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International Realty News & Trends

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  • Re : International Realty News & Trends

    Norway's Telenor sells headquarters building for $587.56 million

    The state-controlled company said it would lease back parts of the buildings for 25 years as part of its "simplification" programme, recording an accounting gain of about 1.3 billion crowns.
    • Reuters
    • October 21, 2020, 19:00 IST

    OSLO: Norwegian telecom firm Telenor has agreed to sell its headquarters building in Oslo to Norwegian Property for about 5.45 billion crowns ($587.56 million), the company said on Tuesday.

    The state-controlled company said it would lease back parts of the buildings for 25 years as part of its "simplification" programme, recording an accounting gain of about 1.3 billion crowns.

    "Through this transaction, Telenor unlocks capital for value-creating corporate purposes," the company said in a statement.

    Norwegian Property is controlled by Norwegian-born shipping tycoon John Fredriksen.













    https://realty.economictimes.indiatimes.com/news/commercial/norways-telenor-sells-headquarters-building-for-587-56-million/78790139
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    • Re : International Realty News & Trends

      South Korea's finance minister loses home as housing policy comes back to haunt

      Hong Nam-ki is also faced with broadening his search as the average deposit where he lives 20 minutes from parliament has soared by a third since his housing rules took effect in July, with the irony of his predicament setting the internet alight.
      • Reuters
      • Updated: October 22, 2020, 21:18 IST

      SEOUL: South Korea’s finance minister, the architect of rules aimed at protecting tenants and slowing deposit increases, has himself been forced to look for a new home as landlords react to the rules by quickly replacing tenants so they can bump up deposits.

      Hong Nam-ki is also faced with broadening his search as the average deposit where he lives 20 minutes from parliament has soared by a third since his housing rules took effect in July, with the irony of his predicament setting the internet alight.

      “Worse comes to worst, he can camp by the Presidential Blue House, right?,” one netizen asked on a real estate forum.

      Seoul apartment prices have risen more than 50% since the left-leaning President Moon Jae-in inherited loosened mortgage rules from the previous administration three years ago.

      To slow buy-to-rent demand, the Housing Lease Protection Act, led by Hong, capped increases of “jeonse” deposits at 5% and allowed tenants to extend standard two-year contracts for another two, unless landlords themselves move into the property.

      Jeonse is a lump-sum returnable deposit paid instead of monthly rent. Landlords invest the deposit and pocket returns.

      The Act led to an unprecedented shortage of jeonse housing nationwide as landlords sought to empty properties ahead of July implementation so they could increase deposits for new tenants, expecting not to be able to raise them again for four years.

      In Hong’s case, his lease ends in January at which time his landlord is set to move into the property, a realtor citing an industry database told Reuters, echoing local media reports.

      “My fellow landlords, lets not rent out to Hong, let him suffer!” wrote another netizen on the popular real estate forum. “Lets make him feel what the government has done!”

      Reuters could not immediately reach Hong’s landlord for comment. A spokesman for Hong declined to comment.

      For a comparable three-bedroom apartment in Hong’s complex in up-market Mapo, western Seoul, the finance minister would now face deposits that have surged 32% in three months to 830 million won ($731,310), showed data from Naver Real Estate.

      Hong, who has served the government for over 30 years, had a net worth of 1.06 billion won at December-end, government data showed.

      SCHADENFREUDE

      Hong is one of group of senior officials popularly blamed for failing to curb runaway home prices in Asia’s fourth-largest economy even after more than 20 rounds of mortgage curbs and other steps during Moon’s tenure. In that time, median Seoul apartment prices have risen more than 50%, KB Bank data showed.

      His forced move opened a geyser of schadenfreude, with South Koreans struggling to find affordable housing mocking Hong for being a victim of his own making.

      “Dear Hong, come and live in my place. I’ll give you a good deal,” said one netizen.

      “Hong’s so smart. Way to go bro. Keep playing the victim and demand a bigger job from Moon,” said another.

      Hong, who doubles as deputy prime minister for economic affairs, is himself a landlord but cannot move into either of his two properties. The tenant in his apartment in Uiwang, south of Seoul, has extended the lease by two years due to the new rules. The other property, in Sejong, is under construction.

      At a regular parliament audit session in early October, Hong was asked by an opposition lawmaker if he had found a new home.

