China's struggling real estate developers resort to unconventional marketing strategies
Author : PNT Bureau
China's real estate crisis has been deepening with a 6% decline in 2023 home sales and an 11-14% drop in secondhand home prices in major cities. Developers initiate fewer projects, homeowners repay mortgages early, and property companies face defaults on USD 125 billion of overseas bonds. Desperate marketing strategies, including unusual promotions, reflect the urgency to stimulate the sluggish market. Economists predict a prolonged downturn, echoing concerns of a Japan-like real estate slump. The Chinese central bank’s intervention and decisive government assistance are urged to address the crisis and mitigate potential defaults, underscoring the urgency for comprehensive measures....
China's Country Garden divests stake in Wilton Greens Project for USD 157 Million
Author : PNT Bureau
Chinese developer Country Garden is divesting a portion of its stake in the Australian residential venture as part of a strategic shift, indicating a potential withdrawal from the Australian market. The sale, conducted by its Australian subsidiary Risland, involves a partial interest in the Wilton Greens development near Sydney, covering about 330 hectares. The sale, valued at USD 157 million to Avantaus, is part of Country Garden's efforts to address its financial challenges and restructure offshore debt. The move follows a series of sales, including the Windermere residential site, highlighting the developer's focus on financial recovery and restructuring....
Blackstone acquires Tricon Residential for USD 3.5 billion
Author : PNT Bureau
Blackstone has acquired Canadian real estate firm Tricon Residential for USD 3.5 billion, making it private and boosting Tricon's shares by 28% in the US market. The deal, closing in Q2, sees Blackstone buying all Tricon shares at USD 11.25 each, a 30.35% premium. Tricon, known for single-family rentals, plans to finish a USD 1 billion U.S. development and a USD 2.5 billion Canadian apartment pipeline. Amid Canada's housing crisis, the government removed a 5% tax on new rental building construction last year. Tricon's shares will delist but remain Toronto-based, focusing on affordable housing in the U.S. Sun Belt and Canada under Blackstone....
Italy's home mortgage rates drop while corporate loans witness an increase
Author : PNT Bureau
Italy experienced a notable decline in the average cost of new home mortgages, dropping to 4.42% in December from November's 4.50%, as reported by the banking association ABI. This represents the first significant decrease in 24 months, attributed to the prevalence of fixed-rate mortgages for households. Meanwhile, corporate loan rates continued to rise, reaching 5.69% in December compared to the previous month's 5.59%. The disparity is explained by the higher Euribor rate for floating-rate debt compared to the IRS rate for fixed-rate loans. The shift in rates reflects contrasting borrowing patterns, benefitting households but increasing costs for businesses....
Danube Properties launches Bayz101, a 101-storey skyscraper in Business Bay, Dubai
Author : PNT Bureau
Danube Properties, a prominent UAE real estate developer, has revealed its most ambitious project yet – Bayz101, a 101-level skyscraper in Business Bay, near Dubai's Burj Khalifa. Celebrating a decade in business, this iconic development aims to strengthen Dubai's City of Skyscrapers status, attracting global attention. With heightened interest from international investors, particularly 32% from India, the project features a popular 1% monthly payment plan. Bayz101, Danube's 28th venture, offers 1,346 homes, diverse housing options, and competitive pricing, reflecting the company's commitment to exceptional living spaces....
China implements coordinated financing strategy to boost housing sector
Author : PNT Bureau
China is intensifying efforts to rejuvenate its struggling housing market by establishing a coordinated financing mechanism. This strategy, devised by the Ministry of Housing and Urban-Rural Development and the National Financial Regulatory Administration, aims to precisely address the financial needs of real estate projects. Facing a liquidity crisis since 2021, this initiative encourages local governments and financial institutions to collaborate in supporting eligible real estate projects. The move is pivotal in stabilizing the housing sector and stimulating growth in the world's second-largest economy, marking a significant shift towards a more resilient real estate market....
Hong Kong Government suspends land sale amidst weak market demand
Author : PNT Bureau
Due to persistently weak market sentiment and high vacancy rates, the Hong Kong Government announced a surprising decision of not selling any residential or commercial land in Q1 2024. Secretary for Development Bernadette Linn attributed the decision to the weak market sentiment, but she reassured that land supply from various sources would still accommodate the construction of 11,530 apartments. The commercial property sector faces challenges with soaring vacancy rates, declining rental prices, and a significant drop in investment deals, prompting cautious optimism for recovery in 2024....
Germany’s major department store chain Galeria Karstadt Kaufhof faces insolvency
Author : PNT Bureau
Galeria Karstadt Kaufhof, Germany’s major department store chain, has filed for insolvency for the third time, attributing the crisis to its owner, Signa, facing broader real estate challenges in Europe. Signa, a conglomerate with a portfolio of 1,000 companies, is facing financial turmoil. The founder, Rene Benko, lost billionaire status, and various Signa businesses are experiencing insolvency. Galeria seeks new ownership amidst talks with potential investors. The struggles highlight the broader impact of rising rates and costs, leading developers to insolvency as financing dwindles, marking a significant downturn in the real estate sector....
Builder of Indian origin accused of orchestrating a $93 million fraud scheme in the U.S.
Author : PNT Bureau
The Securities and Exchange Commission (SEC) in the U.S. has charged Indian-origin real estate developer Rishi Kapoor and associated entities for an alleged $93 million fraud scheme. Kapoor, accused of deceptive practices from 2018 to 2023, faces allegations of misusing investor funds, misrepresenting returns, and diverting millions for personal use, including purchasing a yacht and leasing a sports car. The SEC seeks injunctions, penalties, and the retrieval of wrongfully acquired gains, aiming to address alleged fraud in real estate investments and restore confidence in regulatory oversight....
Dusit Princess Phatthalung Unveils ‘Resort-in-the-City’ Experience in Southern Thailand
Author : PNT Bureau
Dusit Princess Phatthalung, the 15th Dusit-branded property in Thailand, opens in the southern city. It promises to offer a ‘resort-in-the-city’ experience with 132 spacious rooms. Inspired by local culture, it features a sculptured pool, yoga classes, and a state-of-the-art ballroom. The hotel emphasizes locally sourced ingredients, including organic Sangyo brown rice. Phatthalung’s rich cultural heritage, renowned markets, and natural landmarks add to the allure. Gilles Cretallaz, COO of Dusit International, highlights the brand’s commitment to supporting local growth. To celebrate the opening, a special room package is available until January 31, 2024. Dusit’s extensive global portfolio continues to expand....
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