China Property Woes Deepen With Vanke Slump, Country Garden Halt
One of China’s biggest property firms delayed its earnings report while another posted a record profit decline as the nation’s real estate crisis shows no signs of easing.
Latest Videos
The information you requested is not available at this time, please check back again soon.
One of China’s biggest property firms delayed its earnings report while another posted a record profit decline as the nation’s real estate crisis shows no signs of easing.
The owners of Saks Fifth Avenue are in talks to raise financing to bolster the cash portion of an offer to buy competitor Neiman Marcus, according to people familiar with the matter, moving two of America’s biggest high-end department stores closer to a deal after years of on-and-off courtship.
Jefferies Financial Group Inc.’s revenue jump — due to strong capital markets and rebounding investment banking — bodes well for the bigger banks due to report in weeks to come.
Blackstone Inc. sold 48 warehouses in Southern California to Rexford Industrial Realty Inc. for $1 billion.
Plunging demand for commodity offices in the US is driving growth for the highest-quality properties, a Morgan Stanley executive said.
Feb 13, 2018
Reuters
VANCOUVER -- The British Columbia government pledged on Tuesday to curb speculative demand and stabilize "out-of-control" housing markets in the province, taking a hard line on local and foreign real estate investors before its release of a new housing policy next week.
The ruling New Democratic Party will unveil measures to address speculation, along with legislation to crack down on tax cheats and money laundering, as part of its budget on Feb. 20, Lieutenant Governor Judith Guichon said in the throne speech outlining government plans for the year.
"Safe, decent housing is a right that is under threat by speculators, domestic and foreign, who seek windfall profits at the expense of people who work, live and pay taxes in B.C.," she said, noting the "first step must be to address demand and stabilize B.C.’s out-of-control real estate and rental market."
She said the budget would offer measures to address the effect of speculation on real estate prices, but provided no other details.
The left-leaning NDP, which took power in June in a post-election deal with the Green Party, has long promised to address skyrocketing home prices and rising rents, particularly in the Vancouver area.
Housing prices have jumped 63 per cent in Greater Vancouver in the past three years, hitting an average $1.06 million in January, according to the Real Estate Board of Greater Vancouver, prompting residents to demand government action.
The throne speech also promised measures to promote rental housing, including allowing municipalities to create rental-only zones.
It said the West Coast province was working with short-term rental and vacation websites to make sure those industries were paying their fair share of taxes. British Columbia announced last week a tax deal with Airbnb Inc, a popular home-sharing website.