Study predicts decade-long struggle for Sydney's median earners to afford homes
Author : PNT Bureau
A study published in the journal Cities predicts that property prices in Greater Sydney will remain out of reach for single median income earners until at least 2031. The research, conducted by Dr. Mustapha Bangura (UTS) and Professor Chyi Lin Lee (UNSW), reveals that individuals earning the median income in NSW struggle to afford property without significant financial support. Analysis of trends from 2004 to 2021 shows a 23.7% price increase from December 2020 to December 2021, with Sydney's median house price at USD 1.6 million. The study underscores the urgent need for policy interventions to address Sydney's housing affordability crisis....
Hong Kong court delays Shimao Group's liquidation petition to August 12
Author : PNT Bureau
Shimao Group's liquidation hearing in Hong Kong has moved to August 12, which gives the company additional time to finalise a revised restructuring proposal with creditors. The petition, filed by China Construction Bank (Asia) over USD 200 million in unpaid loans, follows Shimao's 2022 default on USD 11.5 billion in offshore debt. Recent updates to Shimao's restructuring plan include a minimum cash interest payment for new notes and a reduction in bond conversion prices. The company has extended the deadline for an early consent fee to August 30. The outcome is crucial for Shimao and the wider Chinese property market....
Mr. Cooper Group Inc. to acquire Flagstar Bank's mortgage servicing business for USD 1.4 billion
Author : PNT Bureau
Mr. Cooper Group Inc. has agreed to acquire Flagstar Bank's residential mortgage servicing business from New York Community Bancorp (NYCB) for approximately USD 1.4 billion. The deal includes mortgage servicing rights and a third-party origination platform, aiming to expand Mr. Cooper's customer base by 1.3 million. This sale comes as NYCB faces financial challenges, including a USD 323 million loss for Q2 and difficulties from its recent acquisition of Signature Bank. NYCB plans to shift focus to regional banking, while Mr. Cooper views the acquisition as a strategic growth opportunity. The transaction, expected to close by Q4 2024, reflects broader consolidation trends in the mortgage servicing sector....
U.S. housing market faces decline amid high prices and mortgage rates
Author : PNT Bureau
The U.S. housing market is experiencing a slowdown, with existing home sales falling by 5.4% in June to an annual rate of 3.89 million, the lowest since December. This marks the fourth consecutive month of declining sales and a 5.4% drop from the previous year. Despite fewer sales, home prices hit a record high of USD 426,900, up 4.1% year-over-year. Inventory increased to 1.32 million unsold homes, a 23% rise from last year, translating to a 4.1-month supply. High mortgage rates and rising prices continue to impact the market, with first-time buyers and cash transactions playing significant roles....
Singapore central bank proposes changes to REIT leverage rules
Author : PNT Bureau
The Monetary Authority of Singapore (MAS) has proposed new rules for real estate investment trusts (REITs) to simplify debt management and reduce default risks. Under the new guidelines, Singapore REITs would need to maintain a minimum interest coverage ratio (ICR) of 1.5 times, meaning they must earn SGD 1.50 for every dollar of interest owed. Additionally, the proposal sets a 50% aggregate leverage limit, replacing the current 2.5 times ICR requirement for exceeding a 45% leverage limit. The MAS also suggests that REITs conduct sensitivity analyses to disclose how changes in earnings and interest rates could impact their ICR. These changes aim to stabilise the market and enhance transparency as the MAS seeks public and industry feedback....
Blackstone mortgage trust shares fall 10% after 24% dividend cut amid CRE market struggles
Author : PNT Bureau
Shares of Blackstone Mortgage Trust plummeted by 10% on Wednesday following a 24% reduction in its dividend, reflecting ongoing challenges in the commercial real estate (CRE) market. The cut is attributed to persistent issues in the office space sector, where many buildings remain vacant due to remote work trends. The firm has set aside an additional USD 140 million for expected credit losses, with 55% of its U.S. office holdings now "watch-listed or impaired." Analysts warn this could signal broader issues across the industry. With nearly USD 1 trillion in commercial mortgages maturing in 2024, the sector faces mounting pressures. Despite a USD 61.06 million loss in Q2, Blackstone's CEO remains optimistic about long-term prospects, citing strong liquidity and an investment pipeline....
Hong Kong court delays Country Garden liquidation hearing to January 2025
Author : PNT Bureau
A Hong Kong court has postponed the liquidation hearing for Country Garden, China's major property developer, until January 20, 2025. This delay provides Country Garden more time to finalise its restructuring plan for substantial offshore debt, central to its financial troubles. The petition, filed by Ever Credit Limited due to a USD 205 million loan default, follows Country Garden's default on USD 11 billion in offshore bonds. The company is working on restructuring its debt, with plans to present term sheets to creditors in September. The outcome will significantly impact the property sector and broader market conditions in China....
Germany's housing market faces major shift as single-family home demolitions surpass new constructions
Author : PNT Bureau
Deutsche Bank forecasts a pivotal change in Germany's housing market, predicting that demolitions of single-family homes will surpass new constructions. Annual new builds have fallen from 250,000 in the 1970s to below 110,000 recently, with only 15,500 permits issued in early 2024. High interest rates, construction costs, and land scarcity, combined with ecological concerns, drive this trend. Single-family homes, with higher energy consumption and CO2 emissions compared to multi-family units, face growing challenges. As construction slows, demand for existing single-family homes is expected to increase, potentially raising prices and reshaping the market....
Rising living costs impact 78% of American households
Author : PNT Bureau
The escalating cost of living is straining American households, with 78% of Americans rating the economy as poor or fair, a recent survey reveals. Renters are hit hardest, with 77% describing their financial situation negatively, compared to 53% of homeowners. Rising rental costs lead 20% of renters to consider relocating or downsizing. Inflation is a major concern for 80% of respondents, while 51% report wages lagging behind. Despite a strong job market, only 38.6% are confident in the economy's future. In response, 57% are delaying major purchases, 50% are cutting dining expenses, and 76% are reviewing insurance policies for savings....
NatWest acquires a USD 3 billion mortgage portfolio from Metro Bank
Author : PNT Bureau
NatWest acquired a 2.4-billion-pound mortgage portfolio from Metro Bank and upgraded its annual performance outlook, despite a 16% drop in first-half profit. This acquisition is part of a consolidation trend in Britain's banking sector. Metro Bank's sale, despite a 4% discount, provides much-needed liquidity. NatWest shares rose 6%, showing market confidence. The bank raised its 2024 return on tangible equity forecast to exceed 14% and expects annual income of approximately 14 billion pounds. CEO Paul Thwaite highlighted growing customer confidence and strong asset quality. The government's stake in NatWest fell below 20%, advancing the bank towards full private ownership....
This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Prop News Time reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Prop News Time for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Prop News Time will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 (“RERA”) and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Prop News Time accepts no responsibility for keeping the information on this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Prop News Time does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention of third-party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Prop News Time accepts no responsibility for the content, reliability and information provided on these third-party websites. Prop News Time will not be held liable for any personal information or data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Prop News Time is not liable for the same. All details in the form of news stories, photos and videos provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. This Site is for guidance only. Your use of this Site – including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional–client relationship between you and Prop News Time. Prop News Time cannot accept you as a client until certain formalities and requirements are met.
Cookie Disclaimer
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy
