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LATEST ARTICLES
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China’s Project Whitelist, launched at the start of the year, exists to ensure bank funding for property development. But it is there to protect projects, not the developers behind them.
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Encumbered by an impotent fiscal policy and a sluggish stock market, bank lending could be China’s only route to economic recovery.
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Caution at local commercial banks – coupled with the eagerness of large investment banks to foster relationships with private equity players – means large real-estate deals fuelled by back leverage could be primed for a comeback in Europe.
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A private debt hangover in real estate is threatening middle-class retirement savings across Germany. Local banks, which focused more on senior loans, should be safer. But are these lenders ready to finance the recovery in commercial property that the German market so badly needs?
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Former bank examiner Alessandro DiNello stresses resiliency of deposits as NYCB strives to build capital after higher provisions and ratings downgrades.
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After a dire couple of years, the hope had been that the only way was up for US regional bank M&A. But this week’s trauma at New York Community Bank has demonstrated some of the problems that can catch out the unwary as expansion takes them into new regulatory territory.
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Losses on commercial real-estate loans at US regional banks should surprise no one; risk at the heart of the US financial system thanks to weak regulation should shock us all.
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With its economy embattled and investors fleeing in droves, getting good data on China has never been more important. There are some great analysts and research shops out there. But too many China-facing reports suffer from a lack of imagination, groupthink brought on by a fear of irritating Beijing and an over-reliance on state data. That must change.
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At the start of 2023, analysts sized China and liked what they saw: an economy reopening after three years of Covid isolation, and ready once again to roar. Nothing of the sort has happened and corporates and institutional investors are now fleeing the market in droves.
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The Signa Group of companies is complex, but its problems are simple: debt service costs are going up while property values are going down.
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As the Chinese property crisis deepens, a new round of bank-led rescue efforts is on the horizon. While banks must shoulder part of the blame for the crisis, their options for action are limited.
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Real estate has been particularly exposed to the slowdown in bank lending. Nevertheless, logistics remains a bright spot as retail sites continue to adapt and office oversupply persists.
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China is having a shocker of a year. Growth has stalled, deflation is back and global firms are moving production elsewhere as they de-risk from China to boost supply-chain resiliency. FDI is down sharply and exports are sinking. Just as Brexit reshaped the UK’s relationship with the world, has Covid done the same for China?
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The second-quarter earnings season saw more detail from US banks on how they are preparing for the worst in commercial real estate exposures. We look at how the data shapes up for the super-regional sector.
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Banks are not waiting for loans to stop performing before they sell them.
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Fears were already growing about dangers lurking in US commercial real estate even before the wave of turmoil that has hit banks in the last two months. After the pandemic and a rush of rate hikes, there is little debate that the sector is at a turning point – the question is whether something worse is on the horizon.
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Australian banks adore residential mortgages. But they are ignoring a cohort of people who are going to run into a lot of trouble with repayments.
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Commercial real-estate losses will not greatly damage big banks in Europe, but the banks themselves could inflict real damage to commercial real estate.
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Higher interest rates will weigh heavily on the property development lending that makes up the bulk of OakNorth’s loan book. But chief executive and co-founder Rishi Khosla tells Euromoney the bank can maintain its ultra-low loan losses and keep growing.
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As Europe’s economic mood sours, a sharp rise in interest rates is putting commercial real estate through its first big cyclical turn since 2008. The non-bank sector, which has become a vital enabler of funding at higher leverage, now faces a test of its resilience.
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The gating of Blackstone’s $69 billion private real estate fund Breit highlights the risks in semi-liquid investment vehicles, even ones that perform strongly. Pitching US private market exposure to European and Asian retail investors may be slowed by the setback.
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Beijing recently ordered its state banks, including ICBC and Bank of China, to plough $162 billion worth of fresh credit into the country’s troubled property sector. In doing so, they look not proactive but panicky. A negative hit on lenders’ profits is inevitable.
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As the cost of debt nudges higher than potential yield, real estate investors are re-evaluating their exposure to the sector.
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China’s property sector is in freefall and Covid lockdowns are throttling growth as bad loans pile up at the banks. As president Xi Jinping prepares for an unprecedented third term, a deluge of crises threatens to destroy the country's four-decade economic miracle.
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With more than 220 million homes to renovate, banks must provide the necessary funding to avoid being left with non-compliant housing assets. But a lack of standardized data on energy performance certificates makes it difficult to justify lending to some homeowners.
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Portion’s Jason Rosenstein explains why he paid $1.2 million for a plot of virtual land amid the goldrush of corporations launching their brands in the metaverse.
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As more Chinese high-yield names default in the real-estate sector, one of the region’s leading distressed debt investors shares his views on the state of the market – and the investment opportunities that come with it.
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Asian high yield has always been dominated by Chinese real estate, so the Evergrande crisis has shut down the market for new issuance. Is this the chance for non-Chinese issuers to step up?
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Global investors shrug off Evergrande’s woes and welcome a new link to China’s onshore bond market.
