International News

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Soudah Peaks Master Plan: Saudi Arabia's bold investment in sustainable tourism

Author : PNT Bureau

Crown Prince Mohammed bin Salman has unveiled an ambitious plan to transform Saudi Arabia's stunning Soudah mountain peaks into a luxury tourist destination. Covering over 627 square kilometres, the project will utilize less than 1% of the land for development. With an expected completion date of 2030, the project aims to draw SAR 29 billion in investments, create job opportunities, and attract two million visitors. The master plan includes six distinct zones featuring hotels, resorts, chalets, and entertainment options. It prioritizes sustainability and eco-friendliness, reflecting Saudi Arabia's commitment to both luxury tourism and environmental conservation....

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Portugal implements 30% reduction in mortgage interest rates linked to Euribor

Author : PNT Bureau

The Portugal government has given banks a mandate to apply a 30% reduction to the six-month Euribor rate when calculating mortgage interest rates. This move is critical, as a staggering 90% of Portugal's 1.4 million mortgages are tied to variable rates linked to Euribor, the highest in the euro zone. This measure is aimed at capping mortgage interest rates at 70% of the six-month Euribor rate for the next two years. The recovery of unpaid interest will be initiated by banks after four years. This initiative, combined with existing government interest subsidies for highly indebted families, is expected to assist around one million households, providing stability amid rising mortgage payments and inflation concerns....

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Moody's downgrades outlook for four Chinese real estate companies to 'negative'

Author : PNT Bureau

Moody's, the renowned ratings agency, has downgraded its assessment of four major Chinese real estate companies, shifting their outlook from "stable" to "negative." This move reflects broader concerns about China's troubled property sector, grappling with escalating debt and growth challenges. The affected firms include China Overseas Grand Oceans Group, Yuexiu Property, China Overseas Land, and China Resources Land. The Chinese real estate market has been in turmoil since China Evergrande's 2021 default, and the sector, once a substantial contributor to the nation's GDP, faces headwinds due to government crackdowns and declining home sales. Moody's role as a global financial services company specializing in credit ratings is vital for investors and financial institutions seeking informed decisions in lending and investment....

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China Evergrande delays debt restructuring meeting to reconsider terms

Author : PNT Bureau

China Evergrande has cancelled its scheduled scheme meeting for September 25 and 26, to re-evaluate the terms of its proposed $22.7 billion offshore debt restructuring due to disappointing sales. The troubled property developer, burdened with over $300 billion in total obligations, needs approval from over 75% of debt holders in each category to proceed with the plan. Authorities also apprehended Evergrande's wealth management division employees, signalling potential legal troubles. Furthermore, an investigation into its subsidiary, Hengda Real Estate Group, has impacted the issuance of new notes for debt restructuring. Chairman Hui Ka Yan has advised caution to securities holders and potential investors....

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Singaporean investments in Japanese real estate reach record high in 2023

Author : PNT Bureau

In 2023, Singapore has become the top investor in Japan's real estate market, capitalizing on the yen's devaluation and rising demand in logistics and hospitality. Knight Frank LLP reports that Singaporean investments in Japan have surged to nearly US$3 billion, surpassing investments from the US, Canada, and the UAE. Japan is seen as an affordable and untapped market, with foreign investors attracted by favourable borrowing costs and a post-pandemic tourism resurgence. The hotel sector is favoured, with foreign investors injecting a total of US$2 billion into Japanese hotels in 2023. However, the office sector in Japan has seen waning investor enthusiasm due to hybrid work setups and increased office space availability. Japan ranks as the third most attractive investment location in the Asia-Pacific region for Singapore-based investors, following China and Australia, according to the Kn...

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Property transactions in Malaga Province drop by 16% in 2023

Author : PNT Bureau

Spain's housing market is grappling with a sustained slowdown exacerbated by rising inflation and a high 4.2% Euribor interest rate. Malaga province has seen a significant 16.26% drop in home sales compared to last year, outpacing declines in both the national and Andalucía markets. July witnessed a substantial 23% decline in sales in Malaga province. However, it's worth noting that despite these setbacks, the current housing sales figures, while reduced, remain relatively high compared to levels seen in previous decades. Notably, new home sales in Malaga are declining more sharply than second-hand properties, a contrast to the national and Andalucía trends....

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Housing prices in Germany record largest decline since 2000

Author : PNT Bureau

German housing prices experienced their sharpest drop since data collection began in 2000, with a 9.9% year-on-year decline in residential property prices in the second quarter. This downturn was attributed to high interest rates and rising construction costs. Major cities like Berlin, Hamburg, and Munich saw apartment prices fall by 9.8%, while single and two-family house prices dropped by 12.6%. The housing industry association called for government support, including a cut in value-added tax for affordable rentals and low-interest loans. The government planned to address the crisis with an aid package and regulatory reforms, amid declining construction permits and missed housing construction goals....

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U.S. single-family rental price growth slows to 3.1% YoY in July

Author : PNT Bureau

The U.S. single-family rental market is undergoing notable changes, with CoreLogic's latest data revealing shifting trends across different price tiers. Lower-priced rentals are seeing a significant slowdown in annual growth, in contrast to previous years. Meanwhile, attached single-family rentals are outpacing detached ones, marking a 3.8% year-over-year increase. Among major metros, St. Louis leads with a 7.3% annual rental growth rate, followed by Chicago at 6.3%. However, some cities like Las Vegas, Miami, and Austin are experiencing slight declines in rental costs. This evolving landscape highlights the dynamic nature of the U.S. rental market....

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Japan's real estate boom extends beyond major cities

Author : PNT Bureau

Japan's real estate market is experiencing a broad expansion of property values, extending beyond major cities like Tokyo, Osaka, and Nagoya. This growth is fuelled by factors including increased foreign investment, rising tourism, investments in industries like semiconductors, and urban redevelopment projects. During the first half of the year, property investment in Japan surged by 52%, with international investors accounting for 60% of acquisitions in 2022. Cities like Takayama, Chitose, and Kikuyo are witnessing significant property value increases, driven by tourism, semiconductor projects, and urban renewal initiatives....

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Jeddah Tower, poised to be a $1.2 billion masterpiece in the desert skyline

Author : PNT Bureau

The Jeddah Tower in Saudi Arabia is on track to become the world's tallest building, soaring an astonishing 1,000 meters, surpassing the Burj Khalifa by 172 meters. This $1.2 billion marvel, designed by renowned architects Adrian Smith and Gordon Gill, pays homage to the desert with its striking design inspired by native desert flowers. The tower will house a Four Seasons hotel, luxurious apartments, office spaces, and the world's highest observatory, offering unparalleled views of the Red Sea. With its innovative design to minimize wind forces, 59 elevators, and 12 escalators, the Jeddah Tower, also known as the Kingdom Tower, is set to redefine Saudi Arabia's skyline and capture global admiration....