PNT Reporter

24 Apr 2023

Earlier this month, Democratic Mayor Karen Bass of LA, made an announcement regarding the city’s severe homelessness crisis. She pledged to allocate a historic sum of $1.3 billion in the next budget to provide shelter and treatment programs for the unhoused individuals. This budget could potentially be utilized to purchase hotels or motels to convert into housing, and to identify other city-owned properties that could be used for sheltering the homeless.Read more

PNT Reporter

21 Apr 2023

New York City's real estate market has seen a surge in demand for rental properties, leading to a record-high median monthly rate of $4,175 in March 2023. Despite an increase in available units, the market is still struggling to keep up with demand. The average lease was signed with a 0.7% discount from the listing price, down from a 5% discount in February. The borough's vacancy rate rose to 2.54% last month from 1.89% a year earlier. Real estate agents expect rents to remain high.Read more

PNT Reporter

20 Apr 2023

Sunac China, a property developer facing challenges, submitted application to the Hong Kong stock exchange to resume trading of its shares starting April 13. The company also announced that it is currently working on implementing a restructuring plan. Trading of Sunac’s shares had been suspended last year due to the delay in releasing its financial results. Last month, the company finally published its overdue interim results for 2022, which revealed a core loss of 11.06 billion yuan.Read more

PNT Reporter

19 Apr 2023

The restructuring proposal of Adler Group SA, aimed at averting the imminent collapse of the German real estate company, was sanctioned by the High Court in London last week, despite resistance from certain bondholders. Judge Thomas Leech granted authorization for the plan after a hearing last week, during which legal representatives for Adler’s English subsidiary stated that the group would likely face insolvency proceedings by the end of April unless the proposal was approved.Read more

PNT Reporter

19 Apr 2023

If sourced are to be believed, Country Garden Holdings, a major real estate developer in China, has secured a loan of HK$900 million ($114.65 million) from a private lender to refinance a bank loan. The loan, extended by Flow Capital (HK) Ltd, an investment firm based in Hong Kong, will primarily be used to repay a Hong Kong loan owed by Country Garden’s subsidiary, amounting to around HK$700 million.Read more

PNT Reporter

18 Apr 2023

House prices in the European Union have declined for the first time since 2015 due to rising borrowing costs, causing a slowdown in the residential property market. According to Eurostat, house prices dropped by 1.5% in the final quarter of 2022, with the largest declines occurring in Denmark and Germany. The decline is expected to continue as interest rates rise, leading to a drop in demand for mortgages and downward pressure on property prices. Analysts are predicting a further deterioration in the coming quarters.Read more

14 Apr 2023

Earlier this month, Oscar-winning actor Brad Pitt sold his Hollywood Hills estate for $39 million days before a mansion tax was implemented. The actor completed the transaction ahead of the April 1 introduction of a 5.5 percent tax on all Los Angeles real estate sales over $10 million, saving him nearly $2.1 million in taxes. The house was built in 1915 and is located near the border of Hollywood Hills and Los Feliz. Pitt sold the property in an off-market transaction.Read more

13 Apr 2023

Last week, Britain’s Home REIT stated that it is actively considering the possibility of selling some of its properties in the near future, as the housing provider deals with various challenges, including tenants defaulting on rent payments. Home REIT has recently been in the spotlight due to an unsolicited takeover approach from Bluestar Group Ltd in February, as well as concerns raised by Viceroy Research in a short-selling report about the ability of the company’s tenants to fulfil their rent obligations.Read more

PNT Reporter

11 Apr 2023

Amancio Ortega, the founder of Zara and a billionaire from Spain, has purchased a high-end apartment building in Dublin, Ireland, containing 120 units for rental purposes. The transaction, which amounts to roughly 100 million euros ($108 million), was announced last week by Ortega’s private company, Pontegadea. This acquisition marks the first time that Ortega’s firm has purchased a residential property outside of the United States, and it is part of the company’s plan to invest in various real estate assets.Read more

PNT Reporter

10 Apr 2023

Last week, Blackstone Inc announced that it had once again prevented investors from withdrawing money from its real estate income trust, which is worth $70 billion. This action was taken in March due to a high number of redemption requests, which the private equity firm had been experiencing. Blackstone has been using its authority to block investor withdrawals from BREIT since November, as the number of requests surpassed 5% of the fund’s net asset value.Read more