More than $500 million worth of major Sydney housing development projects are poised to hit the market as fugitive Jean Nassif’s failed property empire is rapidly dismantled by major lenders seeking quick sales to recoup debt.
Thousands of anxious apartment owners living in Toplace buildings are concerned that nothing will be left over for them to fix serious defects as the big lenders move to offload Toplace assets to reduce their own losses.
DUESSELDORF, Aug 4 (Reuters) – Germany’s largest real estate group Vonovia slipped to a 2 billion euro ($2.19 billion) second quarter loss and wrote down the value of its properties by 3 billion euros on Thursday in the latest sign of stress in the country’s property sector.
After a decade-long property boom, Germany is undergoing a sharp reversal of fortune after an era of cheap money ended.
Vonovia’s (VNAn.DE) quarterly loss compared to a profit of 1.8 billion euros a year earlier, and Germany’s biggest landlord confirmed its forecast for a 2023 drop in a key profit measure.
Germany’s real estate sector is mired in its worst crisis in decades, marked by insolvencies, fizzling transactions, falling prices and a stagnation in construction jobs.