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☆ FTSE 100 slips at open ahead of Fed, BoE monetary policy decisions
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.1%, FTSE 250 off 0.2%Sept 18 (Reuters) - UK's FTSE 100 slipped at open on Monday as investors await interest rate decisions from the U.S. Federal Reserve and the Bank of England (BoE), while Britain's main manufacturing trade body cut its forecast for the sector's growth for this year. The exporter-heavy FTSE 100 (.FTSE) slipped 0.1% by 0712 GMT, while the mid-cap FTSE 250 (.FTMC) was down 0.2%. Britain's main manufacturing trade body cut its forecast for the sector's growth for this year and next, citing a sharp fall in factory output and economic uncertainty. Reporting by Siddarth S in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, BoE, Siddarth, Savio D'Souza Organizations: London Stock Exchange Group, City of, REUTERS, U.S . Federal Reserve, Bank of England, Phoenix Group, Mondi, Sezar, Thomson Locations: City, City of London, Britain, Russia, Moscow, Bengaluru

☆ Real-estate crowdfunding is a house of cards. PeerStreet's bankruptcy reveals why.
▼ + stars: | 2023-09-14 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +21 min

Like many PeerStreet investors who spoke with Insider, Mincher has a strong résumé. Another form of crowdfunding, equity crowdfunding, works a bit like the stock market without the onerous and expensive process of initial public offerings. The PeerStreet investors who spoke with Insider said the outcome of this case could determine whether they stick with real-estate crowdfunding. Others, such as Fundrise, have moved away from crowdfunding in favor of a model for private real-estate investment trusts, similar to the BREIT later offered by Blackstone. Fritton, the former Patch of Land CEO, said Fundrise's fund model was the wave of the future for real-estate crowdfunding.

Persons: Michael Burry, Christian Bale, Burry's, Crowdfunding, Burry, Andreessen Horowitz, they're, Braun Mincher, PeerStreet, who've, Judge Laurie Selber Silverstein, Brew Johnson, he's, Braun, Mincher, —, it's, Michael Burry Astrid Stawiarz, Ian Ippolito, Ippolito, John McNellis, PeerStreet Ippolito, McNellis, El, Marc Andreessen, Phil McCarten, Silverstein, wouldn't, Sean Quinn, Doug Lyon, Lyon, that's, Jason Fritton, Kirk Brett, there's, Brett, iFunding, CrowdStreet, Nightingale's Elie Schwartz, Nightingale, Schwartz, Yieldstreet, Fritton Organizations: CNBC, Main, PeerStreet, Facebook, McNellis Partners, Funding Trust, Fairfield University, Magnetar, Adler, Securities and Exchange Commission, Department of Justice, Securities, Exchange Commission, SEC, Investors, Blackstone Locations: Delaware, El Segundo , California, crowdfunding, There's

☆ What is shadow banking? Unpacking the risks for China
▼ + stars: | 2023-09-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

China Photos | Getty Images News | Getty ImagesBEIJING — China's real estate problems have again drawn attention to the world of shadow banking and the risks it poses to the economy. Shadow banking — a term coined in the U.S. in 2007 — refers to financial services offered outside the formal banking system, which is highly regulated. Estimates of the size of shadow banking in China vary widely, but range in the trillions of U.S. dollars. Shadow banking and real estateChina's property sector, an estimated one-fourth of the economy, lies at the intersection of shadow banking, local government finances and household assets. "These trust companies were basically part of the shadow banking system in China."

Persons: —, Logan Wright, Wright, Shimao, PwC, Edward Chan, Nomura Organizations: Getty, BEIJING, Developers, Logan Wright Center for Strategic, Center for Strategic, Studies, PricewaterhouseCoopers, CNBC, CSIS Locations: Shanghai, China, U.S

☆ Office-to-residential conversion in San Francisco is unrealistic, says SteelWave CEO DiRaimondo
▼ + stars: | 2023-09-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOffice-to-residential conversion in San Francisco is unrealistic, says SteelWave CEO DiRaimondoBarry DiRaimondo, chairman and CEO of SteelWave, joins 'The Exchange' to discuss investing in property San Francisco commercial real estate development, the dynamics of breaking a real estate doom loop, and rent considerations for trophy building versus commodity buildings.

