HONG KONG—Chinese developer Shimao Group has missed the interest and principal payment of a US$1 billion offshore bond due on Sunday in the latest blow to China’s embattled property market. Shimao was unable to pay a total of US$1.023 billion in principal and interest to creditors of a senior note listed on the Singapore Exchange,…
New South Wales Launches Shared Equity Housing Scheme
Frontline workers and singles over 50 will receive “a leg up” into the New South Wales (NSW) property market, with the state government to introduce a shared equity housing scheme in this week’s budget. Premier Dominic Perrottet says housing affordability is becoming a challenge for families across the state. “Whether you’re in the city, or you’re…
Australia’s New South Wales Launches Shared Equity Housing Scheme
Frontline workers and singles over 50 will receive “a leg up” into the New South Wales property market, with the Australian state government to introduce a shared equity housing scheme in this week’s budget. Premier Dominic Perrottet says housing affordability is becoming a challenge for families across the state. “Whether you’re in the city, or you’re…
China Property Market Slumps on Developers’ Debt Crisis, Weak Buyer Sentiment
HONG KONG—China’s property market, a key pillar of the country’s economy, has weakened sharply in the past year as a result of the Chinese regime’s clampdown on excessive borrowings by developers, and a COVID-19-induced economic slowdown. Related CoverageChina’s Lockdown of Nearly 400 Million Set to Strike an Economic Blow So far this year, more than…
China Cuts Borrowing Rate More Than Expected Amid Economic Slowdown
SHANGHAI—China cut its benchmark reference rate for mortgages by an unexpectedly wide margin on Friday, its second reduction this year. The country’s economy took a hit after the Chinese regime imposed extreme COVID-19 restrictions, causing huge disruptions to activity. China, in a monthly fixing, lowered the five-year loan prime rate (LPR) by 15 basis points…
More Australians Feeling the Crunch From Rental Crisis
Helen Howell is planning to pitch a tent outside her mother’s house in Launceston if she can’t find a place to live in the next month. The 48-year-old Tasmanian has applied for 10 rentals in the past three weeks, but has found many are being snapped up even before they are open for inspection. “We’ve…
A Tradition Called Freedom: The People, The Times, The Belief — Part III
In the People’s Republic of China, the idea of people owning property is just a dream; central planning runs everything from the economy to the number of kids in your family; religious persecution mercilessly shackles people’s heavenly souls to the realm of earth. Having met many Falun Dafa practitioners persecuted for their belief in China,…
Australian Labor Party’s Campaign Focus on Housing Affordability
An impending interest rate rise and a new opposition shared equity plan to get thousands of people into homes has intensified the spotlight on property affordability. Federal Labor says the cost of buying a home will be slashed by up to 40 percent for about 10,000 low to middle income earners a year if it…
Cost of a UK Home by the Sea Soars by More Than £22,000
The average price of a home by the sea has jumped by more than £22,000, with coastal property values boosted by the switch to home working during the pandemic, according to a report. Lending giant Halifax said the average value of a British seaside property rose to £287,087 last year, up 8 percent or £22,082…
Multiple-Property Holders Own Upwards of 41% of Housing in Some Provinces: StatCan
New data from Statistics Canada shows multiple-property owners held between 29 and 41 percent of the housing stock in Ontario, British Columbia, Nova Scotia and New Brunswick in 2019 and 2020. The data from the Canadian Housing Statistics Program, which includes both residential and recreational holdings, reveals multiple-property ownership accounted for 41 percent of Nova…
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