Tema: PPCC-Pisitófilos Creditófagos-Invierno 2022

[wanderer]

Bueno, yo dejaría el rollo de meterme con ppcc si él/ellos se abstuvieran de meterse en política y con Madrid.

Lo cual es profundamente divisivo, e innecesario.

Por lo demás, pues traten ustedes de acrecentar su melasudina Yo también me aplicaré el cuento, por la parte que me toca.

[CHOSEN]

"Las pensiones son para los hijos y los nietos que no pueden pagar la luz o el súper"
Maria Jesús Montero, Ministra de Economía

https://www.20minutos.es/noticia/5107191/0/aluvion-de-criticas-a-montero-por-afirmar-que-los-abuelos-no-quieren-las-pensiones-para-ellos-sino-para-ayudar-a-su-familia/

HAY QUE DERRIBAR EL ESTADO DEL BIENESTAR



...
Hasta los cojones estamos.

[puede ser]

Bueno, yo dejaría el rollo de meterme con ppcc si él/ellos se abstuvieran de meterse en política y con Madrid.

Lo cual es profundamente divisivo, e innecesario.

Por lo demás, pues traten ustedes de acrecentar su melasudina Yo también me aplicaré el cuento, por la parte que me toca.

https://cincodias.elpais.com/cincodias/2022/11/03/economia/1667479169_237569.html

Feijóo pide recuperar la deducción por compra de vivienda que suprimió Rajoy
(...)
En segundo lugar, Feijóo ha propuesto crear un fondo, "con aportación de la banca" y el Gobierno, que ayude a las rentas medias y bajas para hacer frente a las hipotecas.

https://www.eldiario.es/galicia/feijoo-defiende-vacunacion-obligatoria-pese-constitucional-tumbo-parte-ley-gallega-abria-posibilidad_1_8202355.html

Feijóo defiende la vacunación obligatoria pese a que el Constitucional tumbó la parte de la ley gallega que abría esa posibilidad
El presidente gallego afirma además que si un sanitario “no quiere vacunarse, no puede trabajar en ese ámbito”

No hay más preguntas, señoría
---
Bueno, sí las hay. ¿El PSOE ha dado la independencia a Cataluña durante estos 4 años?, ¿el PP derogó el derecho al aborto mientras "tuvo" mayoría en el Constitucional?,  ¿El PP va a dar marcha atrás a las medidas relativas al aborto, la eutanasia, los trans o el feminismo? Son estos temas -reparto de la tarta, temas de moral y triquiñuelas de lobbistas identitarios- suficientemente importantes como para dar el gobierno a quien promete ahondar en el Capitalismo Popular que en este foro se denuncia?

[muyuu]

bajo la teoría de "es bueno para la transición" (dando a entender que "cuanto peor, mejor"), pues bajo ese mismo baremo ahí Feijóo estaría siendo estupendísimo para la TE

[AbiertoPorDemolicion]

La tesis ppcciana de "las leyes objetivas de la Historia" es un mito y una falacia. Aparte de que incurren en un descarado historicismo (ya en su tiempo hábilmente desmontado por Popper: La miseria del historicismo), todavía tendría cierto sentido si la Humanidad fuera tan amplia que admitiera leyes objetivables. Como posible contrafáctico, daremos por buena la saga de la Fundación y aún así sería algo muy limitado.

Excelente, Gracias.

Pero como que Popper no defendía "las leyes objetivas de la Historia". Pero si precisamente la objetividad científica es una de las tesis principales de todo el  aparato intelectual de Karl Popper

(por favor, no confundir la objetividad popperiana con la basura objetivista de Ayn Rand y sus divulgadores binepagaos de la Universidad Juan carlos I).

[Derby]

https://www.telegraph.co.uk/property/buy-to-let/mortgage-expert-buy-to-let-dead-buried/

‘I'm a mortgage expert – buy-to-let is dead and buried’

The sector is crumbling under the weight of tax rises, high interest rates and red tape

In the wake of Kwasi Kwarteng’s “mini-Budget” I watched my brokerage company’s turnover drop by 80pc in a few hair-raising weeks. I admit, I was one of those wondering if the mortgage market turmoil was an extinction-level event for the sector.

