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Investors panic as Blackstone walks away from a China real estate deal.

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Credit…Visual China Group via Getty Images

Shares in Soho China, a real estate company run by a prominent power couple, fell a third on Monday after Blackstone Group stepped out of its purchase agreement.

Soho China said in a joint filing late Friday that Blackstone would not enforce its $ 3 billion bid for a controlling stake in the company for no reason. Wall Street’s investment giant Blackstone and Soho China declined to comment on Monday.

The company is controlled by Zhang Xin and Pan Shiyi, a married couple who share the title of Executive Director. Mr. Pan, the chairman, was one of the first Chinese entrepreneurs to use social media for public relations and has several million followers online. Ms. Zhang is best known for her role in a 2013 purchase of a stake in the General Motors Building in Manhattan.

The news comes as China’s most successful business tycoons come under scrutiny and pressure mounts to share more of their wealth. The deal, which would have been one of the largest in the real estate industry, was announced in June and an official review is pending. It was seen as a step by the couple to reduce their involvement in China.

A deal for Soho China could also have boosted confidence in the country’s real estate sector, which, after years of remarkable growth, is under increased regulatory scrutiny as Beijing seeks to stop corporate binge borrowing. The developers were forced to settle rising bills under the new central bank rules known as the “three red lines”.

Evergrande, China’s largest property developer, has scared investors, home buyers and experts predicting bankruptcy in the near future.

Over the past few weeks, house prices and demand have weakened in some of China’s largest cities. A well-known Beijing think tank said last week the sector was “showing signs of a turning point.”

Real estate problems as well as reports of heightened regulatory tightening in mainland China contributed to a nearly 2 percent decline in Hong Kong stocks on Monday.

Continue readingStudents who went to ITT Technical Institutes, a troubled chain that abruptly closed its doors in 2016, were among those whose loans were canceled.Credit… Sandy Huffaker for the New York Times

More than 500,000 student borrowers – with nearly $ 10 billion

President Biden has so far fought off calls for blanket debt relief, which is a top priority for many progressive lawmakers, but a parade of relatively modest approval and relief enhancements are leading to a significant expansion of support for troubled borrowers. And more could come: The Department of Education said it was planning regulatory changes to programs aimed at helping civil servants and those with income-driven repayment plans.

There are many incentives for the federal government – the primary lender to Americans who borrow for college and hold $ 1.4 trillion in debt from 43 million borrowers – to fix the stalled aid programs soon. Since the pandemic broke out in March 2020, virtually all of these loans have been on an interest-free hiatus that is expected to end on January 31.

The department’s actions to date have generated little controversy – few oppose giving military personnel, disabled borrowers, and betrayed students the relief they are legally entitled to – but the idea of ​​canceling student debt in general is a lightning rod. Republicans don’t like to burden taxpayers with the costs, and their critics on the left see it as a subsidy for those with expensive professional degrees.

“Our ultimate goal is permanent change,” said Kelly Leon, a spokeswoman for the Department of Education. “We’re building a student loan system that works for borrowers and gives them the Congressional relief that has been elusive for far too long.”

The drive for widespread debt relief has overshadowed calls to fix glaring administrative issues that urgently need to be addressed, lawyers say. READ THE ARTICLE →

By taking rental payments into account, up to 17 percent of people could become more qualified for mortgages, according to Fannie Mae.Credit…Ryan Christopher Jones for the New York Times

Fannie Mae, the government-sponsored body that buys mortgages from the banks, plans – with their permission – to check many people’s bank accounts to get a record of regular rent payments to assess mortgage qualification.

The data showed that only 17 percent of people who hadn’t owned a home in the past three years and hadn’t previously qualified for a mortgage could do so now. But that 17 percent comes from a group that is disproportionately made up of black people, many of whom have limited credit histories and come from marginalized groups on the wrong side of a decades-long wealth gap.

Fannie Mae effectively sets many of the standards of who is qualified and what dates count, and until now rent hasn’t counted, although this is the largest payment most renters make each month. Consumer advocates and industry experts have agreed for many years that this should not be the case.

The complicated, multi-step process Fannie uses means a lot of people don’t benefit from it at first. The New York Times Your Money columnist Ron Lieber is watching this →

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Celebrating 40 years in Taos Real Estate | Success Stories

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Louise Rose is just as individualistic in her attitude as she is as an independent Taos broker. This combination has ensured that it successfully brings clients together with the home, land or investment of their dreams.

