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Residents in San Jose, California, lead the nation in monthly bill expenses, averaging $3,695, which is 32% of their income. New York follows closely at $3,639, with costs driven by high housing and utility expenses. The report highlights that housing remains the primary factor influencing living costs across major U.S. cities.
Deutsche Bank AG has successfully sold nearly $1 billion in loans associated with US commercial real estate, effectively reducing its exposure to this challenging asset class. A spokesperson confirmed the completion of the sale, although specific details were not disclosed.
Homebuyer demand for mortgages surged 12% following a drop in interest rates, with total mortgage applications rising 6.3% week-over-week. The average rate for 30-year fixed mortgages fell to 6.86%, while purchase applications were up 52% compared to last year, reflecting pent-up demand amid improved housing supply. Refinance applications dipped 3% but remained significantly higher than a year ago, influenced by a decrease in FHA and VA refinances.
US mortgage applications for home purchases surged 12.4% in the week ending November 22, reaching the highest level since February. This increase was driven by a slight dip in borrowing costs and a larger selection of homes available on the market. However, the data may experience significant fluctuations around holiday periods.
Godrej Properties aims to raise up to Rs 4,000 crore through a Qualified Institutional Placement (QIP) with an indicative price of Rs 2,595 per share, as reported on November 27. The company has set a floor price of Rs 2,727.44 per share and plans to sell 5.5% equity, totaling 1.54 crore shares. This move follows the board's approval to raise up to Rs 6,000 crore through various instruments as part of its capital-raising strategy.
India's wedding season, spanning October to December, is expected to drive significant demand across consumer sectors, with around 48 lakh weddings anticipated. Analysts predict a surge in business, particularly in jewellery, retail, and hospitality, with the market projected to generate Rs 6 lakh crore, up from Rs 4.7 lakh crore last year. Companies are optimistic about sustained growth, bolstered by increased auspicious wedding dates and favorable policy changes, such as reduced customs duty on gold.
Lotte Group plans to pledge South Korea's tallest building as collateral to address liquidity concerns at its battery materials unit. This move follows Lotte Chemical Corp.'s failure to meet a financial ratio due to a downturn in the petrochemical industry. A bondholder meeting is scheduled for Dec. 19 to discuss adjustments to the interest coverage ratio clause.
Paradigm Realty has repaid a Rs 175-crore debt to Edelweiss Financial Services two quarters ahead of schedule, driven by strong sales at its 102 Downtown project and a refinancing effort. The company secured Rs 135 crore from a private lender, maintaining a 13% interest rate, which could decrease upon meeting performance milestones. This move underscores Paradigm's commitment to financial discipline and operational excellence.
Brighton's i360 observation tower, designed by the architects of the London Eye, is at risk of closing due to £50 million ($63 million) in debt. Opened in 2016, the tower offers stunning views of the south coast from 162 meters high, including a unique ride on top of the capsule. The owner is urgently seeking a buyer to avoid closure.
Welspun One is investing Rs 2,700 crore to upscale its port warehousing project at the Jawaharlal Nehru Port Authority SEZ in Navi Mumbai, expanding from 1.2 million sq ft to 4.45 million sq ft. The facility will feature 3.95 million sq ft of warehousing, 0.25 million sq ft of office space, and 0.25 million sq ft for industrial projects, addressing the growing export-import demand. With 11 projects across India, the company aims to manage $1 billion in assets by the end of 2025.
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