Lending rates soon hit 5pc, buy-to-let rates went to 6pc and specialist lenders were knocking on the door of 10pc.

Thankfully, the new year has seen some stability.

Committed buyers are still there and chains are holding firm and transactions are completing. The housing market is catching its breath.

But there is something hiding in plain sight, it is the elephant in the room; the smoking gun: buy-to-let. The last buy-to-let purchase we did was on Oct 14th. What once may have accounted for 20pc of our business is now suddenly rarer than a housing minister with more than 6 months on their CV.

If you are thinking of entering the buy-to-let market in London you will probably need a 50pc deposit to even start the conversation with a mortgage lender. Throw in additional stamp duty, EPC certification and a raft of legislation and regulation and then suddenly Bitcoin might start to look like a more stable bet.

If you are already a landlord and you have a mortgage that is due to reset at some point this year, you might want to think about getting a mortgage broker (or maybe a counsellor) on speed dial. What was once a profitable business has rapidly become break even at best, and for many, loss making overnight.

It is not uncommon to see the mortgage payments for investment properties now remortgage from low rates of 1.5pc to be met with rates starting at 5pc. Furthermore, lenders’ background “stress tests” are now hammering nails into coffins so hard it is drowning out landlords’ calls for help.

Whether it is a house to live in or a place to rent out, we are talking about the homes of millions of families and individuals across the country. There is a huge systemic shock building up due to the Bank Rate moving from 0.1pc to 4pc in a little over 12 months.

So, to those of you with your fingers on the trigger, I say this: erring on the side of caution might actually help save the day and with it, the finances of millions of people.

[Derby]

https://www.axios.com/2023/03/08/crypto-bank-silvergate-liquidated

Crypto bank Silvergate to shut down amid crisis

Silvergate Capital, the publicly-traded parent of Silvergate Bank, said Wednesday that it would liquidate the bank, just days after saying future operations would be uncertain.

What they're saying: "In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward," a press statement reads.

Why it matters: Silvergate shutting down is another black eye for the industry, the last thing crypto needed amid the broad crackdown.

The big picture: While the bank's demise had everything to do with its choice of industry — FTX's collapse sent the entire crypto world in hunt of liquidity, causing a run on deposits at Silvergate — balance-sheet problems in today's high-rate environment is not a crypto bank-specific stumbling block.

*Silvergate's troubles were in plain sight in that respect.

Flashback: When customers pulled more than $8 billion from its platform late last year, the bank got a $4.3 billion assist in home loan advances from the Federal Home Loan Bank (FHLB).

*It effectively benefited from an implicit government backstop.

*But between having to pay those loans back right away and other investment losses, its outlook was grim, even before the company filed a registration statement saying so.

Our thought bubble, via Axios' Felix Salmon: The overwhelming majority of bank liquidations are announced on a Friday afternoon, to give the FDIC a full weekend to shore up the institution and reassure depositors before the next business day. The fact this happened on a Wednesday is an indication of just how quickly Silvergate imploded.

The intrigue: "Crypto exchanges, platforms and stablecoin issuers at least have the excuse that they don’t have direct access to central bank liquidity," Frances Coppola, an economist and writer of blog Coppola Comment, said in a recent post about the bank. "But Silvergate does — and yet it didn’t use it."

The bottom line: That would appear to be an oversight for the bank, but also its regulator.

[Saturio]

Esta extraña recuperación de los mercados de inicio de año, parece que ha llegado a su fin.

[Derby]

https://www.bloomberg.com/news/articles/2023-03-09/work-from-home-shift-spurs-office-building-defaults

Even Wealthy Landlords Are Skipping Payments on Office Buildings

Commercial real estate gave investors a long-term fixed asset to love. But rising interest rates and remote work will bring more defaults to downtowns near you.

