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Real Estate Briefing 11.Jun 2009

Posted on 11 June 2009 by Laxman |  Email |Print

From Forbes: The real estate bubble, or maybe it was a credit bubble, is gone and not likely to return. Home builder stocks and financial stocks aren’t likely to rebound to the point where valuations get out of hand.
Tech stocks recovered somewhat after the 2000 crash, but the bubble never reinflated. So fundamental investors might have good luck with KB Home or JPMorgan Chase going forward. The crazy times are behind us; fundamental analysis is back……..Full Article: Source

Posted on 11 June 2009 by Laxman |  Email |Print

From Internationallawoffice.com: With the slowdown in the wider economy resulting in reductions in real estate values, lawyers for purchasers and vendors of real property are spending more time on the basics.
Specifically, title insurance is the focus of renewed attention as parties want to ensure that their interests are sufficiently protected. Many commercial lenders and owners of real property are concerned with their title insurance protection. …….Full Article: Source

Posted on 11 June 2009 by Laxman |  Email |Print

From Watoday.com.au: Listed real estate investment trusts (REITs) offer good longer term returns because many of them have recently raised equity to buy heavily discounted properties, the world’s biggest real estate company says.

Steve Carroll, senior managing director of CB Richard Ellis’s (CBRE) global real estate securities division, says REITs offer historically good value after the 55 per cent fall in the sector’s price globally since February 2007……..Full Article: Source

Posted on 11 June 2009 by Laxman |  Email |Print

From Propertyeu.info: Investment in commercial property in Europe should increase in the latter part of 2009 following a disastrous first quarter, which saw just EUR 11.4 bn invested in the sector, Cushman & Wakefield predicts in its latest Economic Pulse report.

However, the adviser notes that financing and refinancing remain a major area of concern, with the funding gap looking formidable as loans mature in the next few years and as banks and businesses continue to repair their balance sheets. …….Full Article: Source

Posted on 11 June 2009 by Laxman |  Email |Print

From Propertyeu.info: Further pain in commercial property prices is yet to come, as property prices will continue to slide globally through this year and will only stabilise during 2010.
That is one of the key conclusions of real estate adviser DTZ’s Money into Property 2009 report.

According to DTZ, the prime London City office market is the only key office market globally to offer investors attractive returns at current values……..Full Article: Source

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From Telegraph: NewRiver Retail Limited has become the latest venture to target distressed real estate assets and strengthening talk the battered UK market is reaching the bottom.

It aims to raise up to £250m to “capitalise on the significant and rapid fall in capital values in the retail sector”. …….Full Article: Source

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From Investorschronicle.co.uk: Across the UK, office blocks and shopping centres are turning a deeper shade of red; the value of commercial property has practically halved since the summer of 2007.
However, the growing colony of ‘vulture funds’ waiting to capitalise on this distress are finding that UK banks are playing the role of ‘hunt saboteurs’ and delaying the start of any real blood-letting……..Full Article: Source

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From Propertywire.com: The Spanish property crisis is set to deepen with a new report from the country’s second biggest bank predicting that residential real estate will fall 10% this year and another 12% next year.

The report from BBVA estimates that by 2012 overall property prices will have fallen by 30% since their peak……..Full Article: Source

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From AP: Troubled German lender Hypo Real Estate Holding AG said it would merge its Hypo Real Estate Bank and its DEPFA Deutsche Pfandbrief Bank in an effort to restructure the company after it was taken over by the government.

The Munich-based bank said the group is simplifying and integrating its structures……..Full Article: Source

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From Europe-re.com: Norwegian Property ASA has over a period had an objective to strengthen the balance sheet and to secure a robust financial position for the Company.
In order to achieve this, Norwegian Property has been working to improve debt arrangements and covenant structures as well as evaluated different strategies to raise equity……..Full Article: Source

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From Nubricks.com: A traditional favourite with British holidaymakers, the small island of Malta is hoping to attract the luxury property investor. Once home to mass-market developments, Malta has learnt from its mistakes in the past and is now concentrating on high-end developments.

The Maltese emphasis is on the luxury sector, perhaps nowhere more so than in the capital, Valletta, whose Grand Harbour waterfront is currently seeing the fruits of a long restoration project……..Full Article: Source

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From Gulfnews.com: It is too early to say that reports from financial institutions of a strengthening of property prices in parts of the UAE mark an end to the volatility that has rocked the market in recent months. However, they are a clear indication that consumer and investor confidence - factors which drive the property market - are picking up.

The reports also make it known that corporations and governments in the UAE have been able to raise money on the local and international bond markets. This means financial institutions are starting to lend money again, which will allow companies and governments to invest in development projects……..Full Article: Source

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From Ameinfo.com: A new report by Standard Chartered says Dubai’s property market is beginning to stabilise as mortgages become easier to obtain.
‘The end of the freefall is encouraging,’ Philippe Dauba- Pantanacce, a Dubai-based senior economist at Standard Chartered, said in a report issued yesterday. ‘Yet we would argue that this market had to correct from past excesses and further declines cannot be ruled out.’…….Full Article: Source

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From Maktoob.com: Dubai’s property market - down more than 50 percent in some areas from 2008 peaks - is bottoming out and showing signs of stability, a senior executive at real estate firm Landmark Properties said on Wednesday.

