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...The failure of Signa, a property empire built over the past two decades by its politically connected, billionaire founder Benko, has been the highest-profile casualty of the strains across Europe’s commercial...
...The growth in casualty insurance is intended to provide a “better balance” to its catastrophe-exposed property policies....
...The letter states that the company’s management was “not acting in the best interest of the creditors” and had taken a series of decisions that were creating “the imminent danger of causing significant harm...
...“We are not going to comment on this matter save as to say that the [secretary of state] has taken such action without as much as requesting a meeting with the companies,” the company said....
...Several state banks last year unveiled new credit lines to companies including Country Garden as part of government support for the property market. But Country Garden’s sales kept falling....
...Looking forward, we will pursue rate increases in 10 states to improve margins and in other states to keep pace with increases in loss costs. Used-car costs have, in contrast, declined....
...The collapse of the legacy car market after decades of growth poses an existential threat to scores of foreign and state-backed carmakers operating in China....
...The involvement of a prominent state-owned bank signals a new level of impatience among creditors as a cash crunch for property developers continues to worsen....
...In a statement, Silverstein confirmed that junior and senior mezzanine debt and mortgage loans were all in maturity default, and that property broker JLL was organising a sale....
...Shares in Chinese state-owned carmaker Changan Automobile climbed on Monday, after the company announced an investment into a spin-off of tech group Huawei’s smart car business....
...It’s not dissimilar to finding a way to house state-of-the-art materials within the historic structure of Hunts Green Barn....
...Huawei’s profit grew 564 per cent in the first quarter amid bumper domestic demand for the Chinese national champion’s smartphones and a growing auto business....
...The bank originated as the Nippon Credit Bank, which was among the highest-profile casualties of the protracted fallout from the collapse of Japan’s 1980s property bubble....
...KaDeWe, Germany’s most famous and exclusive department store, filed for administration on Monday, becoming the latest casualty of René Benko’s crumbling property empire....
...The company’s net income fell 46 per cent to Rmb12.2bn ($1.69bn) last year, the state-linked company said in an exchange filing late on Thursday....
...in the property empire before its collapse....
...But in New York, some of the best properties coming to market are now sitting for months....
...It is 28 per cent owned by the Shenzhen Metro, occupying a middle ground between a private and state-owned company....
...Industrial profits at large Chinese companies declined 3.5 per cent in March from a year earlier, the National Bureau of Statistics reported on Saturday....
...To really bring the issue home, the NY Federal Reserve put out a blog at the end of March on the implications for the United States of a hypothetical China property hard landing....
...He said Lan’s corruption case had dented the confidence of some private businesses in Vietnam worried about the risks of operating in the country and the state companies they work with....
...Until now, no matter how bad things got, Chinese property developers could count on state-owned lenders to have their backs....
...Union organisers see southern states including Tennessee as hostile territory and have tried to organise there for decades with little success....
...Everest is a property casualty reinsurer and primary insurer based in Bermuda. It is very cheap on a forward price/earnings basis (6x) though a bit less so on price to book (1.4x)....
...Munich’s state prosecutor is looking into allegations of money laundering at the Signa Group, René Benko’s collapsed luxury property empire....
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