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☆ The number of new commercial mortgages plummeted 47% last year
▼ + stars: | 2024-02-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Mortgage originations in commercial real estate fell 47% through 2023, Mortgage Bankers Association said. AdvertisementMortgage originations for commercial properties dropped 47% in 2023, the Mortgage Bankers Association reported. The drawdown came as weak confidence bears down on commercial real estate. Despite these obstacles, MBA previously anticipated that commercial mortgage lending would climb into 2024, gaining 29% to an expected volume of $476 billion. Advertisement"2023 is likely to go into the record books as the slowest year for commercial real estate borrowing and lending in roughly a decade," MBA Head of Commercial Real Estate Research Jamie Woodwell said in January's report.

Persons: —, Jamie Woodwell, Woodwell, Morgan Stanley Organizations: Mortgage Bankers Association, Service, Healthcare, Real

☆ Distressed commercial real estate debt hit $80 billion last quarter, the highest amount in a decade
▼ + stars: | 2023-10-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Distressed commercial real estate debt climbed to a 10-year high last quarter. Total distressed debt hit $80 billion, though there are $216 billion of potentially distressed properties. AdvertisementAdvertisementPressures are building on the commercial real estate sector, with distressed debt on commercial properties climbing to a 10-year record the past quarter. Distressed debt tied to office buildings took up the largest share at $32 billion, or 41% of the total distressed debt. That was followed by retail properties, with a sum $21 billion, and hotel properties, with $14 billion in distressed debt.

Persons: —, MSCI Organizations: Service, MSCI, Bloomberg

☆ It’s not just crime: What’s really going on with San Francisco’s shrinking retail district
▼ + stars: | 2023-08-30 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

Mapping the exodusUnion Square has historically been a major commercial hub in the heart of San Francisco’s downtown. A complicated decline in downtownThe reasons for downtown San Francisco’s economic troubles are multi-faceted. In addition, San Francisco’s downtown has experienced a rise in its unhoused population. As San Francisco’s downtown area has emptied over the last three years, property crimes and retail thefts have risen, according to San Francisco Police Department data. Travel to San Francisco has yet to recover fully to pre-pandemic levels, according to data from San Francisco International Airport.

Persons: —, ”, Elon Musk, Tesla, Francisco, “, Lori Lincoln, San Francisco —, Lincoln, Breed, Alexander Quinn, Breed’s, Sarang Peruri Organizations: Los Angeles CNN, Lease, Google, city’s, Nordstrom, CNN, Westfield, San Francisco Centre, KGO, University of California, San Francisco Police Department, San Francisco International, San Francisco Travel, Tourism, San, Oxford Economics, Asia hasn’t, San Francisco Mayor London, Francisco’s, Oxford Capital Group, Ikea, IKEA Locations: Francisco’s, United States, San Francisco’s, Union, Westfield, San Francisco, San, California, Redfin, Palo Alto, Asia, Americas, Europe, Pacific, San Mateo, Lincoln, China, Downtown, Chicago

☆ Goldman Sachs says buy this little-known real estate name with 20% upside
▼ + stars: | 2023-08-23 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Real estate investment trust Safehold is trading at attractive levels, and investors need to scoop up the stock, according to Goldman Sachs. The company owns, acquires and originates ground leases, and has stable cash flows through fixed payments and contractual rent increases. Unlike its other real estate investment trust peers, Safehold's primary earnings metric is per-share earnings, rather than funds from operations per share. "The company originates ground leases at conservative 35-40% LTVs (versus the value of the land and the building). To be sure, Burrows noted that transactions and investment volumes have "slowed meaningfully" due to rising interest rates.

Persons: Goldman Sachs, Caitlin Burrows, Burrows, Safehold, — CNBC's Michael Bloom

☆ Singapore’s clean reputation gets a timely test
▼ + stars: | 2023-07-18 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

SINGAPORE, July 18 (Reuters Breakingviews) - Singapore could turn a governance crisis into an opportunity. Its transport minister S. Iswaran and Ong Beng Seng, the property billionaire credited with bringing Formula One to the city, were arrested and released on bail last week. The rare high-profile probe involving a public official by the hub’s anti-graft agency is a timely test of the Asian centre’s willingness to act tough on corruption. It's been six days since Prime Minister Lee Hsien Loong revealed the investigation by the Corrupt Practices Investigation Bureau and the exact details remain unclear. S. Iswaran and businessman Ong Beng Seng were arrested on July 11 and subsequently released on bail, the Corrupt Practices Investigation Bureau said.

