MORNING NEWS: Was Brum’s £750m asset fire sale the wrong choice?

Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of industry-relevant headlines from the nationals, all perfectly curated to set you up for the week ahead. A collection of academics at Sheffield University have called for a stop to the £750m of assets sales being undertaken by Birmingham City Council, claiming there is a better way to rebalance the bankrupt council’s books. The Audit Reform Lab wants a public inquiry into the measures put in place, claiming that the wrong decisions were made, without public consultation, and that a “more supportive route” to recovery is available.“We would advise against any fire sale of assets that simply underwrite transfers between reserves, recommending that asset sales are only advisable where they have a demonstrably net positive impact on the revenue budget (ie the sale of loss-making assets only),” said the report. The Audit Reform Lab wants to see a new recovery plan for the city that gives the council longer to balance its books and stops the “absurd situation” of being forced to sell revenue-generating assets. Hong Kong’s richest man, Li Ka-Shing, certainly sees the value in income-generating assets in the UK, with his £485m investment in care business Civitas paying dividends for his CK Asset Holdings business. The group, which has reported its interim trading figures for the six months ended 30 June, said that the UK business had helped grow rental income by almost 10%, offsetting falls in Hong Kong and mainland China. The group is keen to keep investing in similar assets, too, saying it would continue to pursue long-term business growth through strategic investments in quality assets globally that yield attractive returns and recurring income. “The group is well positioned to capture new investments in different asset classes and sustainability-related opportunities worldwide,” said chairman Victor Li. And while the August slowdown now seems to be in full effect, EG’s news agenda still has a host of potential real estate stories you might want to mark in your diaries. Check it out if you want to be ahead of the competition, and if you’d like to make sure your news makes it on to the agenda, drop the team a line at newsdesk@eg.co.uk All of the news from EG, plus a selection of headlines from the nationals: Barratt/Redrow merger to complete this weekEG’s news agenda: What to look out for this weekExperts call for about-turn on Brum ‘fire sale’UK activities boost income for Hong Kong’s richest manPlans in for Metrocentre redevelopmentCOMMENT: Why there’s plenty more growth in student bedsRICS pledges £90,000 to student bursary programmeRoof extension rules to be relaxed as Labour aims to build higher (£)I bought a prison and I’ll turn it into Kent’s Silicon Valley (£)Universal in talks over UK incentives for Bedford theme park (£)UK property market begins to recover faster than rest of Europe (£)Manchester’s skyscraper debate harks back to its golden age (£)Ted Baker to shut last remaining shops amid uncertainty over Mike Ashley deal (£)Rayner faces green belt fight over Mike Ashley’s mega campus (£)Buyers are coming back to the property market (£)Property dealer ordered to pay £700,000 after chaotic court case (£)