Persons: DiRaimondo Barry DiRaimondo Locations: San Francisco, Francisco

☆ The SEC is asking questions about Boxabl, the tiny-home startup that boasts Elon Musk and Post Malone as fans
▼ + stars: | 2023-09-13 | by ( Daniel Geiger | Alex Nicoll | ) www.businessinsider.com time to read: +9 min

In its six years of existence, Boxabl has captured the public's imagination with its innovative tiny homes and celebrity endorsements from the likes of Elon Musk and the musician Post Malone. Three former company employees, meanwhile, said they had been contacted and interviewed in recent weeks by the SEC to speak about Boxabl, including the company's business practices. In its recent financial statement, Boxabl noted that the remaining units "that were previously reserved for that project can now be sold for other projects." In its recent financial filing, Boxabl said it paid Firooznia $210,000 in 2022 for "consulting services." Leader Capital would have netted roughly $3.7 million in the deal, which it said fell apart because of the delay.

Persons: Boxabl, Elon Musk, Post Malone, cofounders, Paolo, Galiano Tiramani, Cory Jarvis, Dave Cherry, Travis Hess, Hess, Pronghorn, it's, Hamid Firooznia, Firooznia, Caroline Larkin, Paolo Tiramani, Larkin Organizations: Securities, Exchange, SEC, Arizona's Department of Housing, Staff, Pronghorn, Leader Locations: Salt Lake City , Utah, North Las Vegas, Guantánamo, Arizona, Arizona , California, Nevada, New York City, Portland , Oregon

☆ Architects are cutting big holes in the middle of skyscrapers and adding more floors to turn empty NYC offices into apartments
▼ + stars: | 2023-09-10 | by ( Eliza Relman | ) www.businessinsider.com time to read: +8 min

A developer and an architect explain how they transformed NYC financial district office buildings. But some developers and architects have used the opportunity to lean into a business model they'd been pursuing long before COVID-19: turning empty office buildings into housing. They're currently finishing up their transformation of 160 Water Street, a 1970s office tower in lower Manhattan that will become 586 apartments. AdvertisementAdvertisementThe exterior of 160 Water Street, a former office building that's undergoing full reconstruction to create nearly 600 market-price apartments. Rent at 160 Water will range from about $3,500 for a studio apartment up to $7,500 for a two-bedroom.

Persons: they'd, They're, Vanbarton, Eric Adams, Joey Chilelli, Robert Fuller, Fuller, Lev Radin, Chilelli, — Organizations: Service, Vanbarton Group, New Locations: NYC, Wall, Silicon, York, Manhattan, New York

☆ His Mind Helped Rebuild New York. His Body Is Failing Him.
▼ + stars: | 2023-09-06 | by ( Christopher Maag | More About Christopher Maag | ) www.nytimes.com time to read: +2 min

A journalist who hears the Olympics pitch describes Mr. Doctoroff as a man whose eyes “gaze past you, out towards the horizon.”Why this constant drive? His brother Andy says Mr. Doctoroff should be more introspective, and who knows. Mr. Doctoroff is aware that he graduated Harvard aimless and lazy. Wound up in New York by following his wife, Alisa, who got a job in town. It is hard work seeing the future, and so Mr. Doctoroff puts everything into the job.

Persons: Doctoroff, Andy, Harvard aimless, Alisa, “, ”, Stephen Ross, Doctoroff’s, ’ ” Sharon Greenberger Organizations: Harvard, Companies, Ivy League Locations: New York, Bluffed, Bronx, Staten Island

Interior Department on Wednesday said it would cancel oil and gas leases in a federal wildlife refuge that were bought by an Alaska state development agency in the final days of former President Donald Trump's administration. Environmentalists and an Alaska indigenous group praised the move while a Republican Senator from Alaska slammed it. A Republican-passed tax bill in 2017 opened the area to oil and gas leasing and directed Interior to hold two lease sales by December 2024. The oil and gas industry largely failed to embrace the 2021 lease sale, which generated just $14 million in high bids, mostly from AIDEA. “We commend Secretary Haaland for canceling unlawfully issued oil-and-gas leases in the Arctic Refuge,” Abigail Dillen, president of environmental group Earthjustice, said in a statement.