In certain areas of the city, homes are being taken off the market as prices reach levels where sellers are not getting their asking price, said Michael Michael, director of sales at Landmark Properties……..Full Article: Source

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From Channelnewsasia.com: Brokerage Nomura said prices of residential assets in Singapore will take a W-shaped recovery, instead of its previous forecast for a U-shaped upturn.

In a research report, Nomura predicts that there will be a positive quarter-on-quarter rise in property prices in the third quarter of this year……..Full Article: Source

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From Nationmultimedia.com: The upheaval in global financial markets and the deflating world economy continued to weigh on Singapore’s real-estate investment market in the first quarter, says global real-estate services firm Colliers International.
Unprecedented crisis has eroded market confidence, resulting in declining property prices and slow investment activity, and this has been exacerbated by a cautious lending policy adopted by banks, the company said in a report……..Full Article: Source

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From Dow Jones: Tiny, far-flung China Housing & Land Development (CHLN) has one answer to the global real-estate crisis: Turn to western China.

Rising residential sales, higher prices and a better outlook than in the U.S. give western China a much rosier glow despite uncertainty about housing almost everywhere……..Full Article: Source

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From Cctv.com: China’s National Bureau of Statistics has launched a survey on the expenses of property developers in 40 major cities, including Beijing and Shanghai.

The Bureau says the survey will target certain housing developers, and it will also include commercial housing projects with transactions conducted between January 2008 and April of this year……..Full Article: Source

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From Chinadaily.com.cn: With property prices in major Chinese cities beginning to perk up, the land transaction market touched a new high in May, thanks to realtor’s improved cash flow, loosening credit environment and lesser worries of inflation.

Last month, land sales in Beijing exceeded the total amount sold from January to April……..Full Article: Source

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From Reuters: Shanghai Real Estate is offering to buy back $200 million of its 8.625 percent bonds maturing in 2013, according to a stock exchange filing on Tuesday from the Chinese property firm.

Investors tendering their SRE bonds by an early deadline of June 18 will receive up to 80 cents to the dollar, consisting of a basic offer price of 72.5 cents, a premium of 6.2 cents as an inducement to sell the debt early and 1.3 cents to consent to waiving certain bond covenants……..Full Article: Source

Posted on 11 June 2009 by Laxman |  Email |Print

From Bworldonline.com: The average annual property price decline in Chinese cities was less sharp in May than in April, pointing to stabilization in the market.

Property prices in 70 cities fell by 0.6% in May from a year earlier compared with a drop of 1.1% in the 12 months to April, the National Development and Reform Commission, the economic planning agency, said yesterday……..Full Article: Source

Posted on 11 June 2009 by Laxman |  Email |Print

From Expressestates.in: To begin with, REMFs are the Indian avatar of the international REITs platform, adapted to the existing Indian mutual funds platform.
As for their potential in the current context - while everybody is now working on entry and creating assets, the important question of who will buy these assets to provide an exit to the developers / investors needs to be addressed. …….Full Article: Source

Posted on 11 June 2009 by Laxman |  Email |Print

From Themovechannel.com: New research has revealed that residential property prices in the Land of the Long White Cloud are continuing to stabilise and values improved by a considerable amount last month, giving hope that the New Zealand market is bouncing back from the brink…

With both volume and median sale price of houses changing, economists are saying the property market - a leading indicator of the whole New Zealand economy - is slowly improving……..Full Article: Source

Posted on 11 June 2009 by Laxman |  Email |Print

From Reuters: Australian property trusts are cashed up and ready to start a round of a consolidation in the sector by buying up distressed assets, U.S.-based property fund manager CBRE Global Real Estate Securities said on Wednesday.

Australian property trusts and companies have raised nearly A$9 billion ($7.2 billion) of equity this year to bolster balance sheets against falling asset values and to pay off debt, but some of the proceeds will be also used to chase distressed assets, according to the CBRE fund manager……..Full Article: Source

Posted on 11 June 2009 by Laxman |  Email |Print

From Bloomberg: CB Richard Ellis Group Inc., the commercial property broker with $2.4 billion in debt, surged 14 percent after announcing plans to raise up to $550 million selling shares and debt to the public and to investors including the U.S. hedge fund run by billionaire John Paulson.

The Los Angeles-based company will sell 13.4 million shares to Paulson & Co. for gross proceeds of $100 million, it said in a regulatory filing. It may raise another $50 million in a series of stock sales managed by JPMorgan Chase & Co. and also plans to sell by private placement $400 million in notes repayable in 2017, it said……..Full Article: Source

Posted on 11 June 2009 by Laxman |  Email |Print

From Propertyeu.info: The world’s largest property adviser CB Richard Ellis announced on Wednesday plans to sell $400 mln (EUR 286 mln) of 10-year notes and $150 mln of shares to pay down its short-term debt.

The senior subordinated notes mature in 2017 and will be sold in a private placement, the US-listed company said in a press release……..Full Article: Source

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