Global Homebuilders And Real Estate [Housing Tracker]
Seeking Alpha's Housing Tracker is a collection of housing-related excerpts from various sources, grouped by topic. Feel free to post any interesting links on the subject in the comments section below.
Dubai Moves to Bolster Domestic Property Market. “The government here blessed the proposed merger of two big home lenders and said a government-backed fund would start investing in domestic real estate, moves that could shore up a suddenly vulnerable property market… Regional banks are scrambling to lend to all companies and developers looking to expand amid the boom… Today's seized-up credit markets overseas have closed off funding… Late last month, the UAE's central bank said it would offer more than $13.5 billion in special lending to banks that needed funding. The region's small but fast-growing mortgage lenders -- which can't rely on deposits to back up lending -- could be facing particular pressure to consolidate in today's credit landscape.” (WSJ, Oct. 6)
Agra Leads Plunge in Brazilian Homebuilders After Canceled Deal. “Agra Empreendimentos Imobiliarios SA led Brazilian homebuilders lower after its acquisition by a bigger rival was canceled and Goldman Sachs Group Inc. cut its recommendation on the industry due to the credit crunch. Agra declined 82% to 1.07 reais on the Sao Paulo stock exchange after Cyrela Brazil Realty SA Empreendimentos e Participacoes, Brazil's largest real estate company, canceled an agreement to buy the company. Rossi Residencial SA, Brazil's fourth largest homebuilder, fell 20% to 3.70 reais, the largest drop in the benchmark Bovespa stock index.” (Bloomberg, Oct. 6)
No End Seen To Liquidity Woes For India’s Real Estate Developers. “The Indian real estate industry, until recently a booming business, is now struggling for financing from banks... Most of the industry relies largely on bank borrowings, though large companies in this business also have access to internal accruals, private equity, venture funds and equity markets. Smaller realty developers typically count on banks for 70-80% of their financing. But after RBI prohibited banks and housing finance firms from lending for land purchases last year, the regulator also made project commencement certificates from civic authorities mandatory for bank funding, making its tougher for developers to access capital from formal lenders.” (LIveMint, Oct. 6)
Hong Kong Left Exposed To Credit-Crisis Fallout. “Hong Kong’s premium office space… is facing huge pressures. High-end property is unlikely to do well, given its dependence on investment markets and Chinese entrepreneurs. Mass-market property will be sensitive to a dip in the job market. There has been little sign of major casualties here so far, but this weekend, Hong Kong's Secretary for Labor and Welfare Mathew Cheung predicted jobs will go. Anecdotally… job vacancies in Macau's gaming industry fell 85% during Q2, showing crunch time has hit the once-booming gaming tables - Main Street in Macau.” (MarketWatch, Oct. 5)
Builder Offers To Pick Up Mortgage For A Year. Canada: “A detached-residence builder, [Epic Homes] recently gave new-home prospects two new reasons to do business with it -- a new model and an offer to pick up a year's worth of mortgage payments… Highland Vistas residences start at $479,980. Highland Forest homes, at $634,980.” (Vancouver Sun, Oct. 4)
Moscow Super-Rich Pour Millions Into Luxury Homes. “The world outside may be in the thralls of crisis, with house prices plunging, markets slumping and banks collapsing; but Russia's cocooned super-rich can still spare 2.5 billion roubles ($99 million) for a Moscow townhouse apartment within strolling distance of the Kremlin. Spurred by petrodollars and booming consumer confidence, Moscow's real estate - where sky high prices can outpace Manhattan and London - has so far avoided following the local stockmarket's downward spiral… Property agency Agent 002 said last Friday an unnamed buyer had splashed out on the seven-storey 1,300 square meter apartment near the Kursk railway station.” (Reuters, Sept. 30)
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