Persons: Donald Trump's, Joe Biden, Biden, Deb Haaland, AIDEA, “, ” Abigail Dillen, Dan Sullivan, Interior's, Jarrett Renshaw, Nichola Groom, Chizu Nomiyama, David Gregorio, Mark Porter Organizations: U.S . Fish, Wildlife Service, Library, Fish, REUTERS, Conocophillips, U.S . Interior Department, Alaska Industrial Development, Export Authority, Wildlife, Democrat, National Petroleum Reserve, Alaska Natives, Trump, ConocoPhillips, United Nations, ALASKA Trump's Interior Department, Republican, Biden, Thomson Locations: Beaufort, Wildlife Service Alaska, U.S, Alaska, United States, ALASKA Trump's, ANWR, Washington, Los Angeles

☆ Robotics giant ABB 'pretty pessimistic' on China: 'It will be challenging for the rest of the year'
▼ + stars: | 2023-09-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

The CEO of Swedish-Swiss multinational robotics firm ABB said he has been "disappointed" by the state of the Chinese market, adding he expects conditions will prove challenging for the rest of the year. "We are pretty pessimistic at the moment" on China, said Rosengren. With its machines embedded in so many major global companies' factories, the company's performance serves as something of a barometer for the health of the manufacturing sector — and the broader economy. ABB says it's the leading robotics player in the Chinese market, accounting for more than 90% of sales from locally-made products, solutions and services there. In the second quarter of 2023, ABB reported a 2% increase in orders on a comparable basis, to $8.7 billion.

Persons: Bjorn Rosengren, CNBC's Joumanna Bercetche, Rosengren, it's, It's, we'd Organizations: ABB Locations: Swiss, China, China's

Country Garden is China's largest private developer. Country Garden has been in talks with onshore creditors to extend payments on the private bond and has proposed to repay in instalments over three years instead of meeting its obligations by the deadline on Saturday. "Country Garden may be able to extend its debts, but it does not mean the company and property sector are out of the woods unless home sales rebound." On Wednesday, creditors holding 10.5% of the outstanding principal, added a new proposal where they can vote to immediately call the company in default. The company's extension plan for the onshore private bond calls for payments in seven instalments ending in September 2026.

Persons: Matthew Pestronk, Goldman Sachs, Moody's, Kaven Tsang, Gary Ng, Ng, Xie Yu, Clare Jim, Li Gu, Matt Tracy, Sumeet Chatterjee, Anne Marie Roantree, Jacqueline Wong, Kim Coghill, Susan Fenton Organizations: HK, Post, People's Bank of China, Thursday, Asia Pacific, Thomson Locations: China, HONG KONG, SHANGHAI, Beijing, Hong Kong, Philadelphia, Guangzhou, Shenzhen, Caa1, Asia, Shanghai

☆ I'm a millennial with dreams of owning my own home, but the cutthroat real-estate market has kept me living with my parents in Florida
▼ + stars: | 2023-08-29 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

PR account executive David Triana, 27, moved back in with his parents in Clermont, Florida, in 2019. He and his fiancé want to live in Davenport or Clermont, Florida, where the median home sales prices are $363,000 and $475,000, respectively, according to Redfin. I'm an account executive at a PR firm and I currently live in Clermont, Florida, a town that is 45 minutes southwest of downtown Orlando. The real-estate market in Orlando is hotThe greater Orlando area has become busier and there's a lot of new real-estate development. A sidewalk in Clermont, Florida.

Persons: David Triana, homeownership, I've, We're Organizations: Service, Disney Locations: Clermont , Florida, homeownership, Wall, Silicon, Florida, Davenport, Orlando, Puerto Rico, Cuban, United States, Texas, Winter, Clermont

An aerial view shows trees as the sun rises at the Amazon rainforest in Manaus, Amazonas State, Brazil October 26, 2022. REUTERS/Bruno Kelly/File Photo Acquire Licensing RightsBRASILIA, Aug 17 (Reuters) - Brazil's government is looking to create a regulated carbon market with emissions caps for major companies and protections for indigenous communities involved in carbon-offset activities, a senior official said. After passing Congress, the regulations would require two years of emissions monitoring before the cap takes effect. For example, some developers have approached indigenous communities with unfair contracts offering meager payments, he said. The proposed legislation would establish criteria for such deals, guaranteeing broad consensus and equitable terms for indigenous communities involved.

Persons: Bruno Kelly, Rafael Dubeux, Luiz Inacio Lula da Silva's, Lula, Dubeux, Marcela Ayres, Bernardo Caram, Brad Haynes, Devika Organizations: REUTERS, Rights, Finance, Climate, Thomson Locations: Manaus, Amazonas State, Brazil, Rights BRASILIA

☆ ‘How To With John Wilson’ Loves All of You Weirdos
▼ + stars: | 2023-07-27 | by ( James Poniewozik | More About James Poniewozik | ) www.nytimes.com time to read: +1 min

The final season premiere of the docu-essay series “How To With John Wilson” opens, like many of its episodes, with a problem. Wilson, whose self-help ruminations began airing on HBO in 2020, has a home plumbing emergency that sends him on a search for New York City’s elusive public bathrooms. But the episode, “How to Find a Public Restroom,” is about more than the lengths New Yorkers will go to for relief. Wilson talks to cabdrivers who resort to peeing in empty water bottles for lack of accessible facilities. Wilson builds out his story like a complex system of plumbing.