Wall Street titans pride themselves on knowing when to take risks, especially in moments of uncertainty. But as borrowing costs soar and the work-from-home trend leaves downtown offices half empty, even the biggest players are quickly realizing they miscalculated.

Take Pacific Investment Management Co. In 2021, even after offices emptied during the pandemic, funds managed by the $1.7 trillion asset manager acquired Columbia Property Trust, which owned at least 15 office buildings in New York, San Francisco, Boston and Washington, DC, for $3.9 billion, including debt. “High-quality office buildings in major US cities offer long-term value for our clients,” Pimco’s global head of private commercial real estate, John Murray, said at the time.

Or not. Last month, Columbia Property Trust defaulted on about $1.7 billion worth of mortgages on seven of its trophy buildings, including a San Francisco tower leased to Elon Musk’s Twitter and the former New York Times headquarters, now home to Snap. The finance behemoth wasn’t alone: Brookfield Corp., one of the biggest property owners in the world, also defaulted on two downtown Los Angeles skyscrapers, one of them crowned with the name of accounting firm Deloitte.

Anyone who recalls the 2008 financial crisis and the housing bubble bursting also might remember the scorn heaped on homeowners who stopped paying mortgages because their houses were hopelessly under water. They may now find it ironic to see some of Wall Street’s most prestigious companies threatening similar behavior. Yet for institutional investors, defaults can be a strategy to open the door for debt restructuring. Debtors with commercial-mortgage-backed securities must at least technically default on their loans before they can renegotiate terms. CMBS is nonrecourse debt, which means borrowers can walk away and creditors can’t go after other assets they own.

Some of the recent defaults are a strategic play to extend payment periods or otherwise improve the terms of the loans. In other cases, owners are giving up on buildings entirely and returning them to lenders. Either way, the moves portend a bleak unraveling for the rest of the market: If even the most well-capitalized money managers are balking at paying for properties with premier tenants in prime locations, where does that leave cash-strapped owners of emptier, older buildings? “You were dealing with a work-from-home earthquake, and now you have a financial tsunami,” says David Bitner, executive managing director of global research at Newmark Group Inc.

Over the past decade, investors treated offices as though they were bonds. They saw high-quality buildings with long-term leases and ever-rising rents as supersafe. Giants such as Amazon and Facebook were splurging on space in costly cities, decking them out with plant walls and espresso machines. While office buildings aren’t immune to economic trends, even the biggest money managers couldn’t predict just how quickly the remote-work phenomenon would render thousands of them superfluous. The uncertainty around the future of work has turned office space, an inherently long-term, fixed asset, into an increasingly risky, volatile one.

Analysts and investors liken struggling office buildings to dying malls; just as e-commerce hastened the demise of older suburban shopping centers, remote work will decimate business districts. One brokerage estimates there will be about 330 million square feet of excess office space by the end of the decade.

Amazon is pausing construction of its second headquarters near Washington, and Facebook parent Meta Platforms Inc. has reduced the amount of space it leases in New York. Twitter Inc. is battling Columbia Property over its San Francisco building rent and just put up most of its New York headquarters for sublease.

Today, average office usage is about 50% of pre-pandemic levels—which could be the new norm. The market certainly isn’t betting on a rebound. The stock of New York’s largest office real estate investment trust, Vornado Realty Trust, has dropped to 1997 levels; those of SL Green Realty and Boston Properties are below 2020 lows.

Most landlords were able to hold on to their buildings without defaulting on loans during the pandemic, because near-zero interest rates made it easier to keep making payments or get new financing. Like Pimco’s Murray, investors were hopeful that more people would return to the office once pandemic concerns subsided. Some won’t be able to hold on long enough to see that happen. Almost $92 billion of nonbank office debt is maturing this year, and it needs refinancing, according to the Mortgage Bankers Association. Banks, the biggest source of commercial real estate financing, are shying away from office loans after regulators warned last year against over exposure. Office building values have already fallen 25% from just a year ago, according to real estate analytics firm Green Street.

