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.
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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.
Mar 14, 2017
Stephen Jarislowsky, the billionaire investor and founder of Montreal-based Jarislowsky Fraser, is issuing a series of warnings on the future of Canada’s economy, ranging from the ill-effects he sees if Finance Minister Bill Morneau hikes capital gains taxes to the overvaluation he sees in the nation’s hottest housing market. Below, a selection of thoughts Jarislowsky shared with BNN.
ON TORONTO'S ROARING HOUSING MARKET:
“The housing market in Toronto is definitely something that’s going to come down, and come down with a bang. Not enough is being done in order to control it. This is just an accident [waiting] to happen.”
ON THE IMPACT OF A POTENTIAL CAPITAL GAINS TAX HIKE:
“The existing entrepreneurs will say, ‘Why stay in Canada if I’m going to be taxed not only 52 per cent which I’m currently taxed, but I’m going to be taxed higher than that?’ There’s no reason for them to stay.”
ON LEVELS OF FEDERAL GOVERNMENT SPENDING:
“I believe this government has made a lot of expenditures which were gratuitous and don’t do anything for the country.”
ON THE SPECTER OF A CANADA-U.S. TRADE SPAT:
“Retaliation would be very easy, and I believe both sides of that trade relationship realize that [retaliation] would not be a good idea for either side, so I’m not too scared about Canada.”
ON STOCK MARKET VALUATIONS:
“I don’t believe that stocks today are that much overpriced, except obviously in the more speculative items.”
ON COMMODITIES:
“The commodity prices -- other than oil -- have gone too high for the time being.”
ON OPEC BATTLING WITH U.S. SHALE PRODUCTION:
“I believe that OPEC [if U.S. shale floods the market] will lower the price again in order to try to exclude the addition of wells in the shale oil areas, especially in Texas.”