Psst! Me Old Cocker. Got 175 Rock? London's Most Expensive Gaff For Sale In Whisper Listing
Real Estate
Office Landlords Shifting To Tiered-Membership Model In Hong Kong
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Suck It Up: Dyson Takes Multimillion-Dollar Loss On Singapore Digs
"An offer of S$62 million has been accepted for the "super penthouse" – or a drop of more than 15% from Dyson's purchase price. -
Swire Properties Sells 21-Story Hong Kong Building For $1.27 Billion
"Swire Pacific attributed its interim loss to the slump in the business of its Cathay Pacific Airways unit.
The Latest
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Hong Kong Property Giant New World Faces Severe Losses Amidst Market Slump
New World Development Co., one of Hong Kong's major property developers, is bracing for an unprecedented financial downturn, forecasting a net loss of up to HK$20 billion ($2.6 billion) for the fiscal year ending June 2024. This projected loss marks the company's first annual deficit in two decades and has led to a sharp 13% decline in its share price, hitting its lowest level since 1986, according to Bloomberg data. 
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New Real Estate Rules Shake Up Home Buying: Buyers May Now Shoulder Agent Commissions
The landscape of home buying and selling in the U.S. is poised for a significant shift as new rules governing real estate transactions take effect this Saturday. These changes, which are expected to have widespread implications, particularly impact how real estate agents are compensated, potentially altering the financial responsibilities for both buyers and sellers in the housing market. 
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Evergrande Seeks to Recover $6 Billion from Founder and Former Executives
China Evergrande Group has announced that its liquidators are seeking to recover approximately $6 billion from seven defendants, including the company's founder Hui Ka Yan and several former top executives. This move comes amidst Evergrande's ongoing efforts to navigate one of the largest liquidation cases in China's history, stemming from its massive $300 billion in liabilities. 
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Manhattan Real Estate Shifts to Buyer's Market Amid Price Drops and Inventory Surge
Manhattan's real estate market is experiencing a notable shift, with falling apartment prices and rising inventory marking a transition to a buyer's market. In the second quarter of 2024, the average sales price of Manhattan apartments decreased by 3%, settling just above $2 million, according to reports from Douglas Elliman and Miller Samuel. The median price saw a 2% drop, reaching $1.2 million, while luxury apartment prices declined for the first time in over a year. 
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Mortgage Rate Eases to 6.86%, Lowest Since April, Amid Expectations for Continued Decline
The national average for a 30-year fixed-rate mortgage has declined for the fourth consecutive week. According to Freddie Mac's latest report, the rate inched down to 6.86% from 6.87% the previous week, marking its lowest point since early April. This trend offers a glimmer of hope for a housing market that has been sluggish due to high rates and affordability challenges. 
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Mainland Demand Drives Hong Kong Rents Back to Pre-Pandemic Levels
An influx of job seekers from mainland China is driving Hong Kong rental prices higher, bringing them back to their pre-pandemic levels in 2019. 
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China's Property Market Continues to Plummet Despite Government Intervention
China's property market continues to struggle, with the latest data revealing the most significant drop in new home prices in nearly a decade. Despite Beijing's efforts to stabilize the sector, the National Bureau of Statistics (NBS) reported that prices in 70 major cities fell by 0.7% in May from April. 
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China Fines Evergrande’s Hengda $577 Million for Fraudulent Bond Issuance
China's financial regulatory body has imposed a substantial fine on China Evergrande Group's onshore flagship unit, Hengda Real Estate, amounting to 4.18 billion yuan ($577 million) for fraudulent bond issuance and illegal information disclosure. 
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Mortgage Rates Top 7% Again Amid Federal Reserve's Inflation Concerns
Mortgage rates have once again surged past 7%, hitting an average of 7.03% for a 30-year fixed mortgage this week, up from 6.94% the previous week, according to Freddie Mac. This marks a return to higher rates that have predominantly hovered above 7% since mid-April, after a brief period of decline. 
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US Home Sales Unexpectedly Drop in April Despite Increased Inventory and Rising Prices
Sales of previously owned homes in the United States unexpectedly fell in April, marking the second consecutive monthly decline, as higher mortgage rates and escalating home prices continued to weigh on demand.
