Longfor Group plans early loan repayments of 6 Billion Yuan amid 28% drop in core profit
Author : PNT Bureau
Longfor Group, a major player in China's real estate sector, is set to make early repayments of 6 billion yuan on bonds due in early 2025 and settle 1 billion yuan in onshore public bonds this year. Despite avoiding default, the company reported a 28% decline in core profit to 4.75 billion yuan (USD 665.53 million) for H1 2024, reflecting ongoing market struggles. Longfor's shares fell 0.5%, slightly less than the Hang Seng Mainland Properties Index's 0.7% drop. The company plans to diversify revenue sources, aiming for non-property operations to become its largest revenue segment by 2028....
Havering tops London's affordable new housing market with median price of GBP 298,750
Author : PNT Bureau
A recent One Sure Insurance study reveals that Havering offers the most affordable newly built housing in London, with a median price of GBP 298,750. This contrasts sharply with the highest-priced borough, Westminster, at GBP 1,809,875. Following Havering, Enfield and Hillingdon have median prices of GBP 371,500 and GBP 375,000, respectively. Bexley and Croydon rank fourth and fifth, with median prices of GBP 379,250 and GBP 415,000. The study highlights significant price variations across London, with outer boroughs providing more affordable options for first-time buyers and families amid rising housing costs in central areas....
Australia's Dexus reports a USD 1.5 billion loss in FY24 as property values drop by 12.9%
Author : PNT Bureau
Australia's leading property company, Dexus has reported a significant loss of USD 1.5 billion for the financial year ending in June 2024. This loss is more than double what it was last year. The company's property portfolio dropped by 12.9%, which equals USD 1.9 billion. The commercial property market struggled to recover after the pandemic. The high interest rates and weak market conditions further worsened Dexus's financial situation. This caused its share price to drop sharply. However, there is some hope as institutional investors start showing renewed interest in office spaces....
U.S. home sales rise 1.3% in July to 3.95 million units; median price hits USD 422,600
Author : PNT Bureau
In July, U.S. existing home sales increased by 1.3% to an annualised rate of 3.95 million units, surpassing expectations of 3.93 million. Despite this, sales are down 2.5% year-over-year. The median price rose to USD 422,600, up 4.26% from last year. The drop in mortgage rates to 6.49% and Federal Reserve signals of potential rate cuts have boosted buyer optimism. However, challenges persist, including rising insurance premiums, low entry-level home availability, and a decline in new single-family home construction. Inventory increased slightly to 1.35 million units, with homes now selling in an estimated 4.0 months....
New housing units in Europe set to fall 8.5% by 2024
Author : PNT Bureau
The European residential construction sector is facing a significant decline, with new housing completions projected to drop by 8.5 percent by the end of 2024. Germany is expected to experience a steeper decline of 15 percent, driven by high construction costs. The downturn is more pronounced in the Nordic countries, where Finland and Sweden could see housing completions nearly halved. However, positive trends are noted in Poland, Ireland, and Spain. The focus in residential construction is shifting towards maintaining and modernizing existing homes, while civil engineering projects are expected to maintain stable demand, supported by national and EU funding....
Romania ranks third among Europe's most affordable new housing markets in 2023
Author : PNT Bureau
Romania remains one of Europe's most affordable countries for new housing, ranking third after Bosnia and Herzegovina and Greece, according to the Deloitte Property Index. In 2023, the average price for new housing in Romania rose slightly to USD 1.64 per square meter, yet it remains significantly cheaper compared to countries like Austria. On average, Romanians need 5.9 years' worth of gross income to buy a 70-square-meter home, showing an improvement in affordability. Despite higher construction and mortgage costs due to rising interest rates, recent rate cuts by central banks may boost real estate investments and mortgage lending in Romania....
Kaisa Group projects up to USD 1.37 billion loss for H1 2024
Author : PNT Bureau
Kaisa Group expects a net loss of 8.8 to 9.8 billion yuan (approx. USD 1.23 to USD 1.37 billion) for H1 2024 due to a steep decline in property deliveries and higher impairment provisions. This follows China's property sector's severe downturn, with housing sales falling 6.5% in 2023 and 35.9% from 2021's peak. The industry struggles with unsold inventory, project delays, and regulatory impacts, mirroring challenges faced by peers like Agile Group and Sunac China. The Chinese government is exploring measures to stabilize the market, but recovery remains uncertain....
Affordable Living in Canada: Thunder Bay and Saint John lead the way
Author : PNT Bureau
Families are exploring more affordable Canadian cities as housing costs rise. Thunder Bay, Ontario leads the list with average monthly mortgage payments of $1,600, offering outdoor activities and cultural diversity. Saint John, New Brunswick follows at USD 1,400, boasting historic charm and natural wonders. Red Deer, Alberta, known for entrepreneurship and low taxes, averages USD 2,050 monthly. Trois-Rivieres, Quebec is highlighted for affordability and cultural richness. These cities provide a balance of cost savings and quality of life, featuring various attractions from natural beauty to urban amenities. When considering relocation, families should weigh housing costs alongside factors like job opportunities, cultural offerings, and overall lifestyle to find their ideal affordable city....
Australia's Lendlease reports USD 1 billion loss amidst strategy change and regulatory delays
Author : PNT Bureau
Lendlease, Australia's top property developer, reported a significant annual loss of AUSD 1.50 billion, a sharp increase from last year's AUSD 232 million loss. The company is restructuring its operations by exiting international construction ventures, aiming to free up AUSD 4.5 billion in capital. This strategic shift, along with delays in a major AUSD 1.3 billion sale of community projects, has impacted financial performance. Despite these challenges, Lendlease sold AUSD 1.9 billion in assets by year-end, moving towards its target of AUSD 2.8 billion by 2025. Investors remain concerned about the company's development pipeline and strategic direction....
UK home sales take record 179 days, nearly double the global average
Author : PNT Bureau
A study by Moverly reveals that selling a home in the UK takes an average of 179 days, the longest among surveyed countries. This duration is significantly higher than the global average of 110 days, with the US having the fastest sale completion at just 53 days. The delays in the UK are attributed to outdated legal practices, particularly in conveyancing. Calls for modernisation and digitization in the real estate sector could reduce selling times by up to 70%, potentially aligning the UK with quicker global markets and enhancing the overall home-buying experience....
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