Good morning. Here is your AM bulletin, with the latest news and views from EG as well as a few of the best bits from the morning papers.
WeWork is launching a 1-for-40 reverse stock split to let it remain on the New York Stock Exchange after its share price tanked. Under the deal, every 40 class A and class C shares will automatically be combined into one in an attempt to boost the share price above the $1 (78p) minimum requirement.
Ediston PIC’s board has confirmed it is in advanced talks to sell its £200m portfolio to Realty Income.
And Crest Nicholson has warned its full year profits will be £50m, far lower than expectations of £74m, after a “challenging” year.
There is outrage at ministers’ decision to scrap plans to move thousands more civil service jobs from London to Birmingham and Newcastle.
But at least Bradford has something to sing about, with ministers giving the green light for plans to set up a northern outpost of the Brit School in the West Yorkshire city.
And ministers have also told landlords they must allow childminders to work from home.
The oldest thatched pub in Ireland is at the heart of an emerging property loan scandal at the Bank of Ulster.
And the boss of Aviva has called on ministers to extend the cap on fire-safety costs to leaseholders in low-rise apartments. Amanda Blanc says the 11m cut-off “does feel slightly arbitrary”.
The global private funds industry is bracing for the introduction of tough rules on real estate, private equity and hedge funds from the SEC.
China’s property-led downturn is starting to be felt far further afield.
And the FT (£) takes a closer look at Country Garden chair Yang Huiyan, once Asia’s richest woman.
Asking prices for houses are falling at the fastest rate since the summer of 2018 as sellers become more “realistic” valuing their homes.
Meanwhile, buying a house has become more expensive than renting for the first time in 13 years.
And finally, forget gyms in offices – that is so last decade! The latest trend from the US is offices in gyms(£). Sounds sweaty.
