Mortgage Rates in the US Decline for the First Time in Six Weeks
Mortgage rates in the US fell, switching direction after five weeks of increases.
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Mortgage rates in the US fell, switching direction after five weeks of increases.
PLDT Inc., the Philippines’ biggest telecom company, is seeking “north of $1 billion” valuation for its data center business as it weighs either a partial sale or a real estate investment trust listing for the assets.
Two Hong Kong bodies that work closely with the government are in rare talks with banks in the financial hub for syndicated loans, according to people familiar with the matter.
New home sales in Hong Kong surged to a record high in April, as buyers rushed to the market after the government removed property curbs.
China’s efforts to revive homebuyer demand gathered steam on Thursday when two major cities scrapped all their remaining curbs on residential property purchases, a move that more local governments are expected to follow.
Nov 8, 2021
Bloomberg News
,(Bloomberg) -- Not even state-owned firms are safe from the deepening rout in Chinese developer bonds.
Sino Ocean Group Holding Ltd., part-owned by the finance ministry, has become the latest property company to see its bonds slump. Its 4.75% note due 2030 fell Monday to as low as 73.48 cents on the dollar, with spreads over comparable Treasuries widening to a record 800 basis points, according to data compiled by Bloomberg.
That’s despite the firm being rated investment-grade at two global credit assessors and holding about 54 times more cash and equivalents than China Evergrande Group. Sino Ocean’s shares have been doing better, rebounding 35% from their September low. They rose 3.5% Monday.
Stress in the market for Chinese property bonds is reaching extreme levels as surging borrowing costs make refinancing dollar debt too expensive and a slowing housing market shrinks revenue.
China’s finance ministry controls just under 30% of Sino Ocean’s shares, according to data compiled by Bloomberg. State-owned Dajia Insurance Group -- the company that took over most of the operations of troubled Anbang Insurance Group Co. -- holds a similar-sized stake.
©2021 Bloomberg L.P.