Tag: Spain

April 23, 2018

If you were only to read one thing…

FT – Spanish now richer than Italians, IMF data show – Valentina Romei 4/19

  • “Spaniards have become richer than Italians — a heartening indication of Spain’s economic revival but a worrying sign for Italy, the eurozone’s third-largest economy, which is stuck in political gridlock.”
  • “Spain’s per capita gross domestic product exceeded that of Italy in 2017, according to IMF data published this week that compare countries on a so-called ‘purchasing power parity’ basis. The IMF also forecast that Spain would become 7% richer than Italy over the next five years. A decade ago Italy was 10% richer on the same basis.”
  • “By 2023 some former Soviet bloc countries, including Slovakia and the Czech Republic, are also expected to become richer than Italy on a per capita basis, the IMF forecasts show.”
  • “Italy’s stagnation is one of the main causes of the country’s increasingly bitter political divisions, with the electorate losing faith in the ability of its traditional parties to create jobs and restore growth. Anti-establishment and protest parties emerged as the big winners of Italy’s inconclusive general election last month, where voters deserted more moderate center-left and center-right forces.”
  • “Italy’s underperformance — and in particular any threat to its ability to service its debt, the largest in the eurozone after Greece’s relative to the size of the economy — is also seen as one of the biggest risks for the single-currency area.”
  • “The fact that Spain has overtaken Italy owes more to Italy’s problems than Spain’s economic progress, which has only recently gathered pace.”
  • “At the end of the 1990s, Italy — which now has almost 15m more people than Spain — had an economy twice as large as that of Spain. It is now only 50% larger and the difference is expected to shrink even further in the next five years.”
  • “Back in 1997, Italy was the 18th richest economy on a per capita basis among the countries for which the IMF has a complete data set. After 10 years, its ranking dropped 10 positions — and it has now slipped five more positions in the decade to 2017.”
  • “By 2023 Italy is expected to be only the 37th richest country on a per capita basis.”

Perspective

FT – Young buyers are being priced out of global city property – George Hammond 4/18

Worthy Insights / Opinion Pieces / Advice

Bloomberg View – Mexico Didn’t Hit the Jackpot With Nafta – Justin Fox 4/18

FT – The quiet revolution: China’s millennial backlash – Yuan Yang 4/17

WSJ – Chines Banks Find Another Funding Wheeze – Andrew Peaple 4/20

  • “Pressure from regulators means it’s been getting harder for the country’s banks to get enough money.”

WP – Trump lied to me about his wealth to get onto the Forbes 400. Here are the tapes. – Jonathan Greenberg 4/20

WP – The staggering environmental footprint of all the food that we just throw in the trash – Chris Mooney 4/18

Markets / Economy

WSJ – Daily Shot: Morgan Stanley Research – Country Inflation Targets and Actuals 4/20

WSJ – Daily Shot: @Not_Jim_Cramer – Major Central Bank Balance Sheets 4/20

WSJ – Daily Shot: IMF – Global Debt to GDP 4/20

Real Estate

John Burns RE Consulting – Challenges Mount for First-Time Buyers – Devyn Bachman 4/20

WSJ – Rising Sea Levels Reshape Miami’s Housing Market – Laura Kusisto and Arian Campo-Flores 4/20

Energy

FT – Major dilemma: oil companies hedge bets on low-carbon future – Andrew Ward and Leslie Hook 4/17

  • For the world to attain lower carbon dioxide emissions, the oil majors will need to be leaders in this initiative. They’ve taken on the charge to some degree committing larger sums to renewable energy sources; however, it’s hard when they’re so good at making money with carbon dioxide emitting sources.

Finance

FT – Sovereign wealth fund assets ‘could reach $15tn in two years’ – Chris Flood 4/20

  • “Assets managed by SWFs globally reached $7.45tn spread across 78 funds as at March 2018, an increase of $866bn, or 13%, over the past 12 months, according to data provider Preqin.”  
  • “A recovery in oil prices and strong gains for equity markets drove the increase in assets, which will come as welcome news to investment managers as SWFs are among their most prestigious clients. SWFs pulled about $85bn from asset managers over the 24 months ending on December 16 as low oil prices forced governments in the Middle East to raid these rainy-day funds to prop up public spending.”

