As the summer leisure travel surge subsided, the U.S. hotel industry reported August occupancy at 63.2 percent, down 11.3 percent from August 2019. Average daily rate reached $137.57, up 3.7 percent from August 2019. Revenue per available room was $86.88, down 8.1 percent from August 2019.

Homes sold in July received an average of 4.5 offers each, up from 2.9 offers a year earlier with about 23% of existing sold homes purchased in cash, up from 16% a year earlier.

Google said it is buying a Manhattan office building for $2.1 billion. The deal for the new building on Manhattan’s West Side is the most expensive sale of a single U.S. office building since the start of the pandemic—and one of the priciest in U.S. history.

Market participants increasingly believe that Beijing will let China property developer Evergrande fail and inflict losses on its shareholders and bondholders. The company’s debt burden is the biggest for any publicly traded real estate management or development company in the world.

Invesco is in talks to merge with State Street’s asset-management business. State Street’s asset-management unit manages nearly $4 trillion in assets while Invesco oversees $1.5 trillion in assets and manages a large ETF business.

Pimco also has become a more active real estate investor after its parent, Allianz SE, put the firm in charge of managing its Allianz Real Estate investment business. Between its own investments and those made by Allianz, Pimco acquired $12 billion in private commercial property between January 2020 and June 2021. The combined Pimco and Allianz real-estate business also originated or invested in $7 billion in real-estate loans during that time.

Median household income was $67,500 in 2020, down 2.9% from the prior year.

National asking rents rose 10.3% in August, measured on an annual basis. That marked the first double-digit increase in the more than 20 years this data has been collected.

Shares in Chinese commercial-property developer Soho China Ltd. tumbled 35% Monday, after Blackstone Inc. abandoned a $3.3 billion takeover in the face of an unexpectedly long regulatory review.

The business is growing rapidly. One group of crypto lenders has $25 billion in loans outstanding to individual and institutional clients, up from $1.4 billion a year ago.