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☆ China's policy to boost demand by $700 billion will have a 'bigger and bigger' impact, official says
▼ + stars: | 2024-04-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Vcg | Visual China Group | Getty ImagesBEIJING — China's latest policy to boost demand will soon have a greater effect on growth, a top official at the economic planning agency told reporters Thursday. "We believe this work will achieve bigger and bigger results," he said in Mandarin, translated by CNBC. He noted that equipment upgrades account for 9% to 10% of total GDP. 'Strong' central government fiscal supportIn terms of fiscal funding for those upgrades, Zhao said the central government would provide "strong support." Part of the equipment upgrade and consumer trade-in policy also focuses on improving standards for the kinds of products that can be used.

Persons: That's, Zhao Chenxin, Goldman Sachs, Morgan Stanley, Zhao, Bruce Pang, Fu Jinling, Fu, Francoise Huang, We're, JLL's Pang, Shan Zhongde Organizations: Visual China, Getty, BEIJING, National Development, Reform Commission, CNBC, Analysts, People's Bank of, Allianz Trade, Ministry of Industry, Information Technology, Ministry of Housing, Ministry of Commerce, State Administration, Market, China's Ministry of Commerce, Industry, Global Locations: Qingzhou, Weifang City, Shandong Province, China, oversupply, Beijing, JLL, People's Bank of China

☆ Zaha Hadid Architects unveil Muscat waterfront development
▼ + stars: | 2024-04-05 | by ( Rym Bendimerad | ) edition.cnn.com time to read: +3 min

CNN —Oman’s capital of Muscat is set to get an expansive $1.3 billion waterfront development, designed by globally renowned Zaha Hadid Architects (ZHA). The 3.3 million square-meter Al Khuwair Muscat Downtown and Waterfront development will include a residential complex, a marina, a cultural district, numerous canal walkways and a ministerial campus. ZHA’s associate director, architect Paolo Zilli, told CNN he spent around a year finalizing the model he presented to Oman’s Ministry of Housing and Urban Planning. In Muscat, the population is projected to increase from 1.5 million to 2.7 million by that year. “There are a lot of changes,” Dr. Khalfan bin Saeed bin Mubarak al-Shueili, Oman’s Minister of Housing and Urban Planning, told CNN.

Persons: CNN —, Zaha Hadid, Paolo Zilli, ”, ZHA, Khalfan bin Saeed bin Mubarak, “ Organizations: CNN, Oman’s Ministry of Housing, Urban Planning, Oman Ministry of Housing, Urban, Oman’s, Housing, ”, Zaha Hadid Architects, Guangzhou Opera House, United, United Arab Emirates Locations: Muscat, Khuwair Muscat Downtown, Oman, “, Guangzhou, China, Wolfsburg, Germany, Sharjah, United Arab

Photos You Should See View All 45 ImagesThe sluggish property market also has dented local government revenue from vital land use sales, adding to public debt. The central bank and State Administration of Financial Supervision issued a list of 17 measures to support the rental housing market, due to take effect on Monday. Most have to do with financial services for leasing, promoting investment in rental housing and improving the financial management of rental properties. The aim is to “support various entities to build, renovate and operate long-term rental housing, and to revitalize existing housing stock, effectively increasing the supply of affordable and commercial rental housing,” it said. Beefing up the rental market would help free up more housing for young people and others who lack the means to purchase apartments.

Persons: China Evergrande, Wang Dongwei, ” Organizations: —, Communist Party, Finance Ministry, Administration, Financial, Housing Locations: BANGKOK, — China, Beijing, Hong Kong, China, China's Guangdong

☆ China rolls out fresh property relief measures to stem the fallout from Evergrande's meltdown
▼ + stars: | 2024-01-31 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Officials in China are boosting property sector relief measures to blunt the impact of Evergrande's collapse. The new measures are part of a wider series of economy-boosting initiatives, especially in the real estate sector, which constitutes one-quarter of the country's economy. The crisis in the property sector stems from huge debt and overbuilding in the last decade, which has resulted in a liquidity crisis for many property developers, including Evergrande. The company's troubles sent country's property sector into a tailspin starting in 2022 when it defaulted on some of its offshore bonds. China is moving mountains to hold the real estate sector's crisis from pouring into other sectors.

