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Property prices in China could take yet another hit from deconstruction of the indebted developer
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...Expect these companies’ valuations to improve as the value of their real estate holdings rises....
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...commercial real estate loan losses in more than seven years....
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...“Banks need to be incentivised to lend to the sector once again, but this is hard given the wave of defaults,” said Shern-Ling Koh, a portfolio manager at Principal Real Estate Investors in a note....
...Liquidators have an incentive to maximise the value that can be wrung out of a collapsed company, because they are typically paid from the proceeds of the estate, and risk making a loss if little or no cash...
...Official data on Monday showed China’s real estate sector crisis was continuing....
...This muddied historical comparisons. Hence the focus on headline returns in my quarterly reviews. Even these were compromised when I could not put excess cash to work....
...More than two decades of nonstop gains in real estate prices had left the local steel sector’s growth seen as almost guaranteed....
...Meanwhile demand for loans in the real estate sector and from local government financing vehicles have fallen drastically in recent years....
...Hsu adds that China has also seen “what not to do” from studying Japan’s 1990 real estate-induced market collapse....
...The real estate rules focus only on residential, rather than commercial, constructs....
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...In Ukraine’s case, there is already a register of damages hosted by the KSE Institute, which as of June 2023 has an estimated loss of more than $250bn, stemming from damages to real estate and infrastructure...
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