The recent defaults have emboldened others. “It’s helpful for me, that we’ve seen some big players basically give the keys,” Manhattan landlord GFP Real Estate LLC Chairman Jeffrey Gural says. “It makes it easier to negotiate with the banks.”

[pollo]

[...] Así que ppcc/asustadísimos no son más que una miserable panda de falsarios, mixtificadores, aprovechados y representantes genuinos de lo más excelsamente miserable de la izmierda caviar. ¡Qué le ondulen!

No sé de dónde sacas esto... lo que ha dicho es que es lo mejor, ojo, PARA la TE. No lo mejor, ni lo bueno, ni lo idoneo... etc.



Y todo esto después de explicar mil veces lo que es una transición. (Un engaño colectivo.)

(yo ya estoy un poco cansado de este personaje. Cuando Manu Oquendo lanza sus panfletos reaccionarios de "la izquierda es culpable", aquí nadie sale con insultos ni payasadas partidistas, excepto el personaje este. Entre otras cosas porque la mayoría de los que pasamos por aquí no estamos a hacer campaña electoral para nadie.

No se pueden sacar frases sueltas de todo el discurso ppciano, que da para varios libros, y ponerlo fuera de contexto.

No debemos permitir que comisarios políticos puestos por las mafias políticas se dediquen a patrullar el foro para denunciar a los que no hacen campaña para su partido)

No creo que sean comisarios políticos, pero es irrelevante: a la práctica totalidad del foro nos la soplasudan estás salidas de tono, que es la única reacción que merecen.

Hay que tomarse la pastilla, que si no se altera uno.

[Derby]

Incertidumbre en nivel máximo... De momento, sin noticias del pivot. Habrá que esperar los datos económicos. Mañana se conocerá el informe del empleo del mes pasado.

Fed hurtles towards tough call on size of next interest rate rise

US central bank must decide whether to return to more aggressive increases amid economic uncertainty

The US Federal Reserve is hurtling towards one of the toughest calls of its monetary tightening campaign as it decides whether to switch back to more aggressive rate rises at a time of acute economic uncertainty.

This week, chair Jay Powell warned the central bank might have to return to half-point rate rises at the conclusion of its next meeting on March 22. But he said the final decision hinged on a series of crucial forthcoming data releases, which will be published either during or just before a “blackout” period when the Fed is all but forbidden from communicating publicly.

That means the Fed might not only be forced to make a significant departure from the path Powell laid out just over a month ago, when the central bank called time on a string of “jumbo” rate rises and opted for a more typical quarter-point cadence. It also means it has a short window to signal its thinking to investors.

“They’re getting spooked, and why wouldn’t they be?” said Derek Tang, an economist at research firm LH Meyer.

“It’s their reputation at stake now and reputation is something that is very hard to earn back once you lose it,” added Tang, who predicts the Fed will opt for a half-point rate rise.

At the conclusion of the Fed’s most recent meeting earlier this month, Powell said the “disinflationary process” was under way, prompting a relief rally in markets and leaving the impression the US central bank had finally turned a corner in its fight against soaring prices. However, since then a surge in job creation coupled with the hotter-than-expected inflation and spending data has complicated the Fed’s calculus.

Powell has been at pains to point out that the Fed has not yet decided on a half-point rate rise over a smaller increment. “We’re not on a preset path,” he said during congressional testimony this week. “We will be guided by the incoming data and the evolving outlook.”

Whether the Fed chooses to go bigger or smaller depends in large part on two data releases that officials are waiting for with bated breath: the next jobs report on Friday and fresh consumer price data on Tuesday.

Those releases will help the Fed decide whether the hotter-than-expected releases last month were “fluky”, perhaps because of unseasonably warm weather at the start of the year, according to William English, a former director of the Fed’s division of monetary affairs.

