consequently, we expect little new business until the government’s lockdown is relaxed, and the virus is overcome.”
Martin Hoyle, PMBC Limited in South West and Wales
“Covid-19 will impact the market but to what extent is unknown currently. Pent up demand will remain although sentiment will be the key to the market going forward.”
Kevin Ryan, Carter Jonas LLP in London’s Mayfair
“Before the Covid-19 lockdown prospects for a productive spring and summer market were good but now everything has come to a standstill. Hanging on to agreed sales at the moment but no new offers coming in despite virtual viewings.”
©2020 Bloomberg L.P.