International News

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Chinese banks navigate rate reductions to sustain profitability

Author : PNT Bureau

Amid concerns over China's property sector and economic slowdown, Chinese banks are making strategic moves to cut interest rates on existing mortgages. These rate reductions, ranging from 10 to 25 basis points, are designed to ease the pressure on homeowners and stimulate spending. However, experts warn that these measures could further squeeze banks' net interest margins (NIM) and profitability. While it's an attempt to address mortgage prepayments, this move poses challenges to the banking sector's financial health. Banks are also contemplating reductions in interest rates on fixed-term deposits to strike a balance between maintaining NIM and offering more affordable mortgages....

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Dubai Land Department reports women investors' contributions of $16 billion in UAE Real Estate

Author : PNT Bureau

Women's investments in the UAE's real estate sector have surged, contributing over $16 billion, with a 51% increase in female investors in 2022. Women's ownership of properties in Dubai now stands at 30%. They are diversifying their portfolios, with real estate, technology, and healthcare sectors at the forefront. The 'Invest'HER' initiative has played a significant role in educating and mentoring women in investment. This trend signifies growing financial independence and empowerment among women, actively shaping the UAE's economic landscape....

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Israel tops list of most expensive European countries for homebuyers in 2022

Author : PNT Bureau

Israel's housing market faces a challenging landscape in 2022, with soaring home prices making it one of Europe's costliest places to buy property. Deloitte's report highlights Israel's top position in construction starts but also reveals its second-lowest housing stock per capita. Rising interest rates are putting pressure on mortgage borrowers, while the affordability gap continues to widen. A 70-square-meter home in Israel costs an average of 10.2 years' gross annual salaries. This report sheds light on how these housing market dynamics impact the economy and the quality of life in the country, providing insights into Israel's unique real estate situation....

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Experts predict decline in British house prices amid economic uncertainty

Author : PNT Bureau

Economists and property analysts, surveyed by Reuters ahead of Nationwide’s data release, predict a 4% decline in British house prices for 2023 compared to 2022, a slight increase from the 3% estimate in a previous survey. The most pessimistic forecast foresees a 10% drop. The outlook for 2024 suggests stable prices, with a modest 3% rise anticipated for 2025. This shift reflects growing concerns about the housing market’s trajectory, with factors like rising interest rates and weakening demand causing experts to revise their expectations. The housing market, once on a rapid ascent driven by the pandemic, now appears to be facing a period of adjustment....

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Canadian Bank CIBC to shift focus away from U.S. office real estate due to weak performance

Author : PNT Bureau

CIBC, the Canadian Imperial Bank of Commerce, is planning to reduce its focus on U.S. office real estate due to underperformance in that sector. The bank cited challenges in the U.S. real estate and construction sectors, along with elevated interest rates, as reasons for a significant increase in provisions for bad loans, which tripled to C$736 million ($544 million). This decision follows a trend among Canadian banks, as others like TD Bank, Bank of Montreal, Bank of Nova Scotia, and National Bank also fell short of profit expectations due to increased provisions. Concerns about an uncertain macroeconomic landscape, including elevated interest rates, inflation, and economic growth deceleration, are weighing on the sector....

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Swire Properties makes $1.34 billion bid for 40% stake in Shanghai real estate firms

Author : PNT Bureau

Swire Properties Group, a Hong Kong-based developer, has made headlines with a bold move to invest $1.34 billion in China. The company's strategic bid focuses on acquiring 40% stakes in two Chinese firms holding prime land assets in Shanghai's Pudong district. These coveted properties are slated for retail, office, and residential development, aligning perfectly with Swire's vision of expanding its footprint in mainland China. However, the deal is not without hurdles, as it awaits approval from Shanghai Lujiazui Finance & Trade Zone Development shareholders, a subsidiary of Shanghai Lujiazui Group....

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Marafy: Saudi Arabia's ambitious mixed-use megaproject with a navigable canal

Author : PNT Bureau

Saudi Arabia's Roshn Group is spearheading the ambitious Marafy megaproject near Jeddah, featuring an 11-kilometer navigable canal at its core. Expected to accommodate over 130,000 residents, Marafy's standout feature is the 100-meter-wide canal, set to become Saudi Arabia's first of its kind. It will offer scenic promenades and connect various residential and commercial zones. With water taxis and a direct link to King Abdulaziz International Airport, the canal aims to rival waterfronts in global cities like Chicago, Hamburg, and London. Marafy's cost and completion date remain undisclosed, but it promises to elevate Jeddah's status as a world-class destination....

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Singapore's Global Investor Programme (GIP) updates attract high-value investments and entrepreneurs

Author : PNT Bureau

In 2023, Singapore has secured its position as the third richest nation globally, boasting an impressive GDP per capita of $133,895, according to the Global Finance Richest Countries ranking. This achievement places it behind only Ireland and Luxembourg in wealth. Additionally, Singapore has retained its status as the world's leading international financial centre for the second consecutive year, surpassing Hong Kong in the Global Financial Centres Index. Often referred to as "the Switzerland of Asia," Singapore's success in attracting top-tier business owners and high-net-worth individuals has been a key driver of its economic growth, supported by initiatives like the Global Investor Programme....

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Iconic Deira Clock Tower in Dubai gets stunning Dh10 million revamp

Author : PNT Bureau

Dubai's iconic Deira Clock Tower, a symbol of the city since the 1960s, has undergone a stunning Dh10 million transformation. Completed by the Dubai Municipality, this project blends history with modernity, revitalizing the area with meticulous attention to detail. The Clock Tower roundabout, a significant landmark, features a magnificent new water fountain with a contemporary design, alongside structural enhancements, sustainable landscaping, and innovative lighting systems. This makeover reflects Dubai's commitment to preserving its heritage while embracing modernity, ensuring that the Clock Tower remains a cherished symbol of the city for generations to come....

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China Vanke's profits slide by 19.4% in H1 2023 amid real estate market turbulence

Author : PNT Bureau

Chinese property developer China Vanke, known for its financial stability, reported a 19.4% YoY drop in net profit to 9.9 billion yuan for H1 2023 amid a market downturn. China's real estate sector, a significant part of its economy, is grappling with a debt crisis causing global market concerns. To adapt to the market slowdown, Vanke has reduced land investments, maintaining smooth financing channels through bonds and loans. It has also completed significant offshore refinancing and plans to decrease offshore debt due to rising U.S. dollar interest rates. Company chairman Yu Liang believes the market has "overcorrected" and hopes for swift government easing policies....