“If February looks bad and confirms some of what we saw in January, then I think they probably do conclude they have further to go than they thought,” said English, who is now at Yale University. In that case, a half-point rise “might well feel like a safe bet to get back on the path that they need”, he added.

Another complicating factor for the Fed is the jobs report will be released just hours before it enters the blackout in the early hours of Saturday morning. After that, officials are forbidden from making public statements that are heavily parsed by investors for signs of which way the Fed is leaning. Meanwhile, the inflation number will be released in the middle of the quiet period, along with data on retail sales and manufacturing inflation.

Futures markets now suggest odds of roughly 80 per cent that the Fed will opt for a half-point rate rise, according to the CME Group.

Economists at Citigroup warn that if the Fed blinks and sticks with a quarter-point rate rise, it could result in an “unhelpfully large easing of financial conditions”.

Tang from LH Meyer also warned that the economic data will not be “ambiguous enough” to allow the Fed to stick with a quarter-point increase. For Tiffany Wilding, North American economist at Pimco, payrolls growth of about 300,000 on Friday would clear the path for the more aggressive option.

The prospect of a half-point rate rise has also upended expectations about how far the Fed will lift its benchmark rate this year. It has already raised it to just below 4.75 per cent. Powell this week said the “ultimate level of interest rates is likely to be higher than previously anticipated”.

In December, most officials saw the fed funds rate topping out somewhere between 5 per cent and 5.25 per cent. Fresh projections will be released alongside the rate decision this month, with many economists now expecting those forecasts to be revised upwards by at least half a percentage point to 5.5 per cent to 5.75 per cent.

“What gets him to stop? The economy has to shift pretty sharply,” said Ethan Harris, head of global economics research at Bank of America, of Powell. “We need to see the job market cool off dramatically, with job growth down to zero and the unemployment rate inching up.”

[puede ser]

La tesis ppcciana de "las leyes objetivas de la Historia" es un mito y una falacia. Aparte de que incurren en un descarado historicismo (ya en su tiempo hábilmente desmontado por Popper: La miseria del historicismo), todavía tendría cierto sentido si la Humanidad fuera tan amplia que admitiera leyes objetivables. Como posible contrafáctico, daremos por buena la saga de la Fundación y aún así sería algo muy limitado.

Excelente, Gracias.

Pero como que Popper no defendía "las leyes objetivas de la Historia". Pero si precisamente la objetividad científica es una de las tesis principales de todo el  aparato intelectual de Karl Popper

(por favor, no confundir la objetividad popperiana con la basura objetivista de Ayn Rand y sus divulgadores binepagaos de la Universidad Juan carlos I).

Pero es que precisamente Popper defiende que la objetividad científica no se puede lograr en las ciencias sociales (o como se decía de aquella, ciencias "del espíritu")
https://encyclopaedia.herdereditorial.com/wiki/Disputa_del_positivismo
Minipunto para Wanderer

Y además (de wikipedia):

(click to show/hide)

Otra conocida obra de Karl Popper es el opúsculo La Miseria del historicismo, cuyo título parafrasea el de la obra de Karl Marx La miseria de la filosofía, a su vez una burlesca crítica a la Filosofía de la miseria de Proudhon. El libro lo dedica "en memoria de los incontables hombres y mujeres de todos los credos, naciones o razas que cayeron víctimas de la creencia fascista y comunista en las 'leyes inexorables del destino histórico'". En dicha obra Popper crítica a un grupo de doctrinas que él denomina "historicistas" y que tienen en común la capacidad de la sociología de predecir el curso de la historia.

Divide dichas doctrinas en dos grupos: a) las anticientíficas y b) las procientíficas. a) Las primeras sostienen que la realidad social es de naturaleza radicalmente diferente a la realidad física debido a su naturaleza cambiante y compleja por lo que los métodos científicos que tanto éxito han tenido en las ciencias naturales no son aplicables. La alternativa es la aplicación del método "holístico" es decir, la intuición "esencialista y total" de las realidades sociales y el análisis de dichas realidades en su evolución histórica que es lo único que nos puede hacer captar todas sus cualidades y descubrir su esencia (que no es más que la repetición de la idea Aristotélica de potencia y acto).