Persons: John Wilson ”, Wilson, ruminations, Botox, cabdrivers Organizations: HBO, York, Brooklyn -, Hudson Yards Locations: Brooklyn, Brooklyn - Queens

☆ The Atlanta Braves team is a stock you can buy and sell. Top execs describe what moves the shares
▼ + stars: | 2023-07-26 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

"I think it gives shareholders an opportunity to feel like they're direct owners of the Braves," Liberty Media CEO Greg Maffei said Wednesday on CNBC's " Squawk on the Street ." Atlanta Brave Holdings encompasses the baseball team and its real estate development known as The Battery, which includes its ballpark, Truist Park. The newly public stock has dipped less than 1% to trade around $44 apiece since its first day of trading. The Formula One tracking stock hit an all-time high last month. The executive said profits of the franchise will continue to be driven by operations on the field and of the real estate.

Persons: Major League Baseball's, BATRA, Greg Maffei, We've, we've, Derek Schiller, Maffei, They're, Fanduel Sportsbook, Ronald Acuña Jr, He's Organizations: Atlanta Braves, Major League, Nasdaq, Liberty Media Corp, Braves, Liberty Media, Holdings, Turner Broadcasting, Major League Baseball

☆ Cool-girl brand Aritzia made employees rate each other's appearances, discriminated against Black salespeople, and fostered a culture of fear, some ex-staffers say
▼ + stars: | 2023-07-24 | by ( Nichole Jankowski | Isabella Zavarise | Brianna Holt | ) www.businessinsider.com time to read: +27 min

They said 54% of Aritzia employees and 60% of retail employees identified as BIPOC but declined to provide a breakdown of those statistics. Insider spoke with 53 current and former Aritzia employees, several of whom said that while the world of fashion is notoriously cutthroat, working at Aritzia was particularly grueling. Aritzia's spokesperson said the company's success was a "direct result of its high-performance culture." (In a statement of defense filed with the court on July 5, the store manager and Aritzia denied all allegations. A former Ontario store manager said that shortly after she was hired, the manager of store operations asked if she had a boyfriend.

Persons: Brian Hill, Hill, Kendall Jenner, Meghan Markle, Jennifer Lopez, Aritzia, Lindsey Adelman, Melina, Isabel Slone, Max Mumby, Aritzia's, Carly Bishop, Brian, Jennifer Wong, who's, Wong, Robson, We're, George Pimentel, Heather McLean, Hill's, Tim Hortons, Kendalls, —, Todd Korol, Jessica Porter, weren't, Candace Jerry, Anyango Juma Miguna, Miguna, Hannah, Kaycelyn Pascual, Pascual, couldn't, Nadia Mahammed, Mahammed, she'd, George Floyd, they'd, Todd Ingledew Organizations: Aritzia, Euromonitor International, Aritzia's, Queen's University, Fashion, Globe, Toronto Star, Getty, SPH, Employees, British Columbia Human, Product, Estate Development, Business Locations: Toronto, Vancouver, Ontario, Aritzia, ascot, Canada, Aritzia's Vancouver, Canadian, New York City, Aritzia's Paramus , New Jersey, Newmarket , Ontario, British, New York

☆ A Year of Upheaval on Abortion’s Front Lines
▼ + stars: | 2023-07-20 | by ( Kate Kelly | Marisa Schwartz Taylor | ) www.nytimes.com time to read: +14 min

Erica’s pilots that day were volunteers with Elevated Access, a nonprofit set up last year to help people obtain abortions, often across state lines. In North Carolina, an anti-abortion, church-backed pregnancy center called Mountain Area Pregnancy Services confronted a harassment incident. Before Dobbs, the group’s abortion services operated on a budget of $20,000 per month. But the dearth of pharmacies willing to offer abortion medication meant that Honeybee soon became the main provider of the online-ordered, home-delivered pills. Abortion medication — which now accounts for more than half of abortions in the United States — produces roughly 40 percent of Honeybee’s revenue.