Persons: — Organizations: Service, Beijing, China's Ministry of Housing, China Mingsheng Banking Corp, China Securities Journal, Guangzhou, Reuters, Bloomberg Locations: China, Hong Kong, Nanning, Guangxi, Chongqing, Suzhou, Shanghai, restructurings

Joseph Ataman/CNNAfter many foreign workers fled Israel following the October 7 attacks, farmers were forced to abandon crops or rely on volunteers for the harvest. Inbar’s remaining foreign workers quietly motor up and down the rows of zucchini. Hamas fighters torched the barns holding hay for the dairy cows on Kibbutz Alumim, riding unopposed into the settlement before massacring foreign workers and attendees of the nearby Nova music festival. “The foreign workers run the farm, they do all the milking,” farm manager Stevie Marcus said of the working of the farm before October 7. Joseph Ataman/CNNStanding among Inbar’s zucchini, tech worker Avi Leibovich - volunteering on a day off from his day job - said he came to help Israeli farms survive.

Persons: Thais, Nattaphong Duangchan, Matan, Yosi, Joseph Ataman, Avi Dichter, ”, Lior Simcha, Stevie Marcus, Yosi Inbar, it’s, Benjamin Netanyahu, Inbar, “ We’re, Lisa Perlman, Inbar’s, Avi Leibovich, Danny Parizada, hadn’t, Mei –, Mei, “ Organizations: CNN, Hamas, Palestinian, West Bank, Milk Producers Association, United Nations Office, Humanitarian Affairs, of Housing, Brothers, Sisters, Volunteers Locations: Thai, Israel, Gaza, Hamas, Thailand, Thailand’s, Sri Lanka, Israel’s, Egypt, United States, Nova, Kibbutz Alumim, Gaza City, Tel Aviv

☆ Israel is tightening its control of northern Gaza. But there is no clear post-war strategy in sight
▼ + stars: | 2023-11-17 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +11 min

Abu Dhabi, UAE CNN —The Israeli military is tightening its grip on northern Gaza, as its war on the Hamas militant group is showing no signs of abating. Almost six weeks into the conflict, however, Israel is yet to offer a clear post-war plan for the territory. The Israeli military raided Gaza’s largest hospital, Al-Shifa, on Wednesday after claiming that Hamas had built a command center beneath the sprawling medical complex. The United States has warned against Israel re-occupying Gaza, and has stressed a future role there for the Palestinian Authority (PA). Video Ad Feedback Netanyahu appeared to rule out giving the Palestinian Authority control of post-war Gaza.

Persons: Yoav Gallant, Israel, Khan Younis, Fatima Shbair, ” Frank Lowenstein, Barack Obama, “, ” Lowenstein, Benjamin Netanyahu, Netanyahu, “ Israel, ”, Daniel Levy, CNN’s Dana Bash, Levy, I’m, ” Levy, CNN’s Christiane Amanpour, CNN Kobi Michael, Mahmoud Abbas, –, Abbas, Fadel Senna, Lina Khatib, ” Khatib, CNN’s Becky Anderson, Michael of INSS, Lowenstein Organizations: UAE CNN, Israeli, Israel Defense Forces, Hamas, Al, Palestinian, CNN, United Nations Office, Humanitarian Affairs, of Housing, United, Palestinian Authority, Palestinian Health Ministry, West Bank, Institute for National Security Studies, Palestinian Center, Policy, Research, West Bank . Lowenstein, Regional, Getty, United Arab Emirates, SOAS, East Institute, PLO, Palestine Liberation Organization, Israel’s Ministry, Strategic Affairs, UN Conference, Trade, Development, UNCTAD, UN, Programme, Palestine Economic Policy Research Institute, UNDP, UN Relief and Works Agency for Palestine Refugees, Israel Locations: Abu Dhabi, UAE, Gaza, Israel, Gaza City, Gaza’s, Al, Khan, “, London, New York, United States, Ramallah, Tel Aviv, ”, Israeli, AFP, Egypt, Jordan, Qatar, Saudi Arabia, United Arab, Palestinian, Palestine

Paris CNN —It’s 6.30 a.m. on a late summer morning in Paris. “We heard they were coming to take us today but I am not sure where to,” Obsa, a 31-year-old political refugee from Ethiopia, told CNN. Obsa was relying on emergency housing in a hotel but says it kicked him out after his wife joined him. Some 10 regional temporary shelters, known as SAS, have been set up around the country to welcome the new arrivals outside of Paris, according to the Dihal. The other problem is the lack of emergency housing spaces available in the regions where migrants are being transferred to.