Dichas categorías esencialistas (Los Grandes Estados e Imperios, las Civilizaciones, La Lucha de Clases, Los Ejércitos), son las únicas de interés para la sociología y el estudio de su interacción y evolución histórica puede intuitivamente hacernos prever su devenir futuro. Popper critica expresamente el "método holístico" como incapaz de analizar ninguna realidad. "Las totalidades en tal sentido no pueden ser objeto de estudio científico alguno". Es dicho método el que ha llevado a las grandes utopías modernas y a los grandes planes sociales totales que según el autor jamás han alcanzado sus objetivos ya que impiden cualquier control científico al pretender "transformar la sociedad" en su totalidad.

Popper propone el método nominalista con alternativa, es decir, denominar a las realidades según las necesidades de nuestras teorías sin pretender que las cosas esconden una "esencia" detrás de ellas que hay que captar con las definiciones. Además propone la "ingeniería social gradual" o "piecemeal social technology" como alternativa a las grandes utopías transformadoras de la sociedad y de la historia b) las doctrinas pro-científicas sostienen que al igual que la ciencia ha sido capaz de predecir el curso de los planetas en el sistema solar, del mismo modo la sociología es capaz de, copiando los métodos científicos y a través de la historia, calcular el futuro devenir de la historia. Popper crítica dichas doctrinas partiendo de la equivocada idea de ciencia que tienen estas doctrinas.

La ciencia para Popper no es más que un conjunto de teorías o hipótesis provisionales, que aunque estén inicialmente sostenidas por evidencias se deben tratar de refutar para sostener su validez. Dichas teorías están presentes siempre en la explicación causal de los acontecimientos y solemne cuando la realidad se opone a ellas surge un problema que puede servir de base para refutar una antigua teoría y plantear nuevas hipótesis que solventen dicho problema. Popper sostiene que todas las ciencias (incluidas la sociología) hacen lo mismo pero no del modo que sostienen las doctrinas pro-científicas. Los acontecimientos históricos no pueden explicarse a través de una sola teoría o incluso varias porque son únicos y en ello si intervienen infinidad de teorías de diferente naturaleza.

Las doctrinas pro-científicas confunden lo que es una tendencia (o condiciones iniciales) con leyes universales inexorables. Popper concluye sosteniendo la unidad de todas las ciencias (incluidas las sociales) en su método de planteamiento de teorías, ensayo y error que eliminan las no aptas, en el hecho de que es imposible predecir la historia futura simplemente porque es imposible predecir los descubrimientos científicos futuros y por último que la historia como la realidad tiene infinidad de vertientes y solamente las teorías y nuestros puntos de vista sobre ella, nos permiten escribir infinidad de "historias".

[Poisoned]

A mi entender, existe un hecho innegable e incontestable:

¿Acaso Pdr no es o sería capaz tanto de aliarse como de traicionar a Bildu, esposar a Puigdemont, crucificar a Podemos, suscribir un pacto de investidura con C´s, llevarse por delante al Barça, conceder inconcebibles prebendas a los nacionalistas, gestionar el COVID de manera lamentable, explotar el feminismo de una manera nauseabunda, llamar a los trans de un día para otro señoros con peluca...? Me dejo un millón más, no, mil millones más, la audacia y desfachatez no conocen límites.

No tiene rumbo moral, la traición, a medio/largo plazo es lo central de su mandato y no nos engañemos: esto sólo lo puede arreglar  un hijo de puta, tanto me da que sea él que otro. Si me convencéis de que Frijolito puede pilotar una Transición Estructural, entonces humildemente cierro el pico.

Ruego disculpéis el exabrupto,
un saludo. 

