Chinese Firms Are Investing Abroad at Fastest Pace in Eight Years
China’s overseas investment is heading for an eight-year high as its dominant firms build more factories abroad, a shift that could soften criticism of Beijing’s export drive.
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China’s overseas investment is heading for an eight-year high as its dominant firms build more factories abroad, a shift that could soften criticism of Beijing’s export drive.
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
Real estate brokerage stocks tumbled Thursday on waning expectations for Federal Reserve interest-rate cuts, and as a disappointing earnings release raised concern about the sector’s outlook.
Initial data on US gross domestic product for the first quarter of 2024 is set to confirm an ongoing economic boom amid a tailwind from surging immigration.
A South Florida office skyscraper from Related Cos. landed new finance tenants, including a John Paulson business and a private equity firm that counts Mark Bezos as a founding partner.
Oct 19, 2021
Bloomberg News
,(Bloomberg) -- U.S. housing starts decreased in September, driven by a pullback in multifamily construction, as lingering supply-chain constraints, shortages of skilled labor and elevated materials costs continue to challenge builders.
Residential starts fell 1.6% last month to a 1.56 million annualized rate, according to government data released Tuesday. The median estimate in a Bloomberg survey called for a 1.62 million pace.
Applications to build, a proxy for future construction, fell 7.7% to an annualized 1.59 million units in September. That’s the largest monthly decline since February.
Cheap borrowing costs and a pandemic-fueled migration to the suburbs supported housing demand and construction through late 2020 and earlier this year. But high materials costs, unpredictable supply-chain delays and labor shortages have strained builders’ ability to keep up with still-solid demand in more recent months.
Single-family starts were unchanged in September at an annualized 1.08 million units as multifamily starts -- which tend to be volatile and include apartment buildings and condominiums -- decreased 5% to 475,000.
Meanwhile, the report indicates builders are making little headway on project backlogs. The number of single-family homes authorized for construction but not yet started -- a measure of backlogs -- edged lower to 144,000 in September but remains near a 15-year high.
While high construction costs helped fuel a surge in prices that has cooled buyer interest somewhat, builders remain generally optimistic. A gauge of homebuilder sentiment rose to a three-month high in October -- holding well-above pre-pandemic levels -- a separate report showed Monday.
©2021 Bloomberg L.P.