The world’s three largest credit-ratings companies have a bit of catching up to do. Eight high-yield developers listed in Hong Kong should now be investment grade, according to Bloomberg’s default risk model, which uses market inputs such as debt outstanding, interest expenses and operating cash flow to calculate the probability of firms reneging on their obligations in the year ahead. ...

Houses are made of bricks and mortar, but a builder’s key raw material is land. Once, its value roughly tracked house prices. But that relationship has broken down, much to the benefit of the large homebuilders. In conversations with analysts and investors, developers like Taylor Wimpey Plc, Crest Nicholson Holdings Plc and Redrow Plc have continually alighted on the same ...

Soon, Japanese banks may no longer be the cheapest in the world. The yield-curve control undertaken by the nation’s central bank has done lasting damage. Data compiled by Bloomberg on financial institutions with a market capitalization of $10 billion or more show those from Japan are the biggest value traps, trading at just 0.69 times book, despite having an average ...