All Property Week articles in 05 June 2009 – Page 9
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RAK ready to rescue La Hoya Bay
The Ras al Khaimah Government is willing to take over La Hoya Bay, a Dh2bn ($545m) island property project threatened by the collapse of its developer, a senior government official said Thursday.
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Dubai to unveil new property laws
Dubai is expected to release a new set of regulations governing the property industry within weeks, in a move to increase confidence in a sector hit by falling prices and a growing number of disputes between investors and developers.
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Italians to create REIT in US
Sorgente Group, the Italian investment company that controls Manhattan’s Flatiron building, plans to set up a real estate investment trust in the U.S. to take advantage of a recovery that may start as soon as 2010.
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China housing recovery 'picking up speed'
E-House (China) Holdings, a Shanghai-based provider of real estate services, is recording 'very strong' property sales after volume doubled in the first quarter, Chief Financial Officer Li-Lan Cheng said.
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Australian building up on fresh demand
An index measuring Australian building activity rose in May to the highest in a year, adding to signs that interest rates at a half-century low and government grants are spurring demand for new homes.
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Sweden to part-nationalise 'sick' banks
Sweden is preparing to part-nationalise banks exposed to the economic collapse in Baltic states, raising fears that a string of Western European countries could face similar fall-out from rising defaults in the former Communist bloc.
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Countrywide chiefs sued by SEC
The Securities and Exchange Commission filed civil fraud charges yesterday against Angelo Mozilo, the former Countrywide chief executive, and his two top lieutenants, alleging that they misled investors about the financial condition of the mortgage company in the months leading up to its sale to Bank of America.
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Fed cools expectations of support for mortgage-backed securities
The US Federal Reserve yesterday damped expectations that it was preparing to prop up the market for distressed bubble-era securities backed by mortgages.
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Quintain warns on its future
Quintain Estates & Development has warned there is 'material uncertainty' around its ability to continue as a going concern.
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Halifax index shows gains
House prices saw their largest month-on-month rise in seven years in May, adding to signs that the market may be stabilising after falling almost without interruption since the end of 2007.
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Power dressing Battersea's makeover
New plans for the troubled Battersea power station site in London, unveiled yesterday, display long stratified blocks snaking round the lumbering brick structure and giving definition to courtyards, parks and access routes.
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Helical Bar to raise £500m
Helical Bar: The London-listed property group said that it is planning new development projects such as student homes and retail sites, anticipating that price recovery over the next two years will bring big profits. It has raised about £500m for the investments, including £72m of its own cash and funds ...
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Eurozone interest rates unchanged
The European Central Bank kept eurozone interest rates unchanged at 1% but sharply downgraded its forecasts for the 16-nation bloc. It now expects the eurozone economy to shrink by up to 5.1% this year, with GDP falling by as much as 1% and growing by no more than 0.4%. The ...
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Hammerson sale will cut debt
Hammerson, will reduce its debts by £386m after selling a 75% stake in a London office development in the UK capital’s biggest property deal this year.
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Slade cautious
Mike Slade, head of Helical Bar, has warned that the commercial property market is unlikely to see a significant improvement within the next two years.
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Morrisons profits up thanks to wealthy shoppers
Price cuts and an increasing number of affluent customers helped Wm Morrison, the Bradford-based supermarket, report a like-for-like sales increase of 8.2% in the first quarter.
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Retailers’ woe at Westfield
Retailers at Westfield London are still unhappy with the service charge, despite Westfield’s announcement this week of a 7% reduction for 2009 to £12.98/sq ft – from the £13.94/sq ft retailers were quoted around Christmas 2008
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Risanamento’s survival plan
Italian listed property company Risanamento’s plan to improve its cash resources will include the sale of its Falck project in Milan’s Sesto San Giovanni to a fund managed by Castello SGR and controlled by the company’s creditor banks.
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Next upgrades in Woking
Next is to double its space at Woking’s Peacocks centre after purchasing the 15,145 sq ft former Woolworths, where it will open in September
