Real Estate

  Bloomberg Axel Stawski is not the kind of real estate mogul who boasts about the size of his towers. The developer owns six Manhattan office buildings, one of the largest being 565 Fifth Ave., a 380,000-square-foot (35,000-square meter) property completed in 1993 on the corner of 46th Street. At 30 stories, it’s not one of New York’s tallest skyscrapers. ...

  Bloomberg UK construction is on course to shrink for a second straight quarter and economists are warning of worse to come after Britain voted to leave the European Union. Building output fell 2.1 percent in May, almost double the decline forecast in a survey of economists, figures from the Office for National Statistics showed this week. There were falls ...

  Bloomberg One consequence of Brexit could be that more London properties end up in foreign hands. That’s the ironic product of Britain’s decision to exit the European Union — an outcome predicated in part on a desire to reduce immigration to the UK. Investors pulling money from UK property funds out of fear that real estate values will fall ...

  Saint Petersburg / AFP A dispute with local authorities has frozen building work on one of the venues for the 2018 World Cup in Russia’s second city Saint Petersburg, the firm overseeing the construction said this week. Inzhtransstroy-SPB, which is building the new ultra-modern 68,000-seat stadium, said in a statement that local authorities owed it one billion rubles ($16 ...

  Bloomberg Standard Life Investments and Legal & General Group Plc have joined the list of UK real estate fund managers offering buildings for sale after the UK’s vote to leave the European Union sparked an increase in redemptions. The asset managers are working with brokers to sell London office buildings, joining Henderson Global Investors and Aberdeen Asset Management Plc ...

  Bloomberg Almost nine years after the housing-market bust helped trigger the most recent recession, RealtyTrac senior vice president Daren Blomquist sees the industry waving a red flag. The same fervent speculation that abetted the housing bubble is showing up in the bloated share of foreclosures snapped up by third-party investors at auction — a record 31 percent in June, ...

  Bloomberg A measure of London house prices fell to its lowest level since the height of the financial crisis as Brexit sent shock waves across the UK. The index dropped to minus 46 in June from minus 35 the previous month, the Royal Institution of Chartered Surveyors (RICS) said on Thursday, citing a survey of real-estate agents. That’s the ...

  AFP Chinese conglomerate Wanda is in talks to buy a stake in US film studio Paramount Pictures, according to a report, marking the Asian company’s latest move to expand its entertainment empire. Wanda, which in January bought production giant Legendary Entertainment for $3.5 billion, is seeking 49 percent of Paramount from parent company Viacom, the Wall Street Journal quoted ...

  Bloomberg Great Eagle Holdings Ltd. Chairman Lo Ka Shui said he has suspended plans for a £250 million ($330 million) real estate project in London because of the uncertainty following Britain’s decision to withdraw from the European Union. In an interview in Hong Kong, Lo said that Brexit is likely to send property values lower, noting that seven listed ...

  Bloomberg Tishman Speyer is teaming with Lenovo Group Ltd., the world’s biggest personal-computer maker, on a 9 billion yuan ($1.35 billion) real estate project in Shenzhen, China, marking the developer’s first foray into the country’s southern region. The 2.2 million-square-foot (204,400-square-meter) office-and-retail development, to be built in the city’s central business district, will house the headquarters for Lenovo’s international-business ...