PPCC: Pisitófilos Creditófagos. Primavera 2024

[Derby]

https://www.bloomberg.com/news/articles/2024-03-27/property-firm-adler-looks-to-sell-assets-at-up-to-47-discount

Property Firm Adler Looks to Sell Assets at Up to 47% Discount

*Second time troubled firm asked creditors for consent to sell
*German landlord attempting to shore up cash and repay debt

Adler Group SA asked its bondholders for permission to sell an unfinished apartment development at a 47% discount from where it was valued less than two years ago, as the embattled landlord races to repay its vast debt load.

The German real estate firm aims to sell a project known as Cologne Apart for €44 million ($48 million), according to documents seen by Bloomberg. That price is also a 37% discount from the property’s June 30 valuation. The price is an even steeper discount, 47%, to its valuation in June 2022.

It’s at least the second time Adler has sought bondholders’ approval to sell the development, after initially securing their approval for a €50 million sale last year. The price slipped after protracted negotiations.

The sale seeks to reduce the risk that Adler would have to put even more money into the project, and that it would be “held liable for potential environmental damages, remedial measures and the like,”  Adler told bondholders in a letter.

A UK court derailed its restructuring plan earlier this year, putting even more pressure on the landlord to sell assets at a favorable price. Adler has sold more than 30,000 apartments since short seller Viceroy Research accused it of fraud more than two years ago — allegations the firm has strongly rejected.

The deals, along with the partial sale of a subsidiary, cut its portfolio by more than half, but the proceeds made only a small dent in its debt.

As part of Adler’s debt restructuring plan and injection of new funds, investors demanded authority to approve any future asset sales — and said they wanted a say in what is and isn’t sold and at what price. The firm’s creditors can vote against any such transactions if they deem the price too low, according people familiar with the matter and documents seen by Bloomberg.

The majority of bondholders have so far approved the sales.

The latest planned asset sale comes after Adler asked for consent in November for a series of disposals, when it expected to sell the Cologne property for €50 million, the document said. It also sought to sell its Grand Central project for €80 million at the time, a 45% discount to its June 2022 valuation and a 30% haircut from the same month last year. It also sought consent at the time to sell the Riverside project for €17 million, a 25% discount to its June valuation.

Creditors have until April 9 to approve the sale of the Cologne development.

The company, which reports results next month, is under growing pressure to execute deals as German apartment prices continue to fall and ahead of a looming maturity wall next year.

Progress on major sales has been slow, with potential buyers well aware of the pressure the company is under, while its loan-to-value ratio has climbed to about 90% — giving it little wiggle room for further writedowns or discounted sales.

[Derby]

https://www.ft.com/content/e19c64fe-6661-4f10-bde6-6cb4a5e97667

ONS data confirms UK recession in second half of 2023

Official statistics confirmed the UK economy slipped into a technical recession in the second half of last year, undermining Prime Minister Rishi Sunak’s pledge to “grow the economy”.

The Office for National Statistics said gross domestic product fell 0.3 per cent quarter on quarter in the last three months of 2023, following a 0.1 per cent fall in the previous quarter, confirming initial estimates. A technical recession is defined as a contraction in two consecutive quarters.

ONS director of economic statistics Liz McKeown said the data showed quarterly growth unrevised for 2023, “with a little growth in the first quarter and small contractions in the latter half of the year”.

[Derby]

https://www.bloomberg.com/news/articles/2024-03-28/china-s-property-crisis-is-rippling-through-its-biggest-banks

China Property Crisis Is Rippling Through Its Biggest Banks

Asset quality worsened in residential and corporate segments
Bank shares slide posting scant profit growth, margins erode

China’s protracted property downturn is eroding the balance sheets of the nation’s largest state banks as their bad loans creep up.

Bank of Communications Co. reported Wednesday that its property bad loan ratio jumped to 4.99% at the end of last year from 2.8% a year earlier. While the balance of its overdue mortgages slipped, the special mention loans for the segment — a leading indicator of soured loans — jumped 23% to 9.88 billion yuan ($1.4 billion).

