All Property Week articles in 17 April 2009 – Page 10
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Shopping mall giant files for Chapter 11
Mall owner General Growth Properties Inc. sought bankruptcy protection early Thursday in one of the largest real-estate failures in US history, capping a precarious, months-long effort to juggle the crushing $27bn debt load it shouldered in past acquisition sprees.
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Australand downgrades outlook
Commercial and residential property developer Australand Property Group has downgraded its profit outlook amid a deteriorating property market and rising financing costs.
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Concern as top HK developers step up pre-sales
Hong Kong's two biggest developers have accelerated pre-sales of at least 2,227 new flats under construction - some at steep price discounts - raising concerns that they expect market conditions to get worse as the projects near completion next year.
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Abu Dhabi market sees sweeping change
The Abu Dhabi property market is entering a period of radical change, with developers finding new ways to sell homes and buyers demanding more equitable contracts.
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Abu Dhabi prices fall secondary market
Properties on offer in Abu Dhabi’s secondary market are dropping back to the original developers’ asking prices as investors move to cut their losses.
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Raffles Hotel put on market
A byword for colonial grandeur, and a favourite watering hole of such literary luminaries as Somerset Maugham, Joseph Conrad and Rudyard Kipling, Raffles Hotel, home to the Singapore Sling cocktail, has been put up for sale for up to $450m (£300m). Apparently, the hotel's owner, Prince Alwaleed of Saudi Arabia, ...
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Builders' view on US housing brightens
A measure of home-builder sentiment rose this month, offering another possible sign that the housing market is beginning to stabilize.
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UBS to cut workforce by 11%
UBS confirmed investors’ worst fears yesterday as it unveiled an estimated loss of almost SFr2bn (£1.2bn) for the first quarter and a cull of more than 11% of its workforce.
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REITs set for overhaul?
The Chancellor Alistair Darling is set to overhaul Reit regulations in his Budget statement next week. Following a BPF request of the Treasury to reform regulations that it claims are obstructing the battered sector's recovery. 'The Reit rules and conditions were conceived in a property boom, and they are not ...
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Laxey steps up battle with Hirco board
Laxey Partners has rebutted criticisms from Hirco, the Indian property investment vehicle, over attempts to vote Hirco’s chairman and other key directors off Laxey’s board.
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Gulf Finance House targets UK
Gulf Finance House:, the Islamic investment bank, plans to launch a £50m UK commercial property fund, according to Alan Durrant, head of asset management at the Bahrain bank.
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Direct property investment down 30%
Direct investment in European commercial real estate went down by 30% to €12bn (£10.5bn) in the first quarter, according to Jones Lang LaSalle. This was 30% down on volumes in the previous quarter and 70% lower than the same time last year.
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Food and drink props up retail sales
Purchases of food and drink, clothing and footwear bolstered overall retail spending last month, more than offsetting declines in purchases of big-ticket items such as furniture, according to the latest survey from the British Retail Consortium.
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Spending on leisure and pleasure up
Britons spend a much bigger proportion of their income on enjoying themselves than they did in the early 1970s, according to the ONS.
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Moody's downgrades building societies
Nine building societies, including Nationwide, have been downgraded by Moody’s amid concerns about their exposure to falling house prices and specialist mortgage loans.
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House prices down for sixteenth month
The price of an average British home fell by 12.3% year-on-year in February, the Department of Communities and Local Government, reported. Prices dropped by 2.7% between January and February, marking the sixteenth consecutive monthly fall.
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Investment in European property falls 30% in the first quarter
The amount of money spent on European property in the first quarter of this year was down 30% on the previous quarter according to research by Jones Lang LaSalle.
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OnlineTime Out HQ bought for £14m
The Bedford Estates has bought the headquarters of Time Out magazine from British Land for £14.1m.
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Government should intervene in Chelsea Barracks, says deputy mayor
Kit Malthouse, one of Boris Johnson’s deputy mayors, has called for a public inquiry into the proposals for Chelsea barracks if Westminster Council grants planning permission.
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Lok ‘n Store receives takeover approach
Lok ‘n Store, the AIM-listed self-storage company, has received a takeover approach.