Before Louise moved here, she was a stockbroker with a NYSE firm. She raised her sons Justin Bailey and Andrew Morrison, who graduated from the eclectic and distinguished Taos High School. “Children who grow up here are well prepared to live anywhere in the world.”

Louise is blessed with loyal clients who appreciate her upbeat approach, ability to listen, and insane sense of humor.

“Finding someone for the perfect home or ranch is the most personal transaction they can have,” said Louise. “It’s worth finding exactly what you’re hoping for. To get to know a customer, you have to listen carefully. Especially if you come from outside the city, it is important to understand exactly what attracted you to our unique and fascinating heart and soul of the Southwest. “

It’s an intuitive process that takes countless hours with people of many languages, cultures, and ethnicities. Often times the first home she shows them is the one they choose.

“Show them what they want; not what other customers desperately want or need to sell unless it’s the perfect thing. That saves everyone a lot of wear and tear. “

Louise has lived in Taos since 1973 and has seen many changes. She believes that no matter how many people move here, the spirit and essence of Taos never change.

In 1982 she carried out the first “Realtor Tours” together with another broker. Within two years, the brokers were ready for a multiple listing service (also known as MLS). Customers finally got the benefit of knowing that the home they were buying was the best choice for them and they no longer had to go to every real estate agent in town to find out what was for sale.

In 1985 she and two other people brought the first real estate franchises to Taos. Louise sold her successful ERA Taos Realtors in 1991. Three years later, she bought the Realty World, Taos franchise and then sold it to work independently.

With the market hot today, her boutique business is in demand through word of mouth and referral.

Louise said, “I personally rarely go to a doctor or lawyer for advertising because the most experienced and talented are as busy as they can get. When I do advertising, it is to the benefit of my salespeople, so that they get the attention. ”

Her longstanding clients include the Comptons: Mike, a successful commercial high quality contractor, and Jane, the Taos optician, whose first appointment is in early October.

Louise sold the Comptons her first Ranchos home, the first they looked at; and then 20 years later she sold it for them to the first buyers who looked at it.

The new doctor, his wife, and their poodle lived in a motel and needed a place to stay immediately.

Two weeks later, the Comptons were out with their two young daughters, four horses and three dogs.

The Comptons are currently selling Taos Creek Cabins, which can be seen in the pictures with Louise on this page.

Pat Allen, another longtime Taoseño and owner of 9 to 5 Ship & Print, said, “I remember the first house Louise showed me was the one I bought. It was the easiest purchase ever. She is still my broker after 30 years.

Louise’s pink, white, and black property signs are eye-catching. Each carries a reminder, “Please don’t disturb the owner,” a thoughtful touch that embodies both the agent’s signature personal style and savvy business acumen.

Louise has enjoyed a life of world travel and adventure and, when she’s not selling real estate, is working on a book. If you are a happy new customer, she will pamper you with stories and you will instantly connect with this powerhouse of energy. They know that you made the right choice in choosing your broker.

“The last decade has been the best of my life and I’ve been happier than ever,” she said. Share your enthusiasm and let Louise Rose help you find the home that will make you happier than ever.

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Tucker Carlson exposes real estate companies ‘wrecking’ America

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“Gavin Newsom is turning the state of California into a swamp,” said Fox News host Tucker Carlson on Tucker Carlson Tonight.

TUCKER CARLSON: In addition to all of the other problems California has, property prices are higher there than anywhere in the country. The average home price in the state of California is now over $ 800,000, more than double the national median. In the past few years, California leaders have passed dozens of laws that they claim will fix the problem because it really is a problem. Governor Jerry Brown, the last man, signed 15 housing laws in 2017 alone. Last year, Gavin Newsom signed 18 separate housing laws. Did it work? No not at all. They didn’t work for the people who live in California. But they weren’t intended for people who wanted to buy houses. Instead, these bills had one purpose: to destroy suburban houses and replace them with high-density apartments. Of course, real estate developers make more money when single-family houses are leveled and replaced by multi-family houses. And real estate developers happen to be the main donors to the California Democratic Party, and Gavin Newsom in particular.

