China’s central bank says Evergrande is unique and most real estate developers are stable

An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. Bobby Yip | Reuters BEIJING — The People’s Bank of China said Friday that indebted developer China Evergrande is its own case, and that most real estate businesses in the country are stable. Property giant Evergrande has $300 billion in liabilities … Read more

Foreclosures are surging now that Covid mortgage bailouts are ending, but they’re still at low levels

A foreclosure sign in front of a house in 2007. Getty Images Foreclosures are starting to surge as government and private sector programs designed to help homeowners deal with the economic fallout of the Covid-19 pandemic have begun to expire. Mortgage lenders began the foreclosure process on 25,209 properties in the third quarter, a 32% … Read more

As mortgage rates shoot even higher, refinance demand plummets 10%

A sharp jump in mortgage interest rates over the past few weeks is taking its toll on mortgage demand. Total application volume fell nearly 7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.  The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 … Read more

Chinese developer misses bond payment as stress spreads beyond Evergrande crisis

A pedestrian crosses a road in front of residential buildings in Beijing, China. Qilai Shen | Bloomberg | Getty Images On the heels of Evergrande’s debt crisis, there are increasing signs of stress in China’s property market after one developer failed to make a bond payment on Tuesday. Ratings agencies have downgraded Chinese developers Fantasia … Read more

Indebted Evergrande set to raise more cash from partial sale of its property services unit

A man drives a cart past apartment buildings at China Evergrande Group’s Life in Venice real estate and tourism development in Qidong, Jiangsu province, China, on Tuesday, Sept. 21, 2021. Qilai Shen | Bloomberg | Getty Images Indebted developer Evergrande is set to sell part of its stake in its property services unit, the second … Read more

Chinese property giant Evergrande has a huge debt problem – here’s why you should care

Chinese real estate behemoth Evergrande faced its biggest crisis in September 2021, spooking markets and prompting comparisons to the collapse of U.S. investment bank Lehman Brothers in 2008.   Since the company’s founding in 1996 by Hui Ka Yan, it has since accumulated more than $300 billion in debt, making it the world’s most indebted developer.    “As Evergrande … Read more

Evergrande spooked investors but one fund manager says it’s a ‘good time’ to invest in Chinese stocks

Aerial photo of intercontinental Shimao pit hotel in Shanghai in golden autumn season, surrounded by fields and fields, with golden paddy fields, Shanghai, China, October 11, 2020. Costfoto | Barcroft Media | Getty Images Fears that Evergrande’s debt crisis could spill into China’s property sector and beyond have spooked investors — but one fund manager … Read more

The Evergrande crisis may just be a ‘tempest in a teapot,’ says analyst

Embattled developer China Evergrande‘s situation is not a surprise, given the steps taken by Beijing to reign in excessive debt in the property sector, according to Orient Capital Research’s Andrew Collier. “This is all a bit of a tempest in a teapot, which sounds funny given that the whole world is worried about Evergrande right … Read more

Existing home sales fall 2% as first-time buyers are priced out

A newly sold home is shown on August 12, 2021 in Houston, Texas. Brandon Bell | Getty Images Sales of previously owned homes declined 2% in August from July to a seasonally adjusted annualized rate of 5.88 million units, according to the National Association of Realtors. Sales were 1.5% lower than August 2020 for the … Read more

Argus upgrades Simon Property Group to buy as recovery plan takes shape

Shoppers ascend and descend escalators at the King of Prussia Mall, owned by Simon Property Group, United State’s largest retail shopping space, in King of Prussia, Pennsylvania. Mark Makela | Reuters Mall operator Simon Property Group is set to emerge from the coronavirus pandemic on solid footing and its stock has room to run, according … Read more