Persons: Wade, Health “, ”, Maren Hurley, Hey Jane, Jenice Fountain, Julia Rendleman, The New York Times Erica, ” Erica, Erica, Andy, “, Gabriela Bhaskar, Dobbs, Kelsea McLain, Roe, —, McLain, Yellowhammer, Fountain, Mike Belleme, Court’s Dobbs, Jeff Porter, Porter, ” Michelle Fenton, Ms, Fenton, Sharon Chischilly, Paddy, Rachael Lorenzo, Tracy Nguyen, Honeybee, Jessica Nouhavandi, Nouhavandi Organizations: Jackson, Health, Private, Yellowhammer Fund, The New York Times, Maryland —, D.C, Cessna, Fund, Birmingham, Pregnancy Services, The New York, Services, The New York Times Indigenous, Roe, Los Angeles Locations: Dobbs v, North Carolina, Hurley’s, Alabama, Louisiana, America, Minnesota, Twin Cities, Illinois, Maryland, Washington, Wisconsin, Birmingham, Ala, Asheville, N.C, Waynesville, New Mexico, Oklahoma , Texas, North Dakota, South Dakota, Culver City, Calif, Roe United States, United States

☆ China’s Rebound Falters, Tripped Up by Debt and Weak Exports
▼ + stars: | 2023-07-16 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +5 min

China’s economy is flashing many warning signs. Weak spending is pushing China close to a dangerous trend known as deflation: Consumer prices are flat, and wholesale prices paid by companies are actually falling. “It’s not a strong recovery; the economy is quite weak,” said Wang Dan, the chief economist at Hang Seng Bank China. Some companies are also moving supply chains out of China, which will have a longer-lasting effect on exports, Mr. Fattal said. But a huge accumulation of debt, particularly at the level of local governments, has made that hard to do.

Persons: ”, Diana Choyleva, “ It’s, Wang Dan, Richard Fattal, Fattal, Lou Jiwei, Cui Dongshu, Fu Linghui, Lou, Ms, Wang, Li You Organizations: Enodo, National Bureau, Statistics, Investment, Hang Seng Bank China, National Bureau of Statistics, Administration, Customs, Companies, Workers, China, China Passenger Car Association Locations: Shanghai, London, China, Baoding, United States, Europe

☆ Grenada's passport-selling boom offering rich Russians a Caribbean shortcut to US visas could be over
▼ + stars: | 2023-07-09 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +3 min

Grenada runs a "Citizenship by Investment" program, offering a "golden passport" from $150,000. Demand for the program surged following Russia's invasion of Ukraine in February 2022. Russians called up as part of the partial mobilization go through military training in Rostov on October 21, 2022. But Grenada has flip-flopped on its decision to allow Russians to take part in the program. The office for the Grenada Citizenship by Investment program did not respond to Insider's request for comment.

Persons: Richard Hallam, —, Arkady Budnitsky, Irina Batrakova Organizations: Investment, Service, Privacy, Transformation Fund, Bloomberg, Grenada's Ministry of Finance, Anadolu Agency, Getty, Batrakova, Grenada Citizenship Locations: Grenada, Ukraine, Wall, Silicon, Russia, Russians, Rostov

☆ Home shoppers, don't despair. Bargains are out there, particularly in these pandemic boomtowns.
▼ + stars: | 2023-06-22 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

Pandemic boomtowns like Austin, Texas; Boise, Idaho; and Phoenix are seeing big discounts. Read on for the top 10 cities and how much home prices have declined in the past year. This has led to some robust price cuts, especially in previously hot pandemic boomtowns — like Austin, Texas; Boise, Idaho, and Phoenix — where prices surged and homebuilders have been adding inventory. The company analyzed the median price per square foot in 100 of the largest US metropolitan areas, and considered the change in prices in the year through May. Take Austin, where the median home price has fallen 7.7% since May 2022 but is still $142,751 above the national median of $441,000.

Persons: Realtor.com, —, Mark Zandi, There's, Danielle Hale, Austin Organizations: Service, Phoenix, Moody's Locations: Austin , Texas, Boise , Idaho, Myrtle Beach , South Carolina, North Port , Florida, Myrtle Beach

☆ A desperate property developer in China said it would give a gold bar to anyone who buys a home it builds. Homebuyers say they're still waiting.
▼ + stars: | 2023-06-13 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +5 min

A Chinese property developer is offering gold bars to buyers in a desperate bid to boost home sales. According to The Guardian and local media outlets, the property developer in question is Huafa Group, which is based in Hangzhou, a city in eastern China. Disgruntled buyers are raging over the gold barsHowever, some buyers have been kept waiting for the promised gold after purchasing a flat. A staff member at Huafa told Insider the Huafa Hui Tianfu development had "nothing to do" with them. Flashy giveaways are commonplace in China's property marketThis is not the first time Chinese property developers have dangled freebies to entice homebuyers.