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A consensus that Evergrande’s failure will be more like the LTCM unwind than the Lehman bankruptcy could underplay ongoing challenges in hedging Chinese exposure.
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Global investors want to know if troubled Chinese developer Evergrande can meet its bond repayments – but far bigger risks exist, from local government bond defaults to badly run banks exposed to overleveraged developers.
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Evergrande is in trouble, drowning in debt and besieged by angry investors. It is bad news for shareholders, but it also raises harder and darker questions about investing in China.
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Covid-19-fuelled supply chain disruption is helping to funnel global real estate demand to residential, life sciences and logistics.
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Ever since the launch of Vision 2030, housing has been a key priority for Saudi Arabia. Along with the home building has come a vibrant mortgage market, the formation of a secondary liquidity provider and the building blocks that will lead to a new securitized asset class in global markets.
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Real estate investment trusts are the mainstay of Singapore listings, a rare example of liquidity and foreign interest in an otherwise dull local bourse. Two contrasting mergers tell intriguing stories about where the Reit market goes from here.
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Nothing in China is straightforward, but everything happens for a reason.
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The Euromoney Real Estate Survey 2020 is our 16th annual survey of the global real estate markets and canvasses the opinions of the leading firms involved in the real estate sector worldwide.
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The long lines that have appeared outside reopened retail stores will not be enough to stave off the inevitable crisis in commercial real estate.
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China has moved closer to approving its first onshore real estate investment trusts. When tax and gearing issues are overcome, the market could overtake the US to be the world’s largest, bankers say.
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Mindspace hopes to raise more than $150 million in IPO slated for the end of March; more Reit sales to follow in Mumbai during the next 18 months.
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The Euromoney Real Estate Survey 2019 is our 15th annual survey of the global real estate markets and canvasses the opinions of the leading firms involved in the real estate sector worldwide.
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OUE real-estate investment trust (Reit) merger follows Viva-ESR; hope is to create better liquidity in stocks.
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India’s first real estate investment trust is being fast-tracked to IPO before the end of February. Bankers expect the primary offering to raise more than $1 billion, giving a much-needed fillip to the country’s capital markets.
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After a few years of underperformance, India’s property market is back on form. Prices are rising in commercial and residential real estate, with demand driven in large part by inward investment from blue-chip US corporates. The next big step is listed onshore real estate investment trusts, set to hit the market in 2019.
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Thirty-year mortgages on houses in cyclone, wildfire, flood and drought zones? Systemic risk is building.
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Banks and non-banks are battling for market share in a property market that finally seems to be slowing down in the face of multiple headwinds.
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Private real estate debt is growing, as is the range of approaches that funds are taking to this asset class.
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As we drift towards the end of the year, conferences seem to be full of panels on asset allocation for the 12 months ahead: sometimes a bold investor will go so far as to say what they invest in themselves; sometimes that’s a surprise.
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As jitters about the future of high-street retail in the US and beyond prompt property investors to pare their exposure to the sector, Brookfield Property Group, one of the world’s largest, is busy ramping up.
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Investment in logistics assets is on the up, while interest in retail properties seems to be on the slide, dragged down by the sense that they are the past, not the future. But bricks and mortar may yet have some bounce in it.
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Euromoney magazine has released the results of the 2017 Real Estate Survey.
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Find out which companies are rated the best developers, advisors and banks in global real estate in the latest instalment of Euromoney’s Real Estate Awards.
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UK councils are investing in commercial real estate in an attempt to plug their budget gaps, driven by cheap borrowing from central government. It could spell trouble for the sector.
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UK commercial real estate’s post-Brexit shock has proved short-lived, and high-profile gating of investors in a number of UK real estate funds did not precipitate a flood of copy-cat behaviour. But the long-term outlook for investors and lenders in UK real estate remains extremely uncertain.
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Best bank in the Middle East Emirates NBD Best investment bank in the Middle East HSBC Best digital bank in the Middle East Emirates NBD Best bank for financing in the Middle East Citi Best bank for advisory in the Middle East Barclays Best bank for markets in the Middle East National Bank of Abu Dhabi Best bank for transaction services in the Middle East Abu Dhabi Commercial Bank Best bank for wealth management in the Middle East Audi Private Bank Best bank for CSR in the Middle East Arab African International Bank Best bank for SMEs Bank of Alexandria Best bank transformation Al Ahli Bank of Kuwait Outstanding contribution to financial services Hisham Ezz Al Arab . Country Awards for Excellence 2016: Middle East Awards for Excellence Middle East press release
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CBRE remains top for advisers, Blackstone takes the lead for investment managers and Goldman Sachs is number one in the banks category
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Lehman Brothers and Goldman Sachs have executed what is thought to be the first long-dated Asian property derivative option.
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Credit Suisse is launching a $2.5 billion fund for investment in property. It joins an already extensive list of private equity funds raising cash for the sector. These include Morgan Stanley’s $8 billion fund and private equity fund Blackstone Group’s $10 billion fund. The bank started to market the fund at the end of April and intends to use it for investment globally as it attempts to tap growing investor appetite for geographical diversification in property investment.