Real estate development company Marcus was one of Newsom’s largest funders in the recent recall election. This week, after surviving the recall, Gavin Newsom tragically rewarded these real estate developers with the largest housing bill ever. Newsom has just signed a series of laws, SB9 and SB10, that will abolish the suburbs in the state of California. The state that invented the suburbs. These bills were approved by the California Building Industry Association, which, citing, “represents the interests of home builders and developers of residential and commercial projects. There will be some new commercial projects in the California suburbs.” As the New York Times put it, you quote, “SB9 essentially ends the single-family zone zones.” Property owners now have state approval to convert any single family home in the state of California into a 4 unit apartment complex. How does this improve someone’s life? It will not. It means demolishing houses to build rental units.

At the behest of his donors, Gavin Newsom is turning the state of California into a swamp. It’s not just happening in California, Oregon recently passed a nationwide ban on single-family home zoning. That’s crazy! Cities like Minneapolis and Sacramento have started allowing apartment buildings on single-family lots. Crowding problem anyone thinks? By the way, only the Chinese government seems to be doing everything possible to rule the real estate developers. “Housing should live and not for speculation,” said the Chinese president. Woo, I hate to quote the President of China but in this case he’s right, one of the largest and most indebted real estate companies in the world is collapsing and China has signaled that it will never be interested in a bailout again. In this country, real estate companies not only get bailouts, they can also write laws that destroy your neighborhood. And in many parts of America, they can tear down the neighboring house and turn it into a residential complex. Big!

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Crow Holdings Announces Closing of Ninth U.S. Diversified Value-Add Real Estate Fund with Approximately $2.6 Billion of Investable Capital

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DALLAS – (BUSINESS WIRE) – Crow Holdings, a leading national real estate investment and development firm, today announced the definitive closing of Crow Holdings Realty Partners IX, LP (“Fund IX” or the “Fund”). Managed by Crow Holdings Capital, Crow Holdings’ investment management company, the fund invests in value-adding real estate investments in the United States, primarily in industrial and multi-family homes and specialty sector opportunities.

Fund IX was oversubscribed with approximately $ 2.3 billion in commitments, above its original ceiling of $ 2.0 billion, and received strong support from existing investors and significant participation from new investors, including global banks and Insurance companies, pension plans, family offices and high net worth individuals. The fund has also co-invested a total of $ 265 million in equity, resulting in total investable equity of approximately $ 2.6 billion for the strategy. Fund IX marks the company’s largest fundraiser to date and is a significant increase over the $ 1.3 billion pledges raised for the previous fund.

The fund focuses on diversified value-add investment and development opportunities in multiple property types in major US markets. Today these possibilities exist mainly in industrial and multi-family houses as well as in special sectors such as prefabricated houses, comfort and gas, self-storage and student dormitories. The fund was fully launched during the Covid-19 pandemic and began investing during this challenging time as well. To date, more than 63% of the fund’s capital has been invested in 62 investments, primarily in the high-growth regions of the Southwest, Southeast and Mountains of the United States

“We appreciate the trust our investment partners have in the continued ability of our team to deliver results to them,” said Michael Levy, CEO of Crow Holdings. “This successful degree shows recognition for our company’s long-standing track record, real estate expertise and, in particular, for our early recognition of the considerable tailwind behind the demand for logistics and e-commerce, the changing population demographics and changing housing preferences as an integral part of our differentiated investment strategy . ”

“With more than 63% of the capital employed in Fund IX, we are already achieving strong investment results, including the repatriation of capital at the beginning of the fund’s life cycle through rapid realizations. This achievement is recognition of the team who have worked hard during this unprecedented and challenging time to continue fulfilling our commitment to all partners, ”said Bob McClain, CEO of Crow Holdings Capital. “We believe that our pipeline – particularly in the industrial, multi-family and specialty sectors – will continue to offer attractive opportunities to grow results throughout the life of the fund.”

Hodes Weill Securities, LLC acted as placement agent for Fund IX.

About Crow Holdings

Crow Holdings is a leading national real estate investment and development company with 70 years of operations and $ 21 billion in assets under management. With a strong track record across property types and market cycles, Crow Holdings pursues unique investment opportunities through a range of strategies and risk-return profiles, creating value for its investors, partners and communities. Operating out of 17 offices in the United States, Crow Holdings has extensive industry reach with expertise in multi-family, industrial, office and specialty sectors and has developed or acquired more than 225 million square feet. Our core principles of partnership, collaboration and reconciliation of interests remain central to Crow Holdings today. More information is available at www.crowholdings.com.

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