German construction industry faces 17% decline in building permits
Author : PNT Bureau
Germany's construction industry is grappling with a significant slowdown, with a 17% decline in building permits for apartments in April 2024 compared to April 2023, and a nearly 44% drop over the past two years. This decline threatens Germany's goal of constructing 400,000 new apartments annually. Low interest rates and a strong economy previously fuelled a strong property sector, but rising inflation and increased borrowing costs have stalled projects. Industry leaders are calling for government intervention to ease financing access and streamline permitting processes to revive the industry and address the growing housing shortage....
Chinese Central Bank maintains lending rates despite economic struggles
Author : PNT Bureau
China's central bank kept a key lending rate unchanged, opting not to loosen credit despite signs of weakness in manufacturing and real estate sectors. May data showed factory output fell 5.6%, property investments dropped 10%, and home sales plunged 30.5%. The real estate slump followed a crackdown on excessive borrowing by developers. COVID-19 disruptions and falling home prices dampened consumer spending. However, authorities remain optimistic, citing progress in retail sales, high-tech investments, and an appliance recycling program. Online sales rose 11.5%, and vehicle sales climbed 8.3%. While acknowledging challenges, officials pledged more policies to support the ailing real estate market....
Major real estate developments underway in Indonesia's new capital Nusantara
Author : PNT Bureau
Agung Podomoro Land, a leading Indonesian real estate company, plans to build apartment towers worth over USD 270 million in Nusantara, the new capital city. This is one of the first private housing deals in the city, part of a public-private partnership. Additionally, Pakuwon Jati will develop a superblock, including a mall, condominium, and hotels, valued at 5 trillion rupiah. President Joko Widodo aims to declare Nusantara as the new capital this year, with thousands of civil servants expected to move from the overcrowded Jakarta by September, despite recent setbacks involving key project officials resigning....
China's PBOC takes measures to stabilize housing market amid oversupply concerns
Author : PNT Bureau
China's People's Bank of China (PBOC) is addressing a slowdown in the housing sector, grappling with a surplus of unsold completed homes nationwide. Initiatives include a "whitelist" for qualified housing projects to access bank loans, potentially totaling billions in financing. Additionally, a program allowing State-Owned Enterprises (SOEs) to buy unsold homes at "reasonable prices" aims to reduce inventory. Analysts are cautious about the impact, citing concerns over sufficient funding and low purchase prices. The PBOC emphasizes sustainable practices and market adherence, signaling a crucial balance between market stimulation and financial stability....
Hong Kong mansion once owned by Evergrande chairman sold for half its valuation
Author : PNT Bureau
A mansion on the Peak in Hong Kong, previously owned by China Evergrande Group's chairman, sold for HKD 448 million (GBP 57.37 million), half of its 2023 valuation. The 5,000 square foot property was seized by China Construction Bank (Asia) from Chairman Hui Ka Yan in November 2022. The buyer, Sassicaia Company Ltd, remains unidentified. Initially valued at HKD 880 million, the mansion was first put up for sale in March last year. Two other mansions owned by Hui have also been seized, with one failing to sell despite an HKD 500 million valuation. Evergrande's liquidation process excludes Hui's personal assets....
Dubai reveals plans for floating Opera House in USD 8.17 billion Azizi Venice development
Author : PNT Bureau
Azizi Developments, in partnership with Crystal Lagoons, is set to enhance Dubai's skyline with a floating opera house within the luxurious Azizi Venice development. Spanning 366 acres, Azizi Venice features opulent housing around a man-made lagoon, reminiscent of Venice, Italy. The centerpiece is a 2,000-seat floating opera house with a golden stage. Beyond opera, the venue will host ballets, concerts, and events. Azizi Venice offers amenities like pools, a 5-star hotel, schools, and various recreational options. Estimated at 30 billion dirhams (USD 8.17 billion), the project will be completed between 2025 and 2028, promising a unique luxury lifestyle....
Florida's West Coast housing market: North Port leads slowdown amid rising supply
Author : PNT Bureau
A recent Redfin report reveals a cooling trend in Florida's west coast housing market, particularly in North Port. The city has seen a notable increase in housing supply, up 68% year-over-year, coupled with a slight decline (1.2%) in median price per square foot. This shift reflects broader challenges such as rising insurance costs due to frequent hurricanes and a surge in new construction projects across the state. Other cities like Tampa and Cape Coral also show signs of cooling, contrasting with northern U.S. cities experiencing a hot market. The regional variations underscore the diverse dynamics shaping the U.S. housing landscape....
Special Opportunities REIT cancels GBP 250 million IPO
Author : PNT Bureau
Special Opportunities REIT has abandoned its planned initial public offering (IPO) in London after failing to meet its minimum fundraising target of GBP 250 million. Originally aiming for GBP 500 million, the decision reflects investor apprehension amidst declining UK commercial real estate values and economic stagnation. This setback adds to the cautious sentiment in London's IPO market, contrasting with recent successes like Raspberry Pi's debut. Meanwhile, landlord Great Portland Estates raised GBP 350 million through a rights issue, underscoring varied investor responses amid ongoing uncertainties in the UK market's recovery prospects....
Converting offices could provide 60,000 homes in the Netherlands
Author : PNT Bureau
Transforming vacant office buildings near motorways could create homes for over 60,000 households in the Netherlands, according to Colliers. With 18 identified locations totalling 3.8 million square metres, this solution addresses the growing housing shortage. The Dutch government aims to build 980,000 homes by 2030, but faces challenges such as land acquisition and an overcrowded electricity grid. Projects like The Mayor on the A9 near Amstelveen demonstrate the feasibility of such conversions. Noord-Holland could see 25,000 new homes, Zuid-Holland a 26% reduction in shortages, and Utrecht a 20% reduction. Colliers urges municipalities to support these initiatives....
Tembo Global Industries secures INR 98.50 crore offshore jetty project in the Maldives
Author : PNT Bureau
Tembo Global Industries, a leader in metal product manufacturing and fabrication, has secured a major contract worth INR 98.50 crores through its joint venture, PES JV, for an offshore jetty construction project in the Maldives. This achievement reinforces the company's commitment to excellence and innovation. Tembo Global Industries, known for its diverse portfolio including Pipe Support Systems, Fasteners, and HVAC systems, continues to deliver high-quality, tailored solutions. Directors Sanjay J. Patel and Shabbir Merchant emphasise the importance of this contract in showcasing their expertise and dedication to outstanding results for their clients....
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