Environment / Science

Visual Capitalist – Visualizing the Prolific Plastic Problem in Our Oceans – Nick Routley 4/21

China

FT – Tencent and JD.com lead $437m investment in LeEco unit – Emily Feng 4/18

India

Hindustan Times – Cash crunch at ATMs could be the after-effects of demonetization – Roshan Kishore 4/18

  • “Analysis suggests shortage of cash in ATMs could be a result of persistence of tightness in overall money supply after demonetization.”

NYT – India’s A.T.M.s Are Running Out of Cash. Again. – Hari Kumar and Vindu Goel 4/20

Advertisements

October 6, 2017

If you were to read only one thing…

NYT – Payday Lending Faces Tough New Restrictions by Consumer Agency 10/5

  • “A federal agency on Thursday imposed tough new restrictions on the so-called payday-lending industry, which churns out billions of dollars a year in high-interest loans to working-class and poor Americans.”
  • “The rules announced by the agency, the Consumer Financial Protection Bureau, clamp down on, and could largely eliminate, loans that are currently regulated by states and that critics say prey on the vulnerable by charging usurious fees and interest rates. The lenders argue that they provide financial lifelines to those in desperate need of short-term cash infusions.”
  • “The terms of a typical payday loan of $400 require that $460 be repaid two weeks later — the equivalent of an annual interest rate of more than 300%, far higher than what banks and credit cards charge for loans. Because most borrowers cannot repay their debts quickly, the loans are often rolled over, incurring more fees in the process.”
  • “Some 12 million people, many of whom lack other access to credit, take out the short-term loans each year, researchers estimate. Payday loans — so called because they are typically used to tide people over until their next paychecks — often entangle borrowers in hard-to-escape spirals of ever-growing debt, according to the consumer bureau.”
  • “The new rules limit how often, and how much, customers can borrow. The restrictions, which have been under development for more than three years, are fiercely opposed by those in the industry, who say the rules will force many of the nation’s nearly 18,000 payday lenders out of business.”
  • “Until now, payday lending has been regulated by states, with 15 already having made the loans effectively illegal. In more than 30 other states, though, the short-term loan market is thriving. The United States now has more payday loan stores than McDonald’s outlets. They make around $46 billion a year in loans, collecting $7 billion in fees.”
  • “The payday-lending rules do not require congressional approval. Congress could overturn the rules using the Congressional Review Act, which gives lawmakers 60 legislative days to nullify new regulations, but political analysts think that Republicans will struggle to get the votes needed to strike down the regulations.”
  • “Under the new rules, lenders will be allowed to make a single loan of up to $500 with few restrictions, but only to borrowers with no other outstanding payday loans. For larger or more frequent loans, lenders will have to follow a complex set of underwriting rules intended to ensure that customers have the means to repay what they borrow.”
  • “The restrictions would radically alter the short-term lending market. The number of loans made would likely fall at least 55%, according to the consumer agency’s projections.”
  • “That would push many small lending operations out of business, lenders say. The $37,000 annual profit generated by the average storefront lender would instead become a $28,000 loss, according to an economic study paid for by an industry trade association.”

Worthy Insights / Opinion Pieces / Advice

Bloomberg Businessweek – Fighting the Toxic Nightmare Next Door – Susan Berfield 9/28

  • “A radiation-riddled landfill in St. Louis, Trump’s EPA, and two moms who won’t let it go.”

NYT – Thoughts and Prayers and N.R.A. Funding – David Leonhardt, Ian Prasad Philbrick, and Stuart A. Thompson 10/4

FT – The price of paid news may not stay high – John Gapper 10/3

  • “Google could soon bundle information like a cable television company.”

FT – Lloyds and the HBOS time bomb – Jonathan Ford 10/4

  • “When Lloyds took over its rival bank in 2009, it also inherited the legacy of massive fraud. Its response? To dismiss the victims and any evidence of wrongdoing.”

Markets / Economy

Bloomberg Businessweek – Springsteen Tickets Hit $10,000, and Wall Street Gets Scalped – Laura J Keller, Eben Novy-Williams, Bob Van Voris, and Katherine Burton 9/25

Health / Medicine

Vox – I was skeptical that the anti-vaccine movement was gaining traction. Not anymore. – Julia Belluz 10/3

  • Texas K-12 nonmedical exemptions.

