Los Angeles Times (USA)
18 May 2009
Distressed-property auctions in southern California are spreading from foreclosed homes sold by the banks to brand-new, luxurious condominium units in prime locations. Condo developers are now hosting their own auctions to attract a critical mass of buyers fast. Recent auctions include new projects in Long Beach, downtown Los Angeles and South Pasadena. More are coming in places such as Pacific Palisades and Playa del Rey.
The Sophia Echo (Bulgaria)
18 May 2009
Nearly half the tenants in Miller Developments’ shopping centre in Varna, Bulgaria, went on strike as of Monday. In total, 58 of 130 stores will remain shut until Wednesday, a move confirmed yesterday by the mall’s press centre. Retailers say the protest is motivated by high rents, and lack of proper management and a coherent strategy to attract new tenants.
The Advertiser (Australia)
19 May 2009
Crown Casino allowed a pathological gambler to place bets of A$300,000 a time, helping him rack up a A$30m loss, a Melbourne court has been told. Gold Coast property developer Harry Kakavas says he was banned from interstate casinos and should have been prohibited from betting at Crown Casino. Instead, he says the Melbourne venue allowed him to place bets totalling A$1.5bn, on which he took a hit of A$30m. He is suing Crown for his losses.
The Irish Times
19 May 2009
Former government press secretary Frank Dunlop is to be a crucial witness for the Criminal Assets Bureau in forthcoming High Court proceedings aimed at seizing land at Carrickmines, south Dublin, which, it is alleged, was corruptly rezoned. The land, owned by UK-registered Jackson Way Properties, increased considerably in value after Dunlop paid councillors to have it rezoned in 1997, Dublin Circuit Criminal Court heard yesterday.
New Straits Times (Malaysia)
19 May 2009
The government is trying to find new contractors, or “saviours”, to complete 147 abandoned housing projects in Selangor. State Housing, Building Management and Squatters Committee chairman Iskandar Abdul Samad said the cost of reviving all these projects would be between RM5bn and RM9bn. Last year, eight projects with 2,000 units were revived and some have already received certificates of fitness.