      “I haven’t found one yet,” Hong said.












      https://realty.economictimes.indiatimes.com/news/residential/south-koreas-finance-minister-loses-home-as-housing-policy-comes-back-to-haunt/78813366
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      • Re : International Realty News & Trends

        Homebuyers' down payments rise as US house prices climb

        The trend follows a steady climb in U.S. home prices this year. As of August, they were up 5.2% from a year earlier. The rise in home prices is stretching the limits of affordability for many Americans already struggling to save for a down payment.
        LOS ANGELES: Even with mortgage rates hovering near all-time lows, rising home prices are putting more pressure on buyers to come up with a bigger down payment.

        In the April-June quarter, the median down payment on a single-family U.S. home was $13,955, a 15.3% increase from a year earlier, according to industry tracker Attom Data Solutions. In the first three months of 2020, it vaulted 29% from the same period in 2019.

        The trend follows a steady climb in U.S. home prices this year. As of August, they were up 5.2% from a year earlier.

        The rise in home prices is stretching the limits of affordability for many Americans already struggling to save for a down payment.

        "Home values are increasing approximately twice as fast as typical incomes," said Chris Glynn, senior economist at Zillow. "There's this divergence between home values and the salaries and incomes that buyers have to keep up with that."

        That divergence shows no signs of easing, given the combination of extremely low inventory of homes on the market and fierce competition as more millennials look to transition from renting to owning.

        Demand for homes has been strong this year, despite a brief slowdown in the early days of the pandemic. Sales of previously occupied U.S. homes surged 9.4% in September to a seasonally adjusted annual rate of 6.54 million, according to the National Association of Realtors.

        That sales pace was the highest since February 2006, the peak of the last housing bubble, and left just 2.7 months of available homes on the market, a record low.

        The thin inventory of homes helped drive up the median selling price to $311,800, up 15% from a year earlier, according to NAR.

        A closely watched measure of home values, the S&P CoreLogic Case-Shiller 20-city home price index, has also been clocking rising home prices. In August, its most-recent snapshot available, prices climbed 5.2%, accelerating from a 4.1% gain in July.

        Ultra-low mortgage rates have been a key driver for the housing market. The average rate on a 30-year fixed-rate mortgage was at 2.81% last week, little changed from the all-time low of 2.80% the previous week. The rate averaged 3.78% a year ago.

        While low mortgage rates have made monthly home loan payments more affordable, they don't alter the fact that most down payments are indexed to some percentage of the sale price of a home. So, higher prices lead to bigger down payments.

        "The second side of that coin is that getting into the position where you have a down payment for a home to begin with has continued to get more difficult," Glynn said.

        How much a buyer opts to put down on a home can vary widely, depending on their mortgage. Some government-backed home loans require as little as 3% down, while homebuyers who want to avoid paying private mortgage insurance premiums will put down at least 20%.

        The average U.S. median down payment has ranged between 10.6% and 11.8% going back to 2014, according to data from Realtor.com drawn from 35% of mortgage transactions nationwide.

        A recent analysis by Zillow underscores how costly it can be to save up for a 20% down payment on a home these days. The real estate listings and data company found that it would take nearly eight months for a U.S. household making the median annual income of $83,675 to save up the $51,981 needed for a 20% down payment on a $259,906 home. That home price is based on the average of the middle-third of the housing market.

        Apply the same calculus to San Francisco, with a median home price of $1.11 million, and it would take 17.1 months to come up with the $222,733 down payment on a median income of $156,373. In contrast, homebuyers in Cleveland have a more manageable hurdle, needing a little over five months' worth of the median income of $78,731 to pull together the $33,387 down payment on a $166,936 home.

        The housing market's trends point to higher home prices and, as a result, a longer road to saving for a down payment. Home prices have to come down or incomes have to rise sharply to ease the financial pressure on buyers.

        In terms of home prices, at least, that doesn't seem likely. Zillow expects the price of a typical U.S. home to rise 7% over the next 12 months.

        "What that means is an additional $3,600 toward a down payment for the median U.S. home," said Glynn. "That means you have to save an additional $300 a month over the next year just to keep up."














        https://realty.economictimes.indiati...climb/79083185



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        • Re : International Realty News & Trends

          At Rs 1,400 crore, Lodha UK's home sale costliest in London in 2020

          The property, No. 1 Grosvenor Square, is located in the upscale Mayfair Enclave, near the United States Embassy and Hyde Park. The residential property had been acquired by the Mumbai-based Lodha Group in 2014 for over Rs 3,000 crore.
          • TNN
          • November 09, 2020, 09:52 IST

          MUMBAI: Lodha UK on Sunday said it sold a penthouse and two apartments on the lower floor to an anonymous buyer in its London project recently for £140 million (around Rs 1,400 crore).

