Modern Land (China), Co. a 21-year-old developer that focuses on green projects, failed to repay a $250 million dollar bond that matured Monday, adding to a string of missed payments by Chinese real-estate companies.
Modern Land (China), Co. a 21-year-old developer that focuses on green projects, failed to repay a $250 million dollar bond that matured Monday, adding to a string of missed payments by Chinese real-estate companies.
China Evergrande Group made an overdue interest payment of $83.5 million to international bondholders in an unexpected move that allows the property company to stave off a default on about $2.03 billion of dollar bonds.
Eviction filings in court were up 8.7% in September from August. But the rate is still low on a historic basis, and, at 36,796 filings, it is roughly half the average September rate pre-pandemic.
The number of workers returning to traditional office space has been edging higher since the week of Labor Day, when an average of 31% of the workforce was back in 10 major cities. The average hit 36% during the week that ended Oct. 8, a new high during the pandemic period.
The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the U.S., rose 19.7% in the year that ended in July, the highest annual rate of price growth since the index began in 1987.
Gun maker Smith & Wesson Brands Inc. is moving its corporate headquarters from Massachusetts to Tennessee, joining other firearms manufacturers that have moved from the mid-Atlantic and Northeast to Southern states with less restrictive gun laws. The company will invest more than $125 million to relocate its headquarters.
Overall, publicly traded U.S. companies own land and buildings valued at $1.64 trillion. That is up 38% from 10 years ago, and the highest for at least the past 10 years.
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.