Persons: Ong Beng Seng, It's, Lee Hsien Loong, Iswaran, Ong, Una Galani, Thomas Shum Organizations: Reuters, Formula, Practices, Beijing, DBS, Hotel Properties, InterContinental Hotels Group, Marriott International, Thomson Locations: SINGAPORE, Singapore, Denmark, Finland, New Zealand, Norway, Asia, Hong Kong, COMO

☆ Singapore property tycoon cooperating with anti-graft agency - company
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] Property tycoon Ong Beng Seng walks out of the Corrupt Practices Investigation Bureau headquarters in Singapore July 12, 2023. SINGAPORE, July 14 (Reuters) - A Singapore-based property tycoon known for bringing Formula One races to the city-state is cooperating with the anti-graft agency in a case launched earlier this week involving the transport minister, his company said on Friday. The CPIB earlier this week said it had launched an investigation into Iswaran, but did not provide further details. The case is a rare high-level probe in Singapore, a top Asian financial hub that prides itself on a corruption-free government. Ong, who was travelling on Friday, will surrender his passport to the CPIB upon his return to Singapore, his company said.

Persons: Ong Beng Seng, Ho Peng Yew, Iswaran, Lee Hsien Loong, Ong, Christina Ong, Kanupriya Kapoor, Martin Petty, Raju Gopalakrishnan Organizations: Practices, Singapore Press Holding Media, Formula, Properties, Reuters, Concorde, London Stock, Forbes, Thomson Locations: Singapore, SINGAPORE, COMO, Malaysia

Hong Kong CNN —A corruption investigation in Singapore has expanded to include Ong Beng Seng, a hotel tycoon best known for bringing the Formula 1 Grand Prix to the wealthy city state. The agency had earlier launched an investigation into a case involving the transport minister, in a rare corruption probe involving a cabinet-level official. Ong’s company said he had posted bail of 100,000 Singapore dollars ($76,000) after being given a notice of arrest. Ong is also the sole shareholder of the Singapore Grand Prix, organizer of the marquee sporting event, his spokesperson confirmed to CNN. Rare caseThe news about Ong emerged just days after Prime Minister Lee Hsien Loong asked the transport minister to take a leave of absence.

Persons: Ong Beng Seng, Ong, “, Lee Hsien Loong, Iswaran, CPIB, Lee, Eugene Tan, Bernie Ecclestone, Hoch, Lawrence Wong, ” Organizations: Hong Kong CNN, Hotel Properties, Practices, Transport, Singapore, Prix, CNN, Singapore Management University, Party Locations: Hong Kong, Singapore, Properties, Maldives, Malaysia, London, Bangkok, Abu

☆ Singaporean billionaire given arrest notice in anti-graft probe involving country's transport minister
▼ + stars: | 2023-07-14 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Singapore's anti-graft agency issued an arrest notice for billionaire Ong Beng Seng as part of its investigation involving transport minister S Iswaran. Ong, who is managing director of Singapore-listed hotel owner and operator Hotel Properties Limited , has been asked to provide information on his interactions with Iswaran. In a filing, HPL said no charges have been filed against Ong and that he is fully cooperating with the agency. The company added that Ong has provided requested information, but is unable to provide further details at this point. HPL's portfolio includes 38 hotels and resorts in 15 countries, operating under brands including Four Seasons, Intercontinental Hotels and Marriott International.