          The property, No. 1 Grosvenor Square, is located in the upscale Mayfair Enclave, near the United States Embassy and Hyde Park.

          The residential property had been acquired by the Mumbai-based Lodha Group in 2014 for over Rs 3,000 crore.

          Gabriel York, co-chief executive officer of Lodha UK, said, "This is the most expensive home sold this year and probably amongst the top five most expensive homes ever sold. At pounds 9,200 per sq ft (almost Rs 9 lakh per sq ft), it is the most expensive home ever sold in London."

          It is learnt that the buyer will amalgamate the three apartments and convert them into a single unit spread over 15,600 sq ft. The penthouse alone is 8,100 sq ft in size.

          No 1 Grosvenor Square building served as the American Embassy and then as the Canadian High Commission. It has been home to American President - John Adams in the 18th century and US ambassador to the UK, Joseph P Kennedy, who was posted in London between 1938 and 1940.

          There is a replica of the Oval office in the lobby of the development. Joseph, who was the father of John F Kennedy, built an Oval office replica in the building during his stint as ambassador. The project houses thirty-nine apartments and five duplexes.

          York said that the majority of the buyers are those who own and run their businesses based in the United Kingdom, including some of the top FTSE companies.

          After purchasing the property in 2014, the developer restored the building facade and built the apartments behind it.















          https://realty.economictimes.indiatimes.com/news/residential/at-rs-1400-crore-lodha-uks-home-sale-costliest-in-london-in-2020/79122048

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          • Re : International Realty News & Trends

            Singaporeans snap up properties during worst ever recession

            This broad-based buying spree, which has pushed prices and sales to multi-year highs, has some parallels with a housing market boom seen in late 2009 as Singapore emerged from the global financial crisis. That forced the government to initiate several rounds of cooling measures to cap surging prices.
            • Reuters
            • November 12, 2020, 18:43 IST

            SINGAPORE: Singaporean Jason Chen recently bought a S$1.7 million ($1.26 million) three-bedroom apartment in a swanky condominium, upgrading his home in the middle of the COVID-19 pandemic which has triggered the country's worst ever recession.

            "I know the price will rise", said the 32-year-old, who has spent nearly a decade working in real estate.

            Undeterred by the economic slump and rising unemployment, Chen is among thousands of locals snapping up property in Singapore and taking a share of the market not seen in a decade as travel curbs thwart foreign investors.

            This broad-based buying spree, which has pushed prices and sales to multi-year highs, has some parallels with a housing market boom seen in late 2009 as Singapore emerged from the global financial crisis. That forced the government to initiate several rounds of cooling measures to cap surging prices.

            Analysts largely don't expect a repeat this time around as those curbs mostly remain in place. But policymakers last week cautioned buyers against the lure of cheap mortgages given the scale of job losses in the wealthy business hub, which have already seen many foreigners leave and the population shrink.

            "Given the labour market uncertainties in the current economic situation, prospective buyers should remain prudent in their property purchase," the ministry of national development said last week in a written response to a question made in parliament about the risk of a "bubble".

            The government is expecting the Singapore economy to shrink 5-7% this year, eclipsing a record 2.2% contraction in 1998 and marking the deepest recession since independence in 1965.

            "A GOOD BARGAIN"

            Property prices in the city-state rose 0.8% in the third quarter to their highest level since 2013, while sales volumes jumped to a two-year peak, the latest data showed.

            Singaporeans bought nearly 81% of all private apartments sold in the third quarter, the highest proportion since early 2009, according to an analysis by property agency OrangeTee and Tie.

            Some buyers like Jenny Lin, a 26-year-old accountant, have viewed the pandemic as an opportunity to get on the ladder of the world's third most expensive housing market after Hong Kong and Munich, according to property consultant CBRE.

            "When COVID-19 first started you could really get a good bargain on the property price, as many people were rushing to sell their properties away for quick cash to salvage their main business," said Lin, who expedited her purchase of a S$530,000 one-bedroom apartment in May.

            Despite the turmoil of 2020, prices of private homes in Singapore fell only in the first quarter and have risen since.

            By comparison, prices dropped for four consecutive quarters between the middle of 2008 and 2009, during the global financial crisis.

            The overall price rise in 2020 has been modest at just 0.1%. But for buyers like 36-year-old asset manager Amy Zhang, who recently purchased a S$1.17 million investment property, Singapore real estate is a safe bet compared to volatile stock markets which she has invested in for years.