Entertainment

Bloomberg Businessweek – Hollywood Is Scrambling to Replace Chinese Funding – Anousha Sakoui 9/26

  • “In the past six months, Hollywood has seen film financing deals worth more than $1 billion unravel as Chinese investors and some hedge funds move away from funding movies.”

China

Bloomberg Businessweek – China Unleashes Its Farmers – Kevin Hamlin, Dexter Roberts, and Pi Xiaoqing 9/26

  • “To boost the earnings of China’s 230 million rural households, Beijing is rolling out reforms that allows farmers to profit from their land, even while barring private ownership.”

Europe

FT – Spain courts suspend planned Catalonia parliament session – Michael Stothard 10/5

  • “The Spanish courts have ordered the temporary suspension of a special session of Catalonia’s parliament scheduled for next Monday where regional officials were expected to vote on making a unilateral declaration of independence.”
  • “While the session may still happen in defiance of the courts, the move highlights how Madrid is doing everything in its power to prevent the region from making formal its promises to break away from Spain following Sunday’s referendum.”
  • “If independence is declared on Monday, Spanish prime minster Mariano Rajoy will likely be forced to resort to the so called ‘nuclear option’ of using article 155 of the constitution, which allows them to suspend the region’s autonomy and remove officials from office.”
  • “Mr Rajoy has so far been reluctant to use this powerful device, despite pressure by hawkish members of his own party. On Thursday, however, he promised ‘greater evils’ on the Catalan government if they go ahead with declaring independence.”

Japan

WSJ – Daily Shot: Deutsche Bank Bank of Japan Ownership of Japanese ETF Market 10/5

October 3, 2017

Perspective

WSJ – U.S. Families’ Wealth, Incomes Rose, Fed Survey Says – Harriet Torry 9/27

WSJ – Daily Shot: International Labor Organization – Regional Prevalence of Modern Slavery 10/2

Economist – At least 58 people are killed and 515 injured in a shooting in Las Vegas 10/2

Economist – High-net-worth individuals 9/30

  • Those with at least $1m in investable assets, excluding their main home.

Economist – Obituary: Stanislav Petrov 9/30

  • “‘The man who saved the world’ was 77.”

Worthy Insights / Opinion Pieces / Advice

A Wealth of Common Sense – Taking Financial Advice From a Lottery Winner – Ben Carlson 10/1

FT – Rajoy faces huge task after Catalonia independence referendum – Tony Barber 10/1

  • “After Catalonia’s chaotic, disputed referendum on independence, Mariano Rajoy, Spain’s prime minister, will have to display political skills of the highest order. Sunday’s illegal vote has drastically polarized Catalonian society. It has fueled tensions between the region’s government and the authorities in Madrid to an intensity unseen since Spain’s return to democracy in the late 1970s.”
  • “Mr Rajoy faces an extraordinarily difficult task. He is adamant that it is his government’s fundamental duty to uphold the law and preserve the integrity of the Spanish state. Yet the police’s use on Sunday of batons and rubber bullets to disrupt the referendum risks deepening the confrontation and putting off the moment when Madrid and the Catalonian authorities sit down to find a way out of the impasse.”
  • “In principle, the most sensible way for Madrid and Catalonia’s authorities to defuse the tensions is to open a dialogue on an upgraded form of regional self-government. Luis de Guindos, Spain’s finance minister, hinted at such a solution two weeks ago when he aired the possibility of more financial autonomy for Catalonia. Yet he made it clear that the push for independence had to stop. It is a price many secessionists, for now, seem unwilling to pay.”

Economist – How digital devices challenge the nature of ownership 9/30

  • “In America this idea has already taken root in the ‘right to repair’ movement… In France appliance-makers must tell buyers how long a devices is likely to last – a sign of how repairable it is. Regulators should foster competition by, for instances, insisting that independent repair shops have the same access to product information, spare parts and repair tools as manufacturer-owned ones-rules that are already standard in the car industry.”

Markets / Economy

FT – Asia’s multinationals are hoarding cash like never before – Nikkei Asian Review 10/1

  • “Welcome to the slow-growth world, where China’s gross domestic product is expanding at the slowest rate in a quarter of a century and the global economy has stumbled through five subpar years. For eastern and western companies alike, finding good investments in this environment is anything but easy. Hence all the hoarding.”

