Industry regulations
China's previously booming real estate market has entered a cooldown phase since the government introduced a property business tax from June 1. The tax, which ranges from 5.5% to 5.5%, has caused both buyers and sellers to hold back from making new deals. Sellers are seeking
Real estate industry
South Korea's financial regulator, Chairman Yoon Jeung-hyun of the Financial Supervisory Commission, has emphasized the need to curb housing mortgage loans by adjusting the loan-to-value (LTV) ratio in select areas. This move aims to combat soaring housing prices, particularly in southern Seoul, without stifling genuine demand for housing
Real estate industry
Mitsubishi Corp. and U.K.-based real estate developer Grosvenor Group Holdings Ltd. are teaming up to expand their real estate fund operations, marking a significant move into the Japanese market. The joint venture plans to launch a roughly 33 billion yen (US$304.1 million) real estate fund for
Banking industry
The Australian construction sector has been heading towards the bottom of its current slowdown, with the Reserve Bank of Australia (RBA) increasingly likely to leave interest rates on hold. Despite a 6.8% decline in building approvals in March, seasonally adjusted, and a 19.1% fall in the year to
Banking industry
A proposal by General Property Trust (GPT) to internalise the management of the trust, with a new company owned by GPT unitholders, is set to go to a unitholder vote on June 2. The move, which is seen as being in the best interests of unitholders, would also involve a
Banking industry
Macquarie Bank's executive director and head of property investment management, James Hodgkinson, has suggested that the company may launch a real estate investment trust (reit) in Hong Kong later this year if certain curbs are lifted. The suggestion comes after the Securities and Futures Commission (SFC) sought the
Banking industry
A recent scandal involving the Beijing-based real estate firm, Beijing Huayuanda Real Estate Development Company, has come to light as the Bank of China (BOC) has accused the company of fraudulently obtaining approximately 645 million yuan (US$78 million) in mortgage loans. The loans were allegedly obtained using falsified housing
Banking industry
China's central bank has sounded a warning about a potential rebound in fixed investment and continued inflationary pressures, while pledging to maintain a prudent monetary policy in 2023. The People's Bank of China (PBOC) cited rapid growth in fixed investment as a major symptom of economic
Banking industry
China has announced a new regulation allowing foreign investors to fully participate in the country's leasing industry, marking a significant step towards globalization of the sector. The Ministry of Commerce in Beijing has published a regulation amending the previous provisional regulation implemented in 2001, which will come into
Financial services
Countrywide Home Loans, Inc., a national leader in residential finance, and Coldwell Banker Wachholz & Company have announced the formation of Granite Peak Mortgage Services, an operating division of Countrywide Mortgage Ventures, LLC. This joint venture aims to simplify the home buying and selling process by offering a wide array
Financial services
As part of a lighthearted campaign, Apartments.com has launched a contest to find a young adult who is eager to leave their parents' home and live independently. Three finalists from Chicago, Orlando, and Mt. Arlington, New Jersey have been selected, and the public can vote for their favorite
Financial services
Tompkins Builders, Inc., has secured a significant contract to develop the Capitol Hill Towers/Marriott Courtyard project in the heart of Washington, D.C. The $55 million contract, awarded to Tompkins, will result in the construction of two 14-story buildings, including a 344-unit rental apartment building and a 204-suite hotel,
