Commercial EV startup Arrival’s business continues to unravel. Arrival announced Monday in a regulatory filing that its U.K. division is entering administration, the country’s version of bankruptcy. The troubled company, which went public in 2021 via a merger with a special purpose acquisition company, said it’s looking to sell its U.K. assets and intellectual property … Read more
The Aozora Bank Ltd. headquarters in Tokyo Japan, on Thursday, Feb. 1, 2024. Japan’s Aozora Bank became the second lender in a span of hours to surprise investors with losses tied to US commercial property, sending shares down by the limit and heightening concern over global banks’ exposure to souring real estate bets. Akio Kon … Read more
HONG KONG — A Hong Kong court on Monday ordered property developer China Evergrande Group to liquidate after it was unable to reach a restructuring deal with creditors. Judge Linda Chan said it was appropriate for the court to order Evergrande to wind up its business given a “lack of progress on the part of … Read more
An artwork juxtaposing Chinese yuan cash bills with the China’s flag Javier Ghersi | Moment | Getty Images China’s financial institutions should provide strong support to the country’s beleaguered real estate sector and not “blindly withdraw” financing for projects facing difficulties, according to a senior Chinese financial regulatory official. His strongly worded comments follow the … Read more
I claimed $200. That’s not nothing, but it’s way below the $2,080 average unclaimed property amount others get. California is holding onto $13 billion worth of unclaimed property. New York has even more, nearly $19 billion in what it calls “lost money.” States are holding onto money sitting in bank accounts, uncashed checks, wages, stocks, … Read more
HANGZHOU, CHINA – NOVEMBER 15, 2023 – An aerial photo shows a new property under construction in Hangzhou City, Zhejiang Province, China, Nov 15, 2023. CFOTO | Future Publishing | Getty Images Zhongzhi Enterprise Group filed for bankruptcy liquidation late Friday, as the Chinese shadow banking conglomerate is unable to repay its debt amid a … Read more
Surprisingly, it appears some people are still unaware that Tesla dashcams are able to record when the vehicles are parked. In the subreddit r/PublicFreakout, a Redditor shared fury-inducing footage of a woman in Toronto appearing to key one of the automaker’s electric vehicles after the sun had gone down. “Just why?” one commenter wrote. “This … Read more
MEXICO CITY — Solway Investment Group, a Switzerland-based mining company with interests in Guatemala, said Monday it agreed with a regional court’s decision requiring the Guatemalan government to recognize the property rights of an Indigenous community. The company, which was not a party to the case, stressed that the Inter-American Court of Human Rights decision … Read more
Luxury properties in the Kensington and Chelsea district of London, UK, on Monday, Aug. 21, 2023. Jason Alden | Bloomberg | Getty Images The U.K. property market has been a rollercoaster for renters and prospective homeowners alike for over a year now. Rents soared throughout 2022 and 2023 as supply and demand imbalances led to … Read more
Hong Kong residential prices could fall by another 10% in 2024, according to DBS Hong Kong. Bloomberg | Bloomberg | Getty Images Hong Kong’s property market has plunged nearly 20% since its peak, and it may be a good time for homeowners to buy — but investors might want to think twice, according to Peter … Read more