China Property Woes Deepen With Vanke Slump, Country Garden Halt
One of China’s biggest property firms delayed its earnings report while another posted a record profit decline as the nation’s real estate crisis shows no signs of easing.
Latest Videos
The information you requested is not available at this time, please check back again soon.
One of China’s biggest property firms delayed its earnings report while another posted a record profit decline as the nation’s real estate crisis shows no signs of easing.
The owners of Saks Fifth Avenue are in talks to raise financing to bolster the cash portion of an offer to buy competitor Neiman Marcus, according to people familiar with the matter, moving two of America’s biggest high-end department stores closer to a deal after years of on-and-off courtship.
Jefferies Financial Group Inc.’s revenue jump — due to strong capital markets and rebounding investment banking — bodes well for the bigger banks due to report in weeks to come.
Blackstone Inc. sold 48 warehouses in Southern California to Rexford Industrial Realty Inc. for $1 billion.
Plunging demand for commodity offices in the US is driving growth for the highest-quality properties, a Morgan Stanley executive said.
May 25, 2021
Bloomberg News
,Sales of new U.S. homes declined in April by more than forecast as higher prices continued to restrain demand.
Purchases of new single-family homes fell 5.9 per cent to a 863,000 annualized pace following a downwardly revised 917,000 in March, government data showed Tuesday. The median estimate in a Bloomberg survey of economists called for a 950,000 rate.
A jump in building materials costs is contributing to higher prices, a headwind for an otherwise robust housing market. While elevated prices are acting as brake on demand, mortgage rates near historic lows and elevated backlogs suggest steady residential construction gains in coming months that will help contribute to economic growth.
The median sales price rose 20.1 per cent to US$372,400 from a year earlier. There were 316,000 new homes for sale in April, the most in a year. At the current sales pace, it would take 4.4 months to exhaust the supply of new homes, compared with 4 months in March.
Separate figures on Tuesday showed nationwide home prices soared in March by the most since 2005. The S&P CoreLogic Case-Shiller index of property values jumped 13.2 per cent from the same month last year.
The number of homes sold in April and awaiting the start of construction -- a measure of backlogs -- increased 16.5 per cent from a month earlier, Tuesday’s report showed. Builders have been constrained by supply-chain challenges and rising materials costs in recent months.
Supply shortages help explain why construction of new homes fell 9.5 per cent in April, a separate report last week showed.