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...The lenders, which have so far refused to extend the loan without an injection of fresh equity from Thames Water’s owners, are Chinese state-owned Bank of China and Industrial and Commercial Bank of China...
...JPMorgan has taken Sports Direct to the High Court over a £5.4mn bill it alleges the retailer owes for leaving a vast UK site in a state of disrepair....
...Last summer, a Russian court froze about $36mn worth of assets owned by Goldman following a lawsuit by state-owned bank Otkritie....
...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....
...Neumann has plans to regain control of the company. The poor state of the commercial property market does not inspire much hope for a turnaround....
...However, they are also among the largest commercial real estate lenders in Germany, where Deutsche Bank leads, followed by state-owned Landesbanks LBBW and BayernLB....
...And vice versa, the element of stronger state control draws scrutiny from abroad, particularly in a political climate wary of banks’ expanding ties, including more dealings with Russian banks following Moscow...
...The China Development Bank is primarily responsible for making infrastructure loans and is under direct supervision of the State Council, the country’s cabinet....
...European commercial real estate deal making fell to a 13-year low at the start of 2024, as fading hopes of imminent interest rate cuts prolonged the slump in property markets....
...[MUSIC PLAYING] It all raised uncomfortable questions about the state of the commercial real estate sector, which a lot of folks, from regulators to market participants, have been worried about....
...Thwaite said he was “pleased” with the reduction in state ownership....
...From a report the investment bank sent out yesterday, with Alphaville’s emphasis below: — The wide adoption of hybrid work caused a structural decline in office demand....
...Bank of America’s chief executive Brian Moynihan said in December that the bank had identified just $5bn in commercial property debt tied to buildings in sectors of the property market in which prices had...
...Some of that has reverted but perhaps not all of it,” he said....
...Bank of China and Industrial and Commercial Bank of China (ICBC)....
...Then, $1.7bn in claims of Chinese state-owned banks (including CDB) backed by China’s export credit agency had to be reclassified as commercial at the last minute before official creditors agreed on a deal...
...Banks will have to cut their exposure to commercial real estate because of a $2tn “wall” of property debt coming due in the next three years, according to a leading US brokerage....
...Signs of stress in the commercial real estate sector are now coming thick and fast....
...Reza Baqir Former Governor, State Bank of Pakistan (2019-2022); Global Practice Leader of Sovereign Advisory Services, Alvarez & Marsal, Dubai, United Arab Emirates...
...Ilmārs Rimšēvičs, head of the Latvian central bank from 2001 until 2019, was found guilty by the Riga district court of accepting bribes and a fishing trip to Russia from shareholders of a now defunct bank...
...via commercial paper and bonds....
...Bank of America analysts wrote in a note that higher losses tied to commercial real estate office exposure “are a reminder of ongoing credit normalisation that we are likely to witness across the industry...
...However banks are displaying forbearance too: Goldman Sachs estimates that $270bn of commercial mortgages which were supposed to mature in 2023 have been extended into 2024....
...New York Community Bancorp shares fell 38% on Wednesday, partly on worries about the bank’s exposure to commercial real estate....
...Banks have been keen to shed their exposure to commercial real estate, in part under pressure from regulators after several regional lenders collapsed last year. Many investors have also shied away....
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