China

WSJ – Why Chinese Are Diverting Their Consumer Loans to Real Estate – Grace Zhu and Chao Deng 9/30

  • “China’s government hoped more household borrowing would help the economy become more consumer-oriented. But instead of shopping, many Chinese are spending the money on real estate, undermining Beijing’s efforts to cool that market.”
  • “Chinese banks, encouraged by policymakers, have recently been lending more to households as companies sink perilously deep into debt. At first banks did this with mortgages; this year they have stepped up short-term consumer loans.”
  • “But signs are emerging that such loans, rather than funding such middle-class trappings as cars, household appliances or gadgets, are instead flowing to China’s stubbornly hot property market, padding home purchases when mortgage loans aren’t enough.”
  • “New short-term consumer credit surged 160% to 1.27 trillion yuan ($193 billion) in the first eight months of the year from the year-earlier period, according to data from the People’s Bank of China, the central bank. However, growth in consumption as measured by retail sales rose just 10.4% in August, in line with recent years.”
  • “E-house China R&D Institute, an independent Chinese research firm, estimates that at least one third of short-term consumer loans issued since March have gone toward property purchases.”
  • “With few investment options—domestic stocks are volatile and considered too risky, and China strictly controls capital moving out of the country—consumers see property as a fail-safe avenue for storing their wealth.”
  • “Mortgages form the lion’s share of household debt, which now accounts for the equivalent of 46% of China’s gross domestic product, compared with 17% in 2008, and 33% of outstanding bank credit, up from 18% a decade earlier.”
  • “China’s savings rate is still high compared with the West. However, Chinese households now owe the equivalent of 98% the average annual income, according to data from the Washington-based Institute of International Finance—on par with their counterparts in the U.S., the European Union and Japan, at 102%, 104% and 100% respectively.”

India

FT – India exporters struggle with Modi’s new tax system – Kiran Stacey 10/1

  • “Narendra Modi’s push to boost Indian exports is being undermined by the problems plaguing his government’s new tax system, companies have warned, with tens of thousands of exporters struggling to meet their short-term funding needs.”
  • “In September, it emerged that businesses lodged claims for tax credits worth nearly $10bn for the first month of the GST — far greater than ministers had been expecting.”
  • “As they look to increase tax revenues, officials have delayed paying credits to exporters, who have to pay their tax and then claim the cash back under the new system. Under the old regime, exporters did not have to pay tax at all on the supplies they bought.”
  • “‘Small and medium exporters are finding it especially tough, as they are not able to take out bank loans to fund their working capital while they wait for tax credits to be paid,’ Ajay Sahai, director-general of the Federation of Indian Export Organizations (FIEO), said.”
  • “Mr. Sahai estimates there are about 100,000 small and medium-sized exporters, up to 40% of which are now facing difficulties.”
  • “Meanwhile economic growth has also slowed, falling from 7% at the end of 2016 to just 5.7% for the quarter ending on June 30.”

July 1 – July 7, 2016

The bad debt in Italian banks is looking like a BIG problem. The world has become more reliant on Middle Eastern oil. Not looking so rosy for hedge fund reinsurers.

Headlines

Briefs

    • As yields the world over drop “the effective yield on 7-to-10 year investment-grade corporates was 3.19%, according to Bank of America Merrill Lynch.” But relative to everything else, that’s really quite attractive.
    • “Indeed, in the universe of investment-grade debt, U.S. corporate bonds are close to the only game in town for investors looking for any yield. BofA Merrill Lynch credit strategist Hans Mikkelsen calculates that U.S. corporate bonds account for around 12% of all investment-grade debt outstanding world-wide yet they now represent about 33% of investment-grade yield income. Put otherwise, U.S. corporate bonds generate one out of every three dollars paid out by the entire universe of investment-grade debt.
    • “Almost 87% of Japanese government bond yields are now below zero.”
    • “Unlike other major central banks, the BOJ is a buyer at almost any price and mainly purchases government bonds, which represent almost two-thirds of negative-yielding global sovereign debt globally.”
    • “Further buying will only push yields lower. Cutting back, while helpful in the short- to medium-term, means that the BOJ has to find other Japanese securities. But, unlike Europe or the U.S., asset-backed securities and corporate bonds are hardly an option because of their relatively small market sizes.”
    • For reference, “the BOJ now holds almost 30% of its government’s bonds.”
  • Rich Miller and Steve Matthews of Bloomberg called attention to the challenge that Janet Yellen faces in regard to setting rates when the US economy is running short of labor.
    • “Seven years into the economic expansion, the U.S. is showing signs it’s running short of job seekers qualified to fill openings. The shortfall, which has been evident for some time for highly skilled workers, is spreading to workers with less education as unemployment falls further.”
    • “We are now close to eliminating the slack that has weighed on the labor market since the recession.” – Janet Yellen, Federal Reserve Chair on June 6
    • “At 4.7% in May, the jobless rate is around the level that most Fed policymakers consider to be full employment.”
  • Central Banks are putting a squeeze on the bond market according to Min Zeng and Christopher Whittall of the Wall Street Journal.
    • “A buying spree by central banks is reducing the availability of government debt for other buyers and intensifying the bidding wars that break out when investors get jittery, driving prices higher and yields lower.”
    • “Central banks themselves are having trouble finding all the bonds they need. The ECB, for example, can’t buy bonds with a yield lower than its deposit rate of minus -0.4%. As of July 1, 58% of German bonds eligible for ECB purchases traded below that level, according to Frederik Ducrozet, a senior economist at Pictet Wealth Management.”

