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Housing Market

Anxious Kaisa investors throw good money after bad

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HONG KONG (Reuters Breakingviews) - Foreign bondholders in Chinese property developer Kaisa, which is starting to default on $12 billion of offshore credit, are offering up to $2 billion to take over stalled housing projects plus restructure debt. A similar proposal failed last year, but as its woes worsen, Kaisa may reconsider. Pricing is the trick.

China finance ministry: Wang Dongwei becomes vice minister

BEIJING China has appointed Wang Dongwei as one of its vice finance ministers, according to the finance ministry's website on Thursday.

Aug 11 2022

New York City drivers could face up to $23 a day congestion charge

New York City could introduce a traffic congestion charge of up to $23 a day late next year, which a study released on Wednesday projected would reduce the number of cars entering Manhattan by 15% to 20%.

Aug 10 2022

U.S. Treasury to allow COVID funds for state, local affordable housing loans

WASHINGTON (Reuters) -The U.S. Treasury said on Wednesday it will allow state, local and tribal governments more flexibility to use COVID-19 rescue funds to boost the supply of affordable housing, including permission to issue direct long-term project loans.

Jul 27 2022

China’s rental push could grease property slide

HONG KONG (Reuters Breakingviews) - Chinese officials struggling to complete $300 billion of stalled apartment projects are mulling flipping them into leased units. More inventory is good in the long run but a falling housing market needs buyers more than renters.

Jul 27 2022

Chinese banks’ half-truths hinder mortgage fix

HONG KONG (Reuters Breakingviews) - A rare mortgage boycott https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.breakingviews.com%2Fconsidered-view%2Fchina-property-crisis-enters-dangerous-next-phase%2F&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7Cda2c5e4e33834cbb5bf108da6942d2f5%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637938032978586340%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=NbH3Bfy%2Fi7sW75g2Skm83dnmSIzV7GJG91ZvpwsP1IA%3D&reserved=0 spotlights the problem with Chinese banks' half-truths about asset quality. Seventeen banks say homebuyers' refusal to pay instalments warrants little concern, but the unfolding pain might double the already underreported bad debt ratio. Coming clean on the mess in a big and traditional safe part of the loan book is a prerequisite to stemming systemic risk.

Jul 19 2022

Yellen says Russian officials have no place at G20 meeting

NUSA DUA, Indonesia U.S. Treasury Secretary Janet Yellen on Thursday said Russian President Vladimir Putin's war against Ukraine was causing a negative spillover around the world and Russian officials had no place at this week's meeting of the Group of 20 major economies.

Jul 14 2022

Chinese property developer Ronshine misses interest payments on two bonds

HONG KONG Chinese property developer Ronshine China Holdings Ltd has not made interest payments on its June 2023 and December 2023 notes, totalling $27.9 million, in the latest blow to China's embattled property market.

Jul 10 2022

China's property bottom leaves few standing tall

HONG KONG (Reuters Breakingviews) - Few are standing tall in the troubled world of Chinese real estate. China Vanke, the second-largest developer by sales, reckons parts of the housing market are recovering. But weaker rivals are struggling and a rebound requires access to borrowing markets where investors remain sceptical.

Jun 30 2022

U.S. mass shooting insurance rates jump as incidents rise

(Reuters) -The cost of buying insurance protection against mass shootings has spiked more than 10% in the United States this year following a string of deadly events, insurers said.

Jun 29 2022