Chinese Property Stocks Rally on Hope for More Policy Support
Shares of Chinese property developers extended a rally after Beijing announced forceful measures to shore up the beleaguered property market.
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Shares of Chinese property developers extended a rally after Beijing announced forceful measures to shore up the beleaguered property market.
The People’s Bank of China will establish a nationwide program to unleash 300 billion yuan ($41.5 billion) in cheap funding to help state-owned companies buy unsold homes, officials announced.
Land Securities Group Plc wrote down the value of its City of London office portfolio by almost 14% last year, dragging the UK commercial real estate landlord to a full year loss.
Football’s global governing body opened the door to potentially moving its headquarters from Zurich, while stressing that it’s “happy” for now having its main office in Switzerland
China’s economic recovery tilted even further toward manufacturing, leaving it more vulnerable to trade barriers and highlighting the stakes of a new bid to shore up domestic demand.
May 1, 2024
The Canadian Press
The Calgary Real Estate Board says April home sales were up 7.3 per cent from last year, driven by growth in the number of relatively more affordable, higher-density properties changing hands.
The board says 2,881 units were sold last month, while the benchmark price across all home types was $603,700 for April — up 9.9 per cent from a year earlier and one per cent from March.
New listings rose 11.5 per cent year-over-year to 3,491 and there were 2,711 units in inventory, 16.2 per cent lower than last year and half the levels traditionally seen in April.
Ann-Marie Lurie, chief economist at CREB, says "persistently high-interest rates" have driven demand toward more affordable properties in the market while contributing to growth of listings for higher-priced properties.
She says supply of homes priced below $500,000 have reported a 29 per cent decline, amid supply growth in homes priced above $700,000.
Properties were on the market for an average of 20 days before selling in April, down 14.4 per cent from last year.
This report by The Canadian Press was first published May 1, 2024.