Bigger rival Industrial & Commercial Bank of China Ltd. saw its bad loans from residential mortgages rise 9.6% to 27.8 billion yuan, according to a Wednesday filing. In the corporate loan segment, its property non-performing loan ratio was the highest among all sectors.

Both banks reported scant profit gains as interest margins narrowed. Bocom dropped 2.6% and ICBC fell as much as 1% as of 2:06 p.m. in Hong Kong.

The results offered a view into how the nation’s largest state-owned banks fared in the past year as Beijing tasked them with duties to help pump up the domestic economy as well as rescue its debt-laden property developers and local governments. At the same time, the slowing economy has put downward pressure on interest rates.

The state banks have so far heeded Beijing’s call to lower lending rates and step up financing support for developers.

Bocom said China’s earlier cuts on loan prime rates and reductions on outstanding mortgage rates have hurt margins. The bank underwrote 56.5% more real estate corporate bonds last year to meet the needs of developers, it said in its filing.

ICBC maintained a “stable and orderly” issuance of property loans and boosted financial support for rental housing, according to its statement.

China’s home price declines deepened in February in both new and used home segments, underscoring the challenge for authorities to salvage the beleaguered market.

ICBC has increased efforts to manage risks associated with real estate developers and projects, according to Wang Jingwu, the bank’s vice president. The non-performing property loan ratio decreased by 0.77 percentage point to 5.37% from the beginning of the year, with sufficient provisions provided, he said.

As of the end of 2023, the balance of real estate loans and mortgages at ICBC was more than 7 trillion yuan, accounting for more than a quarter of their loan book.

Bocom’s Vice President Yin Jiuyong said the pressure to keep asset quality in check remains “immense” this year as it will take time for home sales and developers’ liquidity conditions to recover. Overall risk from its property exposure is still manageable, he said at an earnings briefing.



The big lenders’ profitability and asset quality are in focus as investors await to gauge their resilience in an economy that’s heavily reliant on bank lending to regain momentum. Combined profits at China’s commercial banks rose 3.2% to 2.38 trillion yuan last year, the slowest pace since 2020, according to official data. Outstanding bad loans climbed to a record 3.23 trillion yuan.

China Construction Bank Corp., Bank of China Ltd. and Agricultural Bank of China Ltd. are scheduled to announce their annual results on Thursday.

[Derby]

https://www.lavanguardia.com/economia/20240328/9583680/americanos-reinan-vivienda-lujo-barcelona.html

Mundo empresarial
Los americanos reinan en la vivienda de lujo en Barcelona

Los nómadas digitales y la Copa del América, motores del sector


Joan-Galo Macià, presidente de Engel & Völkers para España, Portugal y Andorra Archivo

Los profesionales norteamericanos se han convertido en los primeros demandantes de vivienda de lujo en Barcelona, según los datos de la inmobiliaria Engel & Völkers, impulsados por la llegada de nómadas digitales y por la preparación de la Copa del América. “Desde principios del 2023, cuando entró en vigor la ley de startups, hemos detectado un importante aumento de la demanda de clientes expatriados. Y el cliente norteamericano, que para nosotros era muy residual durante el año pasado, se convirtió en el principal”, señala Joan-Galo Macià, presidente de Engel & Völkers para España, Portugal y Andorra.

Macià explicó que esta demanda se concentra en el alquiler, para alojar a los profesionales de los equipos que participan en la competición. “El inmueble típico que alquilan es un apartamento de una o dos habitaciones en el Eixample o Ciutat Vella, por el que pagan de 1.800 a 2.200 euros”. Son alquileres de temporada, como también los que están empezando a firmar espectadores que buscan estar en la ciudad durante los meses de la competición.

En Barcelona la firma tiene 80.000 clientes que buscan piso y solo 8.000 viviendas, y eso sostiene los precios

Macià explica que el 2023 fue un gran año para la inmobiliaria: pese al impacto de la subida de tipos de interés, los ingresos por comisiones se situaron en 150 millones de euros, prácticamente el nivel del 2022, un año récord en que muchas operaciones se aceleraron para anticipar el encarecimiento de la financiación. Engel intermedió 8.275 transacciones, de las que 3.879 fueron compraventas y otros 4.396 alquileres.