[Derby]

https://www.ft.com/content/a0b5b57c-5588-461a-87d1-4c37ee14e39b

Blackstone sells London waterfront complex to Singaporean group for £395mn

St Katharine Docks attracts nearly 6mn visitors each year

Blackstone has sold a £395mn waterfront office complex near the Tower of London to a Singaporean investor, who said turmoil in the UK had created a buying opportunity.

St Katharine Docks, a complex of office buildings, retail space and a 185-berth marina to the east of the City of London, has been acquired by City Developments Ltd, the Singapore-based property group led by billionaire Kwek Leng Beng.

The transaction comes at a difficult time for commercial property investors. Rising interest rates have knocked real estate valuations, and some property funds run by several major investors, including Blackstone, have limited withdrawals as investors pull out.

The UK has been particularly hard hit in the wake of last year’s “mini” Budget, which led to a sharp rise in interest rates and knocked investors’ confidence in Britain.

“The current uncertainty in the UK has provided us with strategic opportunities to acquire prime assets and expand our portfolio,” said Sherman Kwek, City Developments’ chief executive. He said the company is confident in the UK’s long-term economic prospects.

The pound hit a record low against the US dollar in the aftermath of the “mini” Budget in September. It has since recovered from those depths but remains 9 per cent lower against the dollar year on year, making UK assets better value for dollar-based international investors.

Zachary Gauge, head of real estate research at UBS asset management, said that after a sharp fall in valuations at the end of last year, UK property now “appears attractively priced versus other global markets”.

Blackstone said foreign investors were temporarily put off by the turmoil, but pent up demand and cheaper prices for sterling assets could reel in buyers this year. “When I am talking to investors out of Asia, my perspective is that they see an attractive entry point into sterling,” said James Seppala, Blackstone’s European head of real estate.

“My sense is that global capital might have been on pause during some portion of quarter four, but that hiatus could well lead to a rebound in activity over the course of 2023,” he added.

The 23-acre complex near the foot of Tower Bridge, which takes its name from a 12th-century hospital built on the site, was the prize asset of Nick Leslau’s Max Property Group, which Blackstone acquired and took private in 2014. It spans 451,000 sq ft of office space let to tenants including WeWork and Northeastern University and attracts nearly 6mn visitors each year.

Blackstone estimated it paid about £300mn to buy St Katharine Docks as part of the broader deal for Max’s portfolio. It forms part of its fourth Blackstone Real Estate Partners Europe fund, which raised €6.7bn from institutional investors in 2013.

Blackstone is one of the world’s largest real estate investors with a global portfolio worth $577bn and roughly €120bn in Europe, of which 13 per cent is made up of offices.

The deal takes City Developments’ UK portfolio to more than £1bn. It owns two other office buildings in the capital.

[Derby]

https://www.channelnewsasia.com/business/kaisa-groups-long-delayed-results-reveal-big-losses-3337706

Kaisa Group's long-delayed results reveal big losses

Cash-strapped Chinese property developer Kaisa Group on Thursday (Mar 9) published its long delayed results for fiscal 2021 and the first half of fiscal 2022, posting significant losses and big drops in revenue.

Kaisa is one of several of Chinese developers that have defaulted on their offshore debt in the past year amid a cash squeeze and slowing sales, with some now scrambling to enter into restructuring agreements with their creditors.

Trading in Hong Kong-listed Kaisa and several of its peers including the world's most-indebted property developer China Evergrande Group were halted nearly a year ago due to a delay in declaring annual results.

Kaisa has sent an application to the stock exchange for resumption of trading from Mar 10.

In November last year, Reuters reported that Kaisa - the second-largest US dollar bond issuer among Chinese developers - delayed talks with offshore creditors on debt restructuring terms.

"The Group will remain (in) communication with creditors and publish its update on the restructuring progress in due course," Kaisa said in a statement.

For the six months ended Jun 31, 2022, Kaisa reported an attributable loss of 7.67 billion yuan (US$1.10 billion), compared to a profit of 3 billion yuan recorded a year earlier. The company posted a loss of 12.73 billion yuan in 2021.