Property Archives - Zxcoachoutlet

6 Property and Casualty Insurance Stocks to Watch Amid Catastrophes

October 9, 2020

With 2020’s hurricane season likely to see 190% more storms than the average season, the Zacks Property and Casualty Insurance (P&C) industry is up for a tough ride. Nonetheless, better pricing, prudent underwriting and exposure growth should benefit Berkshire Hathaway (BRK.B), Progressive Corporation (PGR), Allstate Corporation (ALL), Everest Re Group (RE), Fidelity National Financial (FNF) and First American Financial (FAF).

While frequent natural disasters should accelerate the policy renewal rate, increasing adoption of technology and emergence of insurtech will help in smooth functioning of the industry. However, pandemic-related uncertainties weigh on merger and acquisition (M&A) activities and industry surplus.

About the Industry

The Zacks Property and Casualty Insurance industry comprises companies that provide commercial and personal property, and casualty insurance products and services. Such insurance coverage helps to safeguard property in case of any natural or man-made disaster. Liability coverages are also provided by some industry players.

Insurance coverages offered

Mohegan Gaming & Entertainment (MGE) Announces Major Expansion of Premier Northwestern U.S. Property

October 9, 2020

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MGE-Managed ilani Reveals Plans for Brand-New Restaurant Venues, Additional Gaming Space and Hotel Tower

UNCASVILLE, Conn., Oct. 9, 2020 /PRNewswire/ — Mohegan Gaming & Entertainment, manager of ilani in Ridgefield, Wash., is pleased to announce major updates to its premier northwestern U.S. property as the brand continues its upward momentum in developing integrated entertainment resorts (IER) worldwide. In partnership with the Cowlitz Tribe, Howard S. Wright and Friedmutter Group, ilani will feature additions to its exterior and interior designs, including two new restaurant venues, expanded gaming space, as well as a 14-story hotel tower.

The expansion is an extension of MGE’s global growth strategy and the Cowlitz Tribe’s long-term vision for its reservation, following the completion of ilani’s Meeting & Entertainment Center, parking garage and convenience store.

“On the heels of combatting many challenges this year, we are thrilled to announce the expansion and growth of ilani, bringing

What China’s Three Red Lines Mean for Property Firms

October 9, 2020

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The People’s Bank of China and the Ministry of Housing announced in August that they’d drafted new financing rules for real estate companies, but have said little more. But the media reports and people familiar with the upcoming guidelines have said developers wanting to refinance will be assessed against three red lines, or thresholds:

• There will be a 70% ceiling on liabilities to assets, excluding advance proceeds from projects sold on contract;

• a 100% cap on net debt to equity;

• and they must have a cash to short-term borrowing ratio of at least one.

Developers will be categorized based on how many limits they breach and their debt growth will be capped accordingly. If all three are breached, the company won’t be allowed to increase its debt in the following year, according to a report by 21st Century Business Herald. If it passes all three, it can

Nano-cap commercial REIT Presidio Property Trust prices IPO at $5

October 7, 2020

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Presidio Property Trust, a diversified REIT repositioning its portfolio to focus on office and industrial properties, raised $3 million by offering 0.5 million shares at $5, as expected. The company most recently planned to offer 1 million shares at the same price before decreasing its deal size by 50% on Tuesday. It originally filed to raise $69 million in September 2017. At pricing, the company commands a market value of $47 million. Because its deal size is less than $5 million and its market cap is less than $50 million at pricing, Presidio Property Trust will be excluded from Renaissance Capital’s stats.

Presidio Property Trust plans to list on the Nasdaq under the symbol SQFT. Kingswood Capital Markets acted as sole bookrunner on the deal.

The article Nano-cap commercial REIT Presidio Property Trust prices IPO at $5 originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment

Chinese property developers’ rising debt and junk bonds

October 7, 2020

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A pedestrian crosses a road in front of residential buildings in Beijing, China.

Qilai Shen | Bloomberg | Getty Images

SINGAPORE — