German Real Estate Firm Adler Reaches Agreement With Lenders
Troubled German real estate firm Adler Group SA has reached a non-binding agreement with bondholders, according to a company statement released on Thursday morning.
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Troubled German real estate firm Adler Group SA has reached a non-binding agreement with bondholders, according to a company statement released on Thursday morning.
The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
Investors are looking for the next policy domino to fall in Asia amid an escalating campaign against a resurgent dollar, after Indonesia used a surprise interest rate hike to defend the rupiah.
Vietnamese billionaire Pham Nhat Vuong pledged to invest at least another $1 billion of his personal wealth into VinFast Auto Ltd., providing the capital needed for expansion of the struggling electric vehicle maker.
Macrotech Developers Ltd., a real estate firm that operates under the brand name Lodha, expects pre-sales to grow about 20% in the year to March after reporting its highest ever quarterly revenue.
Aug 23, 2016
Reuters
,WASHINGTON - New U.S. single-family home sales unexpectedly rose in July, reaching their highest level in nearly nine years as demand increased broadly, brightening the housing market outlook.
The Commerce Department said on Tuesday new home sales surged 12.4 per cent to a seasonally adjusted annual rate of 654,000 units last month, the highest level since October 2007.
June's sales pace was revised down to 582,000 units from the previously reported 592,000 units. Economists polled by Reuters had forecast single-family home sales, which account for about 9.6 per cent of overall home sales, slipping to a rate of 580,000 units last month.
July's increase, however, likely exaggerates the housing market strength as it has not been matched by robust housing starts. Still, sales were up 31.3 per cent from a year ago.
Last months' surprise increase pushed new home sales well above their second-quarter average, pointing to sustained momentum in the market for new homes. Residential construction was a minor drag on economic growth in the second quarter.
Housing market strength, marked by rising home values which are boosting household wealth, is helping to buoy consumer spending, cushioning the blow on the economy from a downturn in business spending as well an inventory correction.
Tightening labour market conditions, which are steadily lifting wages, as well as mortgage rates near historic lows are supporting housing. Reports last week showed groundbreaking on single-family housing projects rose to five-month high in July and sentiment among homebuilders increasing in August.
New home sales are likely benefiting from a chronic shortage of previously owned houses available for sale.
New single-family homes sales soared 40.0 per cent in the Northeast and increased 1.2 per cent in the Midwest. Sales in the populous South jumped 18.1 per cent to their highest level since July 2007. Sales were flat in the West, which has seen a sharp increase in home prices amid tight inventories.
Last month, the inventory of new homes on the market fell 2.9 per cent to 233,000 units, the lowest level since November last year. This means builders will need to ramp up construction activity to meet demand.
At July's sales pace it would take 4.3 months to clear the supply of houses on the market, the fewest since June 2013, and down from 4.9 months in June.
The median price for a new home slipped 0.5 per cent from a year ago to $294,600.