New Zealand Herald
22 November 2009
An Auckland woman claims that a real estate agent bought her architecturally acclaimed apartment in a mortgagee tender for NZ$745,000 less than she paid for it after the agent’s company, Bayleys, incorrectly advertised it. Janine Wallace is now facing bankruptcy after the BNZ recalled three loans on properties she owned, including the apartment on Princes Wharf. She is suing the bank for damages. Wallace’s apartment sold in June for NZ$705,000 – NZ$430,000 below its capital valuation and NZ$745,000 below the NZ$1.45m she paid for it in 2006.
South China Morning Post
23 November 2009
A low-density housing lot in Beijing sold for 29,859 yuan per m2 yesterday – the highest unit price paid for a mainland residential site. Beijing Dalong Estates, the property arm of the Shunyi local government, won the site in a government land auction with a bid of 5.05bn yuan. The total price was also the highest ever paid in Beijing.
The Australian
23 November 2009
A Korean sovereign wealth fund plans to buy a premium Sydney office building for A$685m. The 44-storey Aurora Place, overlooking Sydney Harbour, is owned by an unlisted wholesale property fund managed by Colonial First State. The deal is the biggest office sale in almost two years and is the first Australian purchase by South Korea’s National Pension Service, the world’s fifth-largest pension fund.
Wall Street Journal (USA)
24 November 2009
The proportion of US homeowners who owe more on their mortgages than the properties are worth has swelled to about 23% of all property owners. Nearly 10.7m households were in negative equity in the third quarter, according to First American CoreLogic, a real-estate information company based in Santa Ana, California.
Times of India
24 November 2009
Bangalore-based property developer Brigade Group has announced the launch of its value homes. The flats, which range in size between 500 sq ft and 800 sq ft, comprise one bedroom, a hall and a kitchen and are known as 1BK. They will cost 1m-1.5m rupees (£13,000-£19,500). Brigade plans to build 3,000-4,000 1BK units in Bangalore.
