Chinese Property Stocks Rally on Hope for More Policy Support
Shares of Chinese property developers extended a rally after Beijing announced forceful measures to shore up the beleaguered property market.
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Shares of Chinese property developers extended a rally after Beijing announced forceful measures to shore up the beleaguered property market.
The People’s Bank of China will establish a nationwide program to unleash 300 billion yuan ($41.5 billion) in cheap funding to help state-owned companies buy unsold homes, officials announced.
Land Securities Group Plc wrote down the value of its City of London office portfolio by almost 14% last year, dragging the UK commercial real estate landlord to a full year loss.
Football’s global governing body opened the door to potentially moving its headquarters from Zurich, while stressing that it’s “happy” for now having its main office in Switzerland
China’s economic recovery tilted even further toward manufacturing, leaving it more vulnerable to trade barriers and highlighting the stakes of a new bid to shore up domestic demand.
Jul 24, 2017
The Associated Press
,WASHINGTON -- Homebuyers in the United States faced surging prices and a shrinking number of properties for sale in June -- causing the pace of sales to fall.
Sales of existing homes slipped 1.8 per cent last month to a seasonally adjusted annual rate of 5.52 million, the National Association of Realtors said Monday.
The decline speaks to a troubling cycle for a U.S. housing market hampered by a worsening shortage of properties to buy. Despite solid demand in a relatively healthy economy for houses, sales listings have been steadily declining for more than two years. The resulting shortage has caused prices to consistently rise faster than wage gains, making it harder for more Americans to build up their net worth by becoming homeowners.
Sales levels have improved a mere 0.7 per cent over the past 12 months. The modest gains come despite solid levels of hiring that have pushed the unemployment rate to a healthy 4.4 per cent, a level that in the past would have helped to fuel further sales growth.
But many would-be homebuyers are unable to find properties to purchase.
The number of sales listings has been falling on an annual basis for the past 25 months. There were 1.96 million homes for sale in June, a 7.1 decline from a year ago.
That shortage has caused prices to climb at more than double the pace of average hourly earnings.
The median sales price has climbed 6.5 per cent over the past year to $263,800.
Homes sold in June at a median of just 28 days, down from 34 days last year.
Sales declined last month in the Northeast, South and West but increased in the Midwest.