            The tightly controlled market, long viewed as a safe-haven, does pose some risks.

            Droves of expatriates, who tend to rent, are leaving the island-state due to retrenchments and tighter foreign labour curbs, driving the first decline in Singapore's population since 2003 and pushing rents lower.

            But Zhang, like many others in a country where the land available to developers is tightly controlled to manage prices, bought off plan and is betting on a stronger rental market when her property is ready in two to three years.

            Singapore property has long attracted the super-rich from its less developed Southeast Asian neighbours as well as multi-millionaires from China.

            Political uncertainty in rival Hong Kong has also helped to galvanise that appeal, analysts say, even if some foreign purchases have been put on hold due to COVID-19 travel restrictions.

            "Once all travel restrictions are lifted, there will be an inflow of foreign investments into the property market," said Chen. ($1 = 1.3488 Singapore dollars)












            https://realty.economictimes.indiati...ssion/79193224



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            • Re : International Realty News & Trends

              Buyers find it hard to sell condos amid housing squeeze in Canada

              The COVID-19 pandemic has sped up a flight to the suburbs, with big-city condo dwellers trading up to detached homes with backyards and home offices, mirroring trends seen in cities like New York and London.
              File Photo

              TORONTO | OTTAWA: Eager to move his young family into a house with a backyard amid the pandemic, Dale-Paul Jordan listed his Toronto condo for sale last month and prepared to start bidding on detached homes.

              But the condo didn't sell or get a single viewing. And when another seller in the building slashed their asking price, Jordan and his wife pulled the unit off the market and decided to delay their dream until spring at least.

              "One of the things we're handcuffed to is selling our condo to help with the downpayment," Jordan said.

              The couple are among a growing cohort of would-be buyers in Canada keen to move up the property ladder, but are trapped by a flood of condos in the Toronto and Vancouver markets. The situation is only expected to worsen with a near-record number of new condos under construction.

              The COVID-19 pandemic has sped up a flight to the suburbs, with big-city condo dwellers trading up to detached homes with backyards and home offices, mirroring trends seen in cities like New York and London.

              Their spending power has also been bolstered by record-low interest rates.

              But as more people find themselves in the Jordans' position, there will be fewer buyers for detached homes, real estate experts said, and that could have a trickle-down effect on the red-hot detached home market.

              The cracks appearing in the condo market may well become the fault-line in Canada's housing market. The average home price in Canada has climbed 17% since October 2019.

              "Many buyers of single-family homes are move-up buyers who are relying on the sale of their condo in order to climb the property ladder," said Vancouver agent and analyst Steve Saretsky in a note.

              The average sale price of a detached home in the Toronto area is nearly 15% higher than a year ago, while condos have gained less than 1%. The widening gap is putting pressure on condo sellers trying to upgrade.

              Indeed some agents say they have had clients on the brink of reneging on detached home offers, because of worries they won't be able to sell their condo.

              "We came very close a few times but we got the deal done," said Thomas Mirkovich, a Toronto-based broker. "I had to have a lot of 'come to Jesus' moment conversations."

              Add in other pressures - Canada's still-high unemployment rate, a sharp drop in immigration, and the winding down of mortgage deferral programs and emergency pandemic benefits - and conditions could be ripe for a reckoning.

              "Now people can't sell their condos downtown. Nobody wants to buy a condo," Hilliard MacBeth, a portfolio manager and author of 'When the Bubble Bursts,' said in an interview.

              "The government support means the real start of the recession has just been delayed."

              What goes up

              Detached home sales in Toronto's suburbs surged from a year ago, while active listings are at their lowest since 2016. But in the city center, a cliff is looming, with listings doubling as sales slide, and 22,434 new units set for completion in the Toronto area in 2021.

              The surge in condos for sale is partly driven by investors facing a dearth of renters amid lower immigration, job losses and the evaporation of short-term rental demand due to pandemic-linked travel restrictions.

              Condos for rent in the Toronto area doubled in the third quarter from a year ago and rents have plunged.

              Prices are still up on the year, but falling by the month.

              Toronto real estate agent Scott Ingram said he recently helped a couple who had bought a house outside the city sell their downtown condo.

              When they first started talking, comparable units were selling for around C$700,000. By the time they listed six weeks later, they had to settle for C$641,000.

              Moody's Analytics forecasts that Canadian home prices will drop 7% in 2021, with both detached and condos falling. It sees Toronto area prices slipping to early 2017 levels and not fully recovering until mid-2023.