Special Reports

Graphics

FT – Government bond yields fall to fresh record lows led by UK Gilts 7/1

FT_UK 10 year gilt yield_7-1-16

FT_US 10 yr treasury yield_7-1-16

WSJ – Debt for Cheap: U.S. Companies Can Profit from Sinking Rates – Justin Lahart 7/1

WSJ_Debt for Cheap, U.S. Companies Can Profit from Sinking Rates_7-1-16

The Big Picture – China spends more on economic infrastructure annually than North America and Western Europe combined 7/4

The Big Picture_China economic infrastructure spending_7-4-16

FT – Bad-debt warnings triggers fresh fears for Italian banks 7/4

FT_Italian banks bad debt fears_7-4-16

Visual Capitalist – This Map Shows the Average Income of the Top 1% by Location 7/6

Visual Capitalist_Avg income of top 1%_7-6-16

WSJ – Central Bank Buying Puts Squeeze on Bond Market – 7/6

WSJ_Central bank holdings of govt bonds_7-6-16

Featured

*Note: bold emphasis is mine, italic sections are from the articles.

Bad Debt Piled in Italian Banks Looms as Next Crisis. Giovanni Legorano. Wall Street Journal. 4 Jul. 2016.

In Italy, 17% of banks’ loans are sour. That is nearly 10 times the level in the U.S., where, even at the worst of the 2008-09 financial crisis, it was only 5%. Among publicly traded banks in the eurozone, Italian lenders account for nearly half of total bad loans.”

“Although Italy has only one bank classified as globally significant under international banking regulations – UniCredit – some analysts say bank stresses worsened by Brexit could threaten Italy’s stability and, potentially, even that of the EU.”

According to Lorenzo Codogno, former director general at the Italian Treasury, “Brexit could lead to a full-blown banking crisis in Italy. The risk of a eurozone meltdown is clearly there if Brexit concerns are not immediately addressed.”

“The profitability of Italian banks has long been among the worst in Europe, weighed down by bloated staffs and too many branches, leaving the banks with little extra capital to cover loans that go bad. Today’s low interest rates have hit Italian banks especially hard because of their heavy focus on plain-vanilla lending activities, with relatively little in fee-generating activities such as asset management and investment banking.”

“…impaired loans at Italian banks now exceed 360 billion – quadruple the 2008 level – and they continue to rise.”

“Banks’ attempts to unload some of the bad loans have largely flopped, with the banks and potential investors far apart on valuations. Banks have written down nonperforming loans to about 44% of their face value, but investors believe the true value is closer to 20% or 25% – implying an additional 40 billion in write-downs.”

“One reason for the low valuations is the enormous difficulty in unwinding a bad loan in Italy. Italy’s sclerotic courts take eight years, on average, to clear insolvency procedures. A quarter of cases take 12 years.”

“There is an epidemic, and Italy is the patient that is sickest… if we don’t stop the epidemic, it will become everybody’s problem… The shock of Brexit has created a sense of urgency.” – Pierpaolo Baretta, an undersecretary at the Italian Economy Ministry

However, European officials are loath to let the Italians use the Brexit as an impetus to gain permission to bend the rules of the banking regime that were only just established at great pains.  The Italians though are concerned “about the 187 billion of bank bonds in the hands of retail investors that would be wiped out by a bank resolution under the EU banking rules.”