Persons: they’ll, “, ”, Obsa, Dalal Mawad, CNN Obsa, Paul Alauzy, “ Marseille, Claudia Colliva, Yann Manzi, Gerald Darmanin, Emmanuel Macron, Harmonie Lecerf, Meunier, Brice, Meunier of Bordeaux, Sandrine Runel, ” Brice, Abdullatif Organizations: Paris CNN —, CNN, Du, Federation of Solidarity Actors, BFMTV, Paris Prefecture, Ministry of Housing, Paris, Staff, ” Police, Interministerial, of Interior, SAS, Olympic, Utopia, Games, Rugby World, ”, Medecins Du Monde Locations: Paris, Stalingrad, France, Ethiopia, Sudan, Libya, Italy, de, Bordeaux, ”, Marseille, French, “, ” Bordeaux, Lyon, Afghanistan

NEW DELHI/MUMBAI, Sept 25 (Reuters) - India is considering spending 600 billion rupees ($7.2 billion) to provide subsidised loans for small urban housing over the next five years, two government sources told Reuters. The scheme will offer an annual interest subsidy of between 3-6.5% on up to 0.9 million rupees of the loan amount. Housing loans below five million rupees availed for a tenure of 20 years will be eligible for the proposed scheme, the sources said. "The interest subvention will be credited upfront to the housing loan account of beneficiaries. Mails sent by Reuters seeking a response from the Ministry of Housing and Urban Development and the Ministry of Finance remained unanswered.

Persons: Banks, Narendra Modi, Modi, Sarita Chaganti Singh, Anil D'Silva Organizations: NEW, Reuters, Indian, Ministry of Housing, Urban Development, Ministry of Finance, Siddhi, Thomson Locations: NEW DELHI, MUMBAI, India, finalisation, New Delhi, Siddhi Nayak, Mumbai

REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Sept 1 (Reuters) - China is set to take further action including relaxing home-purchase restrictions as it scrambles to tackle a deepening crisis in its massive debt-riddled property sector, four people familiar with the matter said. They plan to act as existing policies failed to sustain a sector rebound earlier this year, the people added. The property sector accounts for roughly a quarter of the world's second-largest economy. However, it is in the throes of an unprecedented debt crisis that market participants fear could spread throughout the financial sector at home and beyond. They also reduced the downpayment ratio to no lower than 20% for first-home buyers and no lower than 30% for second-home purchases.

Persons: Aly, Morgan Stanley, Julie Zhu, Jane Xu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, Regulators, Council, Information Office, Reuters, Housing, People's Bank of China, National Administration of Financial, Thomson Locations: Shanghai, China, HONG KONG, Beijing, Shenzhen, Guangzhou

☆ China approves guidelines to boost affordable housing amid property debt crisis
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

The Chinese property sector is in a deepening crisis with a rising risk of default among some developers as they struggle to sell apartments and raise funds. Separately, China's central bank announced guidance on relaxing residential housing loan rules, in a move aimed at boosting loan applications and house purchases. The central bank also said it would stick to the principle that houses are for living in and not vehicles for speculation. On Friday, the housing ministry, the central bank and the national financial regulator also jointly issued a notice easing mortgage policies to help revive the sector. China's housing market has over the past two years been grappling with a severe debt crisis - initially triggered by government moves to rein in ballooning debt.