Persons: Ong Beng Seng, supremo Bernie Ecclestone, Ong, HPL, Mr Ong Organizations: supremo, Marina, Circuit, Hotel Properties, Practices, Intercontinental Hotels, Marriott Locations: Singapore

June 5 (Reuters) - Tighter lending standards from regional banks are making it harder for U.S. hotel developers to secure funding, slowing construction of new hotels at a time Americans' appetite for travel is ripe. Analysts say slower hotel development will also limit profits of blue-chip manufacturers like Caterpillar Inc. , whose commercial real estate customers account for around 75% of construction sales. Overexposed regional banks are now offloading commercial real estate loans at a discount. Troubled regional lender PacWest Bancorp (PACW.O) announced in May it would sell $2.6 billion worth of real estate construction loans. Banks started to reduce their hotel loan portfolios in the first quarter of 2023, an analysis by S&P Global Market Intelligence found.

Persons: Joseph Delli Santi, James Hansen, Andy Ingraham, Ingraham, Evens Charles, Banks, Mitchell Hochberg, Bianca Flowers, Caroline Stauffer, Deepa Babington Organizations: U.S, Silicon Valley Bank, Shopoff, Reuters, Build Central Inc, Hilton, Hilton Worldwide Holdings Inc, Marriott International, Caterpillar Inc, Signature Bank, First Republic Bank, National Association of Black, Developers, Frontier Development, Hospitality Group, Washington D.C, PacWest Bancorp, P Global Market Intelligence, Lightstone, Thomson Locations: Silicon, California, Florida , Texas, Washington, Arizona, New York, Chicago, Bengaluru

Persons: Joseph Delli Santi, James Hansen, Andy Ingraham, Ingraham, Evens Charles, Banks, Mitchell Hochberg, Bianca Flowers, Caroline Stauffer, Deepa Babington Organizations: U.S, Silicon Valley Bank, Shopoff, Reuters, Build Central Inc, Hilton, Hilton Worldwide Holdings Inc, Marriott International, Caterpillar Inc, Signature Bank, First Republic Bank, National Association of Black, Developers, Frontier Development, Hospitality Group, Washington D.C, PacWest Bancorp, P Global Market Intelligence, Western Alliance, Lightstone, Thomson Locations: Silicon, California, Florida , Texas, Washington, Arizona, New York, Chicago, Bengaluru

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☆ Traveling to Asia for work? This city is its most expensive business destination
▼ + stars: | 2023-03-22 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +5 min

Hong Kong has been named the most expensive location in Asia for business travelers — for the second year in a row, according to a new report. watch nowTokyo, which dropped from second- to third-most expensive city in Asia, also experienced a 5% rise in daily costs for business travelers in local currency terms. "With average daily costs of $424 per day [in Tokyo], business travel to the city is now almost 20% cheaper than first-placed Hong Kong." "Even a tourist hub like Bangkok, which typically receives many business travelers, only saw a moderate 4% increase in business travel costs," Quane added. World's most expensive placeFor yet another year, New York received the dubious honor of being the most expensive place in the world for business travelers.

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The no-annual-fee Wells Fargo Autograph℠ Card is the latest in Wells Fargo's refreshed credit card lineup. Wells Fargo Autograph card benefits and featuresDespite having a $0 annual fee, the Wells Fargo Autograph℠ Card actually offers a substantial set of benefits that can save cardholders money. Emergency cash disbursement and card replacementIf you lose your Wells Fargo Autograph℠ Card, you can get an emergency cash advance and a card replacement within one to three days after contacting Wells Fargo. My Wells Fargo DealsMy Wells Fargo Deals are offers for cash back when you shop with certain merchants such as Starbucks and Airbnb, meet any specified requirements, and pay with your Wells Fargo Autograph℠ Card. What credit score do you need to get the Wells Fargo Autograph card?

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☆ Grenada's 'golden passport' comes with tax benefits and makes travel easier — but only if you invest $150,000 in the country first
▼ + stars: | 2022-12-08 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +7 min

Grenada's citizenship-by-investment, or CBI, program has accepted 1,500 residents yearly since 2013. Gaining Grenada citizenship takes about three months and is less costly than other CBI programs. To be a Grenadian tax resident, the country requires 183 days of residence on the island a year. Jafri added that with a Grenadian passport, a traveler doesn't need a visa to travel to China. The investment in hotel and resort projects costs less than other kinds of real-estate development to help drive tourism to the country, Hallam explained.

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