Real Estate

  Bloomberg Minmetals Land Ltd., a Chinese developer, outbid Hong Kong giants Sun Hung Kai Properties Ltd. and Sino Land Co. with an HK$4 billion ($515 million) offer for land in the territory’s Kowloon district. The price works out to about HK$7,058 per square foot of saleable area, according to calculations by Bloomberg News based on figures released by the …

  Bloomberg Canada is in the midst of one of its weakest expansions ever, and only the housing boom keeps it from getting worse. That’s one of the key takeaways from Friday’s GDP report. Two years since oil prices started plunging, Canada’s economy is almost completely reliant for growth on bank lending and the hot Vancouver and Toronto housing markets. …

  Bloomberg When talking about housing, “underwater” usually means you owe more on a mortgage than the home is actually worth. If climate change continues apace, that term could take on a much more literal meaning. Rising sea levels could soak homeowners for $882 billion, according to a new report from real estate website Zillow. The research takes its initial …

  Bloomberg Robust demand for mortgages. Real estate values rising at a solid clip. Construction employment in decent shape. A fresh cycle high for single-family home sales. With all this working in the housing market’s favor, it’s hard to envision why residential outlays took a step back in the June construction spending report, notes Bespoke Investment Group. Private residential spending …

  Bloomberg As Manhattan developers grapple with how to sell their luxury condos in a slowing market, Billy Macklowe’s Greenwich Village project is an anomaly: He’s found buyers for both penthouses in less than two months. Macklowe, who with Goldman Sachs Group Inc. is planning a 52-unit condo tower at the site of the former Bowlmor Lanes, said the two …

  Bloomberg You’re a millennial buying your first home. Good work not moving in with your parents or renting a shoebox! But as you make the homeownership leap, you want space: Where can you go, and at what cost? Research released on Wednesday by Trulia looked at the U.S. metro areas with the largest starter homes, measured by median square …

  Bloomberg Allianz SE completed a deal to acquire a stake of 10 Hudson Yards that values the skyscraper on Manhattan’s far west side at $2.15 billion, marking one of the city’s largest real estate transactions this year. A New York-based unit of Europe’s largest insurer contributed about $420 million in cash, and was part of a group that took …

  Bloomberg UK construction shrank the most since the financial crisis in July, with companies citing uncertainty related to Brexit for the continued weakness. Markit Economics said its Purchasing Managers Index for construction activity slipped to 45.9 from 46 in June. That’s the lowest since June 2009, when the economy was last in a recession. All three sectors — housing, …

  Bloomberg Vonovia SE — Germany’s biggest residential landlord — raised its full-year earnings forecast for a second time, citing efficiency created by a string of acquisitions. Funds from operations excluding sales, a measure of a real estate company’s ability to generate cash, will be as much as 760 million euros ($848 million) this year, compared with a previous forecast …

  AFP US construction spending fell for a third straight month in June with spending on nonresidential construction dropping by the largest amount in six months. Construction spending fell 0.6 percent in June following declines of 0.1 percent in May and 2.9 percent in April, the Commerce Department reported Monday. Nonresidential construction declined 1.3 percent, the biggest setback since December, …