McDonald's plans to sell eight prime retail properties in Hong Kong. The properties are valued at around HK$1.2 billion. JLL is the sole agent for the sale. McDonald's outlets will continue to operate in these locations. The company is reviewing its property portfolio.
Rightmove exceeded first-half sales forecasts due to increased platform inquiries, although it anticipates growth will decelerate from last year's peak. While easing mortgage rates and competitive pricing have stimulated buyer interest, inflationary pressures and economic uncertainty are impacting consumer confidence. The company maintains its full-year revenue growth outlook of 8% to 10%.
Mortgage rates saw a slight dip this week, with the 30-year rate at 6.74% and the 15-year at 5.87%, yet they offer minimal relief amidst high home prices. The housing market continues to struggle with sales remaining sluggish since 2022. Economists anticipate rates to stay above 6% throughout the year, influenced by factors like inflation and Federal Reserve policies.
City Office REIT has agreed to be acquired by MCME Carell, an Elliott Investment affiliate, in a $1.1 billion all-cash deal, including debt assumption. MCME Carell will purchase outstanding shares for $7.00 each, a 26% premium.
China's property loans reached a two-year high in June, climbing 0.4% year-on-year to 53.33 trillion yuan, fueled by policy support measures. While mortgage loans dipped slightly, property development loans saw a modest increase. Despite these efforts, the property downturn continues to weigh on the economy, with falling investment and new home prices.
Akzo Nobel, following the sale of its India unit, is shifting its focus to business-to-business offerings in Asia. The company plans to increase investments in performance coatings while divesting some decorative paints units in the region. CEO Greg Poux-Guillaume stated that future disposals are unlikely to include royalty agreements.
Rightmove reported a significant 1.2% drop in asking prices for newly listed UK properties in July, marking the largest June-to-July decrease in over two decades. This decline is attributed to a surge in available homes and increased competition among sellers. Despite sales volumes exceeding 2024 levels, Rightmove has lowered its 2025 price rise forecast to 2% due to market dynamics.
Arada Developments, a UAE property firm, plans to raise up to $500 million through an Islamic bond. The company intends to use the funds for land acquisition. This move aligns with other Gulf property firms tapping debt markets amid a construction boom. Arada aims to capitalize on the real estate surge driven by economic diversification in the Gulf.
Starwood Property Trust is set to acquire Fundamental Income Properties, a real estate operating platform, for approximately $2.2 billion. The acquisition, encompassing 467 properties across 44 states, will be financed through a combination of cash, debt, and equity, including the assumption of Fundamental's $1.3 billion in existing financing.
A US court dismissed Homie Technology's lawsuit against the National Association of Realtors. Homie accused the realtor group of antitrust violations. The judge stated Homie did not provide enough evidence of harm. The judge also said the claims were untimely. The realtor association welcomed the ruling. They denied their policies hurt Homie. The association had previously settled a commission-related lawsuit.
Goldman Sachs is set to finance a $270 million affordable housing project in Brooklyn's East New York, aiming to construct 385 apartments with commercial space. This initiative addresses the city's housing crisis, a key focus of mayoral candidate Zohran Mamdani's campaign.
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