Vietnamese property tycoon Truong My Lan has been handed a severe sentence for her involvement in a major financial fraud case in Vietnam. She was found guilty of embezzlement, bribery, and violating banking rules related to lending. The court sentenced her to death for the embezzlement charges and 20 years in prison for each of
Real Estate
China’s economy heavily relies on the stability of its housing market. According to Richard Koo, chief economist at Nomura Research Institute, convincing people that home prices are set to rise is crucial for stimulating economic activity in the country. However, the reality seems bleak as both business and consumer appetite for new loans have been
Purchasing a new home can be an exciting and fulfilling experience, but it can also come with unexpected financial burdens. According to a recent survey by Real Estate Witch, nearly 75% of new homeowners have regrets about their purchase, with property taxes being the most common concern, surprising 33% of new owners. This is particularly
The U.S. real estate market is currently experiencing a significant increase in the number of “million-dollar” cities, with a record 550 areas where the typical home is valued at $1 million or more. This surge in million-dollar cities can be attributed to the mortgage lock-in effect, according to a recent analysis by Zillow. The lock-in
China’s real estate industry continues to face significant challenges that are impacting the overall GDP growth of the country. According to a recent report by global investment firm KKR, the real estate sector in China is fundamentally overbuilt and in dire need of immediate attention. This was highlighted by Henry H. McVey, the head of
In the past week, mortgage rates have remained relatively unchanged, mirroring the stagnant state of mortgage demand. This marks the second consecutive week with minimal movement in both categories. Potential buyers are facing obstacles in the form of soaring costs and limited housing supply. Meanwhile, existing homeowners find little motivation to refinance their properties amidst
The latest report by Zumper reveals a notable uptick in rent prices for both one- and two-bedroom apartments in March. Specifically, the average monthly cost for a one-bedroom apartment in the U.S. saw a 0.3% increase to $1,487, while a typical two-bedroom apartment experienced a 0.5% rise to $1,847. Although prices surged on a national
The spring housing market is typically a busy time for real estate, with buyers and sellers eager to make moves. However, this year, mortgage demand has hit a standstill. According to the Mortgage Bankers Association, application volume remained flat last week, dropping by a mere 0.7% compared to the previous week. This lack of movement
Federal prosecutors have taken legal action to seize two luxurious New York City apartments worth $14 million that are believed to have been purchased with funds derived from a corrupt scheme involving Mongolia’s substantial copper mine, a former prime minister, and his Harvard Business School graduate son. The lawsuit, filed in U.S. District Court in
Pacaso, a luxury vacation home co-ownership platform, is making a significant shift in its business model to make it more accessible to a wider range of consumers. Initially launched in 2020 with multimillion-dollar homes listed for co-ownership, the company is now introducing thousands of new listings with share prices starting as low as $200,000. This