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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China Vanke Faces $6.2 Billion Loss Amid Management Shakeup and State Oversight
China Vanke, once a pillar of stability in the country's turbulent property market, announced a projected net loss of $6.2 billion for 2024, marking the largest annual loss in the developer's history. The company also revealed a sweeping management reshuffle, with Chairman Yu Liang and CEO Zhu Jiusheng stepping down. The shakeup comes as the embattled developer grapples with mounting debt, falling sales, and a volatile real estate market. 
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U.S. Home Sales Hit 14-Year Low as High Mortgage Rates Keep Buyers at Bay
The U.S. housing market saw existing home sales decline to their lowest level since October 2010, according to new data from the National Association of Realtors (NAR). Sales of previously owned homes fell by 1% in September compared with August, hitting a seasonally adjusted annual rate of 3.84 million units. This drop marks a 3.5% decrease from the same time last year, highlighting ongoing struggles in the housing sector as prospective buyers face rising mortgage rates and persistently high home prices. 
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Beijing Eases Homebuying Rules as China Ramps Up Efforts to Stabilize Property Market
Beijing, alongside other major Chinese cities, has moved to ease home purchase restrictions in a bid to stimulate demand in the struggling property market. On Monday, Beijing announced new measures aimed at reducing the financial barriers for homebuyers, following similar moves by Shanghai and Shenzhen. 
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Mortgage Applications Surge to Two-Year High as Refinancing Booms
Mortgage applications have soared to their highest level since July 2022, driven primarily by a significant uptick in refinancing activity as mortgage rates continue to decline. According to the Mortgage Bankers Association (MBA), total applications to refinance or purchase a home increased by 11% in the week ending September 20 compared to the previous week. 
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U.S. Home Sales Decline in August Despite Easing Mortgage Rates and Rising Supply
U.S. home sales in August continued their downward trend, marking the slowest annual pace in nearly a year, despite some improvement in mortgage rates and increased availability of homes on the market.
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Mortgage Rates Drop to 6.2%, Lowest Since February 2023, as Fed Rate Decision Looms
Mortgage rates have fallen to their lowest level since February 2023, providing a glimmer of hope for potential homebuyers grappling with a tough housing market. According to Freddie Mac, the average rate on a 30-year fixed mortgage dropped to 6.2% this week, down from 6.35% just a week earlier and well below the 7.18% rate from a year ago. -
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. -
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. 