IEA warns of ever-growing reliance on Middle Eastern oil supplies. Anjli Raval and David Sheppard. Financial Times. 6 Jul. 2016.

“The world risks becoming ever more reliant on Middle Eastern oil as lower prices derail efforts by governments to curb demand, the west’s leading energy body has warned.”

“Middle Eastern producers, such as Saudi Arabia and Iraq, now have the biggest share of world oil markets since the Arab fuel embargo of the 1970s.”

“Demand for their crude has surged amid a collapse in oil prices over the past two years that has cut output from higher-cost producers such as the US, Canada and Brazil.”

“Middle Eastern producers now make up 34% of global output, pumping 31m barrels a day, according to IEA data. This is the highest proportion since 1975 when it hit 36%. In 1985, when North Sea production accelerated, their share fell to as little as 19%.”

Further, the adoption of more fuel efficient vehicles has slowed since the cost of gas has come down significantly. “In the US, more than two-and-a-half times as many sport utility vehicles were being bought compared with standard cars.” – Fatih Birol, executive director of the International Energy Agency.

“Even more concerning for policymakers is China, where more than four times as many SUVs were bought, suggesting the country’s rapidly growing car culture has adopted America’s taste for larger more fuel-hungry cars.”

“Lower oil prices are proving to be bad news for efficiency improvements.” – Fatih Birol

Bottom line, “‘the Middle East is reminding us that they are the largest source of low-cost oil,’ said Mr. Birol. He said the region was expected to meet three-quarters of demand growth over the next two decades.”

“Mr. Birol said policymakers needed to impose stricter fuel efficiency targets to reduce demand, arguing it was not feasible in a world market to completely sever reliance on Middle Eastern oil.”

“US oil production will increase, but it is still an oil importer and will be for some time.” – Birol

S&P sounds alarm on hedge fund reinsurers. Alistair Gray and Miles Johnson. Financial Times. 6 Jul. 2016.

“So-called hedge fund reinsurers (HFRs) have failed to make a profit from providing reinsurance cover for more than four years, according to Standard & Poor’s.”

“S&P found that HFRs had performed considerably worse than traditional reinsurers, which have complained that the entry of new money into their sector has driven profitability down for all.”

“Conventional reinsurers tend to invest their income in conservative assets such as corporate bonds, since they do not know in advance how much they will need to pay out in claims.”

“In contrast, HFRs pursue what S&P described as ‘meaningfully risker’ investment strategies. Their assets are managed by their affiliated hedge funds. Allocations vary but include exposure to speculative-grade leveraged loans, private equity and short positions.”

“So-called combined ratio for the HFRs – claims paid and expenses incurred as a proportion of premium income 0 has been above 100 in every year since 2012, meaning a loss from underwriting.”

“Last year the ratio came in at 110.2%, compared with a profitmaking 88.6% for their conventional reinsurance peers.”

“S&P said the HFRs’ investment performance had also been ‘rough’. Overall net investment income dropped 63% from 2014 to $247m last year.”

Other Interesting Articles

Bloomberg Businessweek

The Economist

Bisnow – SMU, Yale Endowments Unload Real Estate Assets Due to Cooling Markets 7/1

Bloomberg – Blackstone Tenants Get a Shot at Buying Their Rental Houses 7/4

Bloomberg – Treasuries Deliver $700 Billion Windfall to World Safety Seekers 7/6

CNBC – This private equity giant wants to give landlords millions – here’s how 6/30

FT – Mexico raises interest rates to shore up peso 6/30

FT – Zenefits agrees to halve its valuation to $2bn 6/30

FT – Puerto Rico declares moratorium on debt payments 6/30

FT – Cash-starved Zimbabwe closes in on IMF deal to clear debts 7/6

MarketWatch – This economist thinks China is headed for a 1929-style depression 7/1

NYT – Italy’s Plan for Banks Could Roil Europe 7/6

Vanity Fair – Are We At The Start Of  A Tech World War? 7/6

Wharton – The Case for ‘Regrexit’: Why Britain Won’t Really Leave the EU 6/30

WSJ – Manhattan Apartment Sales Sputter 6/29

WSJ – Why Vanke Sank After Its Wake-Up Call 7/4

WSJ – Foreign Interest in U.S. Homes Cools 7/6