Persons: —, they've, monthslong, Hui Tianfu, China's, Zhu, Xian, Shao, Xiao Qiang, homebuyers Organizations: Service, Guardian, Weibo, China's Twitter, Huafu Group, Jiemian, Huafa, Qianjiang Evening, Estate Development Corporation, China Index Academy, Bloomberg, Wall Street Locations: Hangzhou, China, Hangzhou Yuejia

☆ A New Hiroshi Sugimoto Sculpture in San Francisco Reaches for Infinity
▼ + stars: | 2023-06-09 | by ( Jori Finkel | ) www.nytimes.com time to read: +1 min

The San Francisco skyline has radically changed over the past two decades because of all the real estate development. The Japanese artist Hiroshi Sugimoto, famous for his slyly deceptive photography, has just planted a slender, 69-foot-tall stainless steel sculpture on a hilltop in Yerba Buena Island, meant to serve as an anchor — or beacon, given its height — for the area’s new public art program. From some viewpoints it looks like the tip of a sewing needle poking out above the trees and cellular towers of this island in the San Francisco Bay. Because of its particular curved geometry, which tapers from a concrete base of 23 feet to a top that is less than one inch in diameter, the sculpture looks as if it’s growing infinitely smaller and taller as it reaches for Earth’s outer atmosphere. The artist paradoxically calls his skyscraper “Point of Infinity,” and, even more than the beautiful sliver of mirror-finished stainless steel itself, he hopes to showcase that Zen koan-like notion.

Persons: Hiroshi Sugimoto, ”, Sugimoto, “ Organizations: San Locations: San Francisco, Yerba Buena, San Francisco Bay

☆ New warning signs emerge for China's property market
▼ + stars: | 2023-05-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Construction on a real estate development project gets underway near the Bund in Shanghai, China, on May 25, 2023. BEIJING — New data show China's massive property sector is still struggling to turn around, despite signs of recovery earlier this year. Beijing has eased its pressure on real estate developers in the last year, following a crackdown on their debt levels in August 2020. The property sector and related industries have accounted for more than a quarter of China's economy, according to Moody's estimates. Both weeks' sales volume was lower than during the same period in 2019, prior to the pandemic, the report said.

Persons: That's, Ting Lu Organizations: Bund Locations: Shanghai, China, BEIJING, U.S, Beijing

☆ Where to go this summer: A dozen destination ideas
▼ + stars: | 2023-05-28 | by ( Marnie Hunter | Jane Levere | ) edition.cnn.com time to read: +8 min

Peru"Peruvians are welcoming travelers back with open arms," says travel one travel expert. And perhaps most importantly, the city offers excellent value, in part because it will be the winter/low season there during the Northern Hemisphere’s summer. It’s home to three UNESCO World Heritage Sites, including megalithic temples that date to the 4th millennium BC. Although summer is the rainy season, Gellis says showers are often brief and intermittent. AlbaniaAlbania is a Mediterranean gem that’s likely to be less crowded this summer than Greece and Croatia, says Joao Donadel, another EMBARK Beyond travel advisor.

☆ Why major commercial real estate firms are joining resources to recruit Black student-athletes
▼ + stars: | 2023-05-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Cedric Bobo discusses a new program for Black student-athletes to transition into the commercial real estate market. Bobo made a name for himself in real estate investing and then decided to pay it forward. Eager to diversify their workforces, some of the largest real estate development, finance and management firms have signed on to fund the internships and mentor the students. The program has trained more than 5,000 participants from over 350 universities worldwide and has partnered with over 250 real estate firms. He is now an acquisitions and development associate at Catalyst Housing Group, a California-based real estate development firm and a financial backer of the new partnership.

☆ Old trailer parks are being torn down, driving up homelessness as one of the last options for low-income renters fades away
▼ + stars: | 2023-05-21 | by ( Anita Snow | Associated Press | ) www.businessinsider.com time to read: +8 min

Residents of mobile home parks in Arizona are being asked to leave, so student housing can be built. Mobile homes, not always mobile, are hard to repair so they're being razed. "We are in the deepest affordable housing crisis we've ever experienced," said Joanna Carr, acting head of the Arizona Housing Coalition. Efforts under way to revitalize old mobile homes have limits. Many park residents are Spanish-speaking immigrants earning minimum wage as landscapers or restaurant workers.

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