3 Min Read
BENGALURU (Reuters) - Indian real estate company Macrotech Developers Ltd’s initial public offering (IPO) was oversubscribed 1.36 times on the final day, as its weak sales, substantial debt and a resurgence of COVID-19 cases weighed on investor interest.
Macrotech, formerly known as Lodha Developers, is among the major players in the Indian real estate industry. Most of its residential projects are concentrated in the country’s financial capital of Mumbai, which regularly features in the top 10 most expensive property locations in the world.
The IPO, which got a chilly response in the first two days, received bids for 49.5 million shares versus 36.4 million shares offered, as of 1130 GMT on Friday.
By Reuters Staff SSEC -0.3%, CSI300 -0.7%
SHANGHAI, April 6 (Reuters) - China stocks retreated on Tuesday, pressured by healthcare and consumer companies, as solid economic data raised worries of policy tightening. The CSI300 index fell 0.7% to 5,128.01 points at the end of the morning session, while the Shanghai Composite Index dipped 0.3% to 3,473.32. As of last close, the CSI300 had rebounded nearly 6% from a recent trough hit on March 25, while SSEC had gained more than 4% in the same period. Falling the most on Tuesday, the CSI300 healthcare index and CSI300 consumer discretionary index dropped 1.8% and 1.9%, respectively. Recent economic data has been robust, but analysts warn that it could lead to concerns of inflation and policy tightening.
6 Min Read
ZHUOZHOU, China (Reuters) - In Zhuozhou, a small city in China’s north, Zhu has stopped making mortgage payments on her apartment after its developer did not build a promised rail line that would have allowed residents to commute to Beijing for work.
People walk inside the apartment compound Taoyuan Xindu Kongquecheng developed by China Fortune Land Development, in Zhuozhou, Hebei province, China March 19, 2021. REUTERS/Lusha Zhang
The accountant is one of some 1,000 home owners in the housing project who ceased payments in anger last year, according to Zhu and two other buyers campaigning for compensation who spoke with Reuters.
(Repeats April 1 article without changes)
PARIS/BERLIN, April 1 (Reuters) - Germany will next week present a multi-billion-dollar proposal to Lebanese authorities to rebuild the Port of Beirut as part of efforts to entice the country’s politicians to form a government capable of warding off financial collapse, two sources said.
A chemical explosion at the port last August killed 200 people, injured thousands and destroyed entire neighbourhoods in Lebanon’s capital, plunging the country deeper into its worst political and economic crisis since the 1975-1990 civil war.
According to two diplomatic sources with knowledge of the plans, Germany and France are vying to lead reconstruction efforts. Berlin will on April 7 outline a proposal that the European Investment Bank has agreed to help fund that would clear the area and reconstruct facilities, they said.
By Reuters Staff
2 Min Read
Brookfield Asset Management CEO Bruce Flatt poses in front of the company’s logo in Tokyo, Japan, May 16, 2019.
NEW YORK (Reuters Breakingviews) - CANADIAN HOSPITALITY. Brookfield Asset Management is engaging in some self-serving generosity. On Thursday the Canadian property giant raised its bid to take private its listed commercial real estate arm, Brookfield Property Partners, offering minority shareholders $6.5 billion, or 10% more than January’s opening gambit.
Digging deeper is a Brookfield speciality. It similarly raised bids for GGP, Rouse Properties, Brookfield Office Properties and Canada Office Properties. This bump is bigger than usual, partly because Brookfield’s own shares have risen in the meantime. That’s despite the fact the group holds around 60% of BPP already. At Rouse and GGP it didn’t even have a majority stake.