En el 2023, además, se mantuvieron los precios. En el caso de Barcelona, “porque no hay producto: en nuestra base de datos tenemos a 80.000 clientes que buscan piso y solo 8.000 activos”.

Engel, que tiene ahora como principal accionista al fondo Permira, se ha marcado como objetivo doblar el beneficio, que no la facturación, en los próximos años. El grupo cuenta con cinco centros operativos propios, en Barcelona, Madrid, València, Sevilla, Lisboa y San Sebastián, y 75 franquiciados que tienen 100 oficinas. “Con la cuota que tenemos en nuestros mercados naturales ya es difícil crecer”, reconoce Macià, y ahora apuesta por la diversificación.

Así la firma ha creado Engel & Völkers Finance Spain, una división especializada en tramitar hipotecas, ya que un tercio de sus clientes financia la compra. Engel también ha comprado Magnum & Partners, una consultora especializada en comercializar proyectos de obra nueva y suelo y que asesora a grupos inversores. “Es un equipo muy profesional que tiene más de 4.000 viviendas a la venta, sobre todo en el sur y en la zona centro, y que queremos hacer crecer en Catalunya”, explicó.

[Cadavre Exquis]

https://www.eleconomista.es/opinion/noticias/12743506/03/24/expropiacion-acelerada-en-la-costa.html

https://www.eleconomista.es/legal/noticias/12743269/03/24/el-gobierno-podra-expropiar-pisos-en-la-playa-y-ceder-al-dueno-el-uso-30-anos.html

https://www.eleconomista.es/legal/noticias/12743298/03/24/las-empresas-estaran-obligadas-por-ley-a-reparar-los-productos-a-los-consumidores.html

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/el-economista/20240328/page/2/textview

Financial Times (Reino Unido) | Xi Jinping confía en el “brillante” futuro chino

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/el-economista/20240328/page/7/textview

El Banco de España usa 6.612 millones de provisiones para evitar pérdidas

https://www.eleconomista.es/banca-finanzas/noticias/12742378/03/24/las-familias-y-las-empresas-recuperan-23700-millones-en-depositos-en-el-ultimo-ano.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/motor/noticias/12743385/03/24/josep-maria-recasens-renault-europa-no-puede-cerrarse-a-china-pero-tiene-que-defender-su-industria.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/vivienda-inmobiliario/noticias/12742417/03/24/benidorm-da-luz-verde-a-un-nuevo-barrio-con-20-hoteles-y-2300-viviendas-y-apartamentos.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/mercados-cotizaciones/noticias/12741838/03/24/la-silenciosa-reduccion-del-balance-del-bce-quien-esta-comprando-bonos-en-europa.html

https://www.europapress.es/economia/finanzas-00340/noticia-suecia-mantiene-tipos-abre-puerta-bajarlos-mayo-20240327142811.html

https://www.pressreader.com/spain/el-economista/20240328/page/18/textview

Japón valora “medidas decisivas” por la caída del yen

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/retail-consumo/noticias/12743306/03/24/bruselas-y-el-gobierno-dejan-aparcadas-las-grandes-reformas-del-campo.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/economia/noticias/12742090/03/24/el-ipc-repunta-al-32-en-marzo-por-la-luz-y-las-gasolinas-mientras-la-inflacion-subyacente-se-modera-al-33.html

https://www.pressreader.com/spain/el-economista/20240328/page/24/textview

La deuda pública baja cuatro puntos y cierra 2023 en el 107,7% del PIB

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/el-economista/20240328/page/25/textview

Las alzas salariales en las ofertas de empleo caen 2 puntos hasta el 4,4%

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/economia/noticias/12743208/03/24/agricultura-industria-y-comercio-han-perdido-mas-de-25000-empresas-desde-la-pandemia.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/economia/noticias/12741137/03/24/los-salarios-mas-altos-empezaran-a-pagar-la-cuota-de-solidaridad-para-sostener-las-pensiones-en-2025.html

Saludos.