Stratospheric property (seriously)
Late last year we speculated that if anything was going to disrupt the London property bull market it was going to be a grand exodus, motivated by the economically viable population realising that they...
View ArticleThe house that China built
From the FT: China’s central bank and one of its largest state lenders are holding emergency talks over whether or not to bail out a defaulting real estate developer… In a case which offers a microcosm...
View ArticleBoth a lender and a borrower be, China property edition
This week in circularity, from China: Chinese property companies are buying stakes in banks and raising fears that the country’s already stretched developers are trying to cosy up to their lenders. Ten...
View ArticleChina’s leaning towers
We are now fairly sure there is a serious mismatch between the supply of and demand for charts about China property — more are being produced than will ever be seen. That said, here are a few worth...
View ArticleBlame the media, China property edition
The bank that brought “adaptive pricing” to the China property euphemism table just two weeks ago is getting quite a bit blunter. We’ll spare you more charts today, but here’s a chunk or two from...
View ArticleWon’t somebody think of the property developers?
And so it goes, from Nomura’s Zhiwei Zhang: Today’s 21st Century Business Herald reports that in Jiangsu Province the Rongchen Property Development Co. Ltd. defaulted on a RMB100m trust product that...
View ArticleLet’s nationalise the Green Belt
Or London’s Green Belt, at any rate. For the uninitiated it is the giant girdle of farmland that forces the UK metropolis to maintain the figure it had in its twenties — the 1920s. So here’s a...
View ArticleFlight to a semblance of quality, China property edition
Today in Chinese efforts to shore up the property market, from Bloomberg: China will revive mortgage-backed debt sales this week after a six-year hiatus, as the government extends help to homebuyers in...
View ArticleChina property chart du jour (yes, another one)
And the reason we keep going on about lower tier cities, from Nomura: Continue reading: China property chart du jour (yes, another one)
View ArticleChina’s ever more precarious towers
For a little while it looked as though demand for China property related charts was moving in the same direction as demand for China property, but that pattern appears to have broken recently. With...
View ArticleTesco’s off-balance sheet wheeze, courtesy of Goldman Sachs
This is not new, but bears revisiting, given recent events. Between 2009 and 2013, as part of its sale and leaseback plan, Tesco used a series of six special purpose vehicles to issue close to £4bn...
View ArticleIt’s not all about London property you know
Sometimes it’s all about the ski chalets. On which note, Knight Frank’s latest dive into the world high-altitude snow-dusted living offers some interesting findings. Among them is the fact that putting...
View ArticleChina’s still leaning towers
Rumours of stabilisation in China’s property sector abound… From UBS’s Wang Tao (our emphasis): New property starts leapt up by 43%y/y in October reversing September’s marginal 0.2%y/y decline, as...
View ArticleLessons in sustainable finance from local Chinese governments
From the FT: Local governments in some of China’s smallest cities are snapping up an increasing amount of their own land at auctions, in a destructive cycle designed to prop up property prices but...
View ArticleThis is nuts, we’re watching the crash
Credit pricing, yeah? From a rather good Bloomberg piece: Having found themselves shut out of local bond and loan markets seven years ago, a band of developers began looking elsewhere for funds. First...
View ArticleStealing London houses
Max Hastings, veteran war reporter, historian, writer, editor and all-round British institution, recounted the most amazing personal story in this weekend’s Daily Mail. It pertains to an elaborate...
View ArticleThis is nuts. When’s the crash?
An update on China’s big ball of money which we have seen pouring into stock, bonds etc before… Right now it’s still rolling hard into Tier 1 property — first Shenzhen, now Shanghai. From HSBC with our...
View ArticleChina property, Tier-1 vs the rest
China has become, to a large extent, a tale of two property markets. There’s Tier-1 — which is nutty — and, as flagged in the headline above, the rest. From Bank of America Merrill Lynch’s China team,...
View ArticleWho would buy London property in a market like this?
A chart from Deutsche Bank to soothe the minds of London’s middle-class millennials, whose only shot at owning property in the capital is probably the popping of the housing bubble/unfair destruction...
View ArticleThe London property market is doomed, doomed I tells ya
Yes, yes, we know, people will keep buying property in London no matter the price, no matter the Brexit, no matter the sheer insanity of it all. But, there’s a credible bear case to be made that...
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