Persons: Thomas Peter, Premier Li Qiang, Ellen Zhang, Ryan Woo, John Stonestreet, Susan Fenton, Hugh Lawson Organizations: REUTERS, Rights, Premier, Xinhua, People's Bank of, Ministry of Housing, Thomson Locations: Beijing, China, Rights BEIJING, People's Bank of China

☆ Fact Check-Daughter of WEF leader didn't call for ‘permanent climate lockdowns’ in 2020 clip
▼ + stars: | 2023-08-02 | by ( Reuters Fact Check | ) www.reuters.com time to read: +4 min

There is no evidence Nicole Schwab, World Economic Forum (WEF) leader Klaus Schwab’s daughter, publicly called for “permanent climate lockdowns.” Yet, posts on social media link to a headline that says: “Klaus Schwab’s Daughter: ‘Permanent Climate Lockdowns Coming – Whether You Like It or Not.’”It stems from an article published by ‘The People’s Voice’ website on July 30 (here). Reuters did not find any credible reports that Nicole Schwab made a call for “permanent climate lockdowns” (archive.is/wip/dm6il), and a spokesperson for the WEF said to Reuters that she made no such remark. The article itself and the evidence it includes also do not show Schwab proposing permanent climate lockdowns. The article does not call for a “permanent climate lockdown,” however. The video linked in the article does not feature Nicole Schwab making a call for permanent climate lockdowns.

Persons: Nicole Schwab, Klaus Schwab’s, “ Klaus Schwab’s, ‘, Schwab, Klaus Schwab, Kunal Kumar, Covid, Kumar, Spokespeople, Read Organizations: Economic, Reuters, Indian Ministry of Housing, Urban Affairs

☆ China's housing ministry is getting 'bolder' about real estate support
▼ + stars: | 2023-07-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

BEIJING — China's housing ministry has announced plans to make it easier for people to buy property. The news, out late Thursday, indicates how different levels of government are starting to act just days after Beijing signaled a shift away from its crackdown on real estate speculation. The planned measures include easing purchase restrictions for people wanting to buy a second house, and reducing down payment ratios for first-time homebuyers, according to an article on the Ministry of Housing and Urban-Rural Development's website. In an effort to reduce speculation in its massive property market, China has made it much harder for people to buy a second house. Mortgage rates for the second purchase can be a full percentage point higher than for the first, while the second-home down payment ratio can skyrocket to 70% or 80% in large cities, according to Natixis.

Organizations: BEIJING, Ministry of Housing Locations: Beijing, China

☆ China's property sector shrinks 5.1% in 2022 - NBS
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Jan 18 (Reuters) - China's property sector fell 5.1% in 2022 from a year earlier, value-added data from the National Bureau of Statistics (NBS) showed on Wednesday, heaping more pressure on policymakers to revive the sluggish sector in 2023. The figures indicated that the property sector was one of the biggest drags on the economy last year. China's economic growth in 2022 slumped to one of its weakest rates in nearly half a century, hit by a property market slump and by pandemic controls and COVID-19 outbreaks that especially affected the second and the fourth quarters. Despite that effort, investment in real estate in 2022 was still 10.0% lower than in 2021, the first decline since records began in 1999, and property sales slumped the most since 1992, NBS date showed on Tuesday. Vice-Premier Liu He said at the World Economic Forum's annual meeting in Davos on Tuesday that China would support healthy development of the property market as the sector was still a pillar industry for the economy.

CNN —Peruvian lawmakers have voted to oust President Pedro Castillo, dramatically escalating Wednesday’s political crisis that began hours earlier when Castillo attempted to dissolve the legislative body and install an emergency government. A majority of 101 lawmakers in the 130-person congress later voted to impeach Castillo, with the body announcing that Vice President Dina Boluarte will be sworn in as the new President of Peru. Francisco Morales, the president of Peru’s Constitutional Court, urged Boluarte to assume the presidency in a speech prior to the congressional vote. Lawmakers stand inside Congress on the day of their planned impeachment vote on President Pedro Castillo in Lima, Peru, Wednesday, Dec. 7, 2022. The complaint allows congress to carry out its own investigation against the president.

☆ Why China won't bail out its real estate sector
▼ + stars: | 2022-10-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

A year after Chinese developer Evergrande 's debt problems began rattling investors, the country's real estate troubles have only gotten worse. Some homebuyers refused to pay their mortgages due to construction delays, while property sales plunged. He expects Beijing will want to gradually resolve the problems in real estate and reduce the industry's role in the economy. Explosive growth in China's real estate industry over the last two decades minted tycoons who were not afraid of flaunting their wealth. It contrasts with an average four to five quarters for previous real estate slumps in China, the report said.

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