              Ingram expects condo prices to continue to tumble as inventory piles up, and sellers who hold off may regret doing so.

              "Today's cut rate may be tomorrow's good price," he said.











              https://realty.economictimes.indiati...anada/79284645
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              • Re : International Realty News & Trends

                South Korea to convert hotels into flats to address rental home shortages

                The government said on Thursday it will add 114,000 homes for public housing on lease within the next two years by buying empty hotels and offices and converting them into residential studios.
                • Reuters
                • November 19, 2020, 19:00 IST

                SEOUL: South Korea is converting hotels and offices into rental units in its latest attempt to address nationwide outcry over soaring rents, targeting an increasing number of single, young renters struggling to find affordable homes.

                The government said on Thursday it will add 114,000 homes for public housing on lease within the next two years by buying empty hotels and offices and converting them into residential studios.

                "You all will be able to see hotels turning into affordable, high-quality, single-family homes," Minister of Land, Infrastructure and Transport Kim Hyun-mee said in a news conference.

                The move comes after a series of measures by President Moon Jae-in's administration to solve the housing crisis since 2017 have failed to cool soaring home prices.

                Opposition lawmakers have condemned the plan to convert hotels into public housing amid public anger over the government's failure to calm runaway home prices.

                "There is a sense of desperation here. As absurd as it sounds, buying hotels, commercial properties and converting them into housing could be the fastest way to increase home supplies," said Yeo Kyoung-hui, a property market analyst at Real Estate 114 Inc., a Pangyo-based real estate information agency south of Seoul.

                "But Thursday's focus on home supply for one-person households could disappoint families with children, who are at the centre of the home shortage crisis and are struggling just as hard to find affordable homes."

                Earlier measures included easing building height limits and converting military sites into residential areas, which failed to swiftly address home shortages.

                "Policies this time are focusing on fast increasing homes that could be rented out, not restricting demand, to meet demand for Jeonse properties," Finance Minister Hong Nam-ki said in a briefing.

                Jeonse is a lump-sum returnable deposit paid instead of monthly rent for leasing a residential property for about two to four years in South Korea.

                Since July, the Housing Lease Protection Act capped increases of "jeonse" deposits at 5% and allowed tenants to extend standard two-year contracts for another two, unless landlords themselves move into the property.

                The Act led to an unprecedented shortage of jeonse housing nationwide as landlords sought to empty properties ahead of July implementation so they could increase deposits for new tenants, expecting not to be able to raise them again for four years.

                For some, the idea of living in public housing simply is not attractive.

                "The government knows there is social stigma on people living in public housing. I refuse to move into one whether its a fancy hotel or not," said a 28-year old office worker in Seoul, who lives with her parents.

                The number of one-person households increased 18% between 2015 and 2019 to 6.15 million - or more than 30% of all households in South Korea - from 27.2% in 2015, according to official figures.













                https://realty.economictimes.indiatimes.com/news/residential/south-korea-to-convert-hotels-into-flats-to-address-rental-home-shortages/79304811


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                • Re : International Realty News & Trends

                  Home prices in Hong Kong fall 0.6% in October

                  The fall last month compared to a revised 0.4% gain in September, according to data from the Rating and Valuation Department. Prices have risen 0.4% so far this year.
                  • Reuters
                  • November 26, 2020, 18:00 IST

                  HONG KONG: Private home prices in Hong Kong eased 0.6% in October, weighed down by a bigger drop for large apartments, official data showed on Thursday.

                  The fall last month compared to a revised 0.4% gain in September, according to data from the Rating and Valuation Department. Prices have risen 0.4% so far this year.

                  Prices in one of the world's most expensive property markets had been resilient despite the COVID-19 outbreak and political uncertainties, supported by strong demand and low interest rates.

                  Property agents expect new developments and relaxed social distancing measures in October to support sales and prices in the short term, although the outlook for 2021 is for further weakness.

                  Rating agency S&P said this week it expected Hong Kong home prices to fall a further 5% in 2021, due partly to rising unemployment.

                  Total transaction volume in the secondary market so far this year has surpassed the full-year volume in 2019, realtor Centaline said. It expects 2020 transaction value to exceed last year's to become the third-highest on record.

                  Hong Kong leader Carrie Lam said on Wednesday the government had no plan to adjust stamp duty rates for residential properties, citing tight housing supply and prices "beyond the reach of the average households".












                  Home prices in Hong Kong fall 0.6% in October, Real Estate News, ET RealEstate (indiatimes.com)
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                  • Re : International Realty News & Trends

                    IKEA investment arm in talks to buy commercial properties in European cities

                    The investment arm of Ingka Group, which owns most IKEA stores, is pushing into the real estate market as part of IKEA's shift towards big city-centres from out-of-town. So far, such locations are leased.
                    STOCKHOLM: IKEA's Ingka Investments is in talks to buy commercial property in prime locations in several big European cities after it finalised its first-ever such acquisition last month, its managing director said.

                    The investment arm of Ingka Group, which owns most IKEA stores, is pushing into the real estate market as part of IKEA's shift towards big city-centres from out-of-town. So far, such locations are leased.

                    Scouting for city-centre retail property more or less ready to house IKEA stores across Europe's main cities, Ingka Investments' first deal was in Paris' Rue de Rivoli.

                    "We have ongoing discussions in big European cities," Ingka Investments Managing Director Krister Mattsson said in an interview. "It takes time to buy properties, but there is a lot in the pipeline," he told Reuters. Inkga Investments is pushing ahead with the new strategy despite the wider retail market uncertainty caused by the pandemic. Despite the exodus from high streets prompted by the coronavirus, price tags for the kind of properties that Ingka Investments is hunting for have not tumbled, Mattsson said.

                    "For good locations in big cities, which is what we are looking at to meet our customers, there is always demand," he said. "We haven't seen any big impact yet on prices for such properties - which one may have expected when the crisis came."

                    Besides good space for the IKEA store, buildings could also include other retail, office and even residential space, and Ingka Group would take over as landlord.

                    The decision to build up a real estate portfolio stems from privately held IKEA's long-standing strategy not to rent. Acquisitions, as IKEA's other investments, are self financed.

                    Separately, Ingka Group's malls arm Ingka Centres is also shopping for inner-city property, albeit targeting bigger developments aimed at housing IKEA-store anchored malls. Scouting Europe, Asia and the United States, it has so far made two such acquisitions.

                    Ingka Investments' portfolios also include renewable energy and forests.

                    Starting in 2017 with the purchase of handyman services platform TaskRabbit, Ingka Investments also buys into startups that may help IKEA speed up its digital transformation, improve its services, and become more sustainable. The latest addition is a stake in logistics solutions and delivery platform Mover Systems.

                    Ingka Investments has to date made 23 such minority stake investments totalling more than 200 million euros ($238 million), it said. It has not disclosed the price tag for TaskRabbit and two more full acquisitions.

                    Ingka Group is a franchisee to brand owner Inter IKEA.












                    inkga investments: IKEA investment arm in talks to buy commercial properties in European cities, Real Estate News, ET RealEstate (indiatimes.com)


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                    • Re : International Realty News & Trends

                      Dubai builder Arabtec says shareholders ask to reverse decision to liquidate company

                      The contracting firm said the request was made "at the request of shareholders representing more than 5% of the company." It did not name the shareholders.
                      • Reuters
                      • November 30, 2020, 17:00 IST

                      DUBAI: Dubai builder Arabtec Holding is asking shareholders to reverse a decision made in September to proceed with a bankruptcy and liquidation filing, according to a bourse filing on Monday.

                      Instead, the troubled builder is asking shareholders, scheduled to meet at a general assembly meeting on Monday, to approve the continuity and restructure the company, the filing said.

                      The contracting firm said the request was made "at the request of shareholders representing more than 5% of the company." It did not name the shareholders.

                      "It seems that these points have been raised by a group of investors. The fact that they're being discussed at the general assembly doesn't mean there's a change of heart, it means that these points will be voted on," said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital Ltd.

                      "And if the two major shareholders who voted on the liquidation in the last two shareholder meetings, vote against these two points, then those points will be voted down (not executed) and the process of liquidation that was started will continue."

                      Arabtec said the shareholders also asked investors scheduled to meet today to vote to cancel a resolution issued by the General Assembly for the last year, "concerning the release of board members and auditors, and the approval of filing a claim of liability against the board members and auditors." It did not provide further details for the request.

                      Shareholders, including Abu Dhabi state fund Mubadala Investment Co, voted in September to liquidate Arabtec after losses deepened due to the coronavirus crisis.

                      Arabtec's move to liquidate followed a first half loss of $216.18 million and total accumulated losses of nearly $400 million. It said the pandemic had hit projects and lifted costs.











                      Dubai builder Arabtec says shareholders ask to reverse decision to liquidate company, Real Estate News, ET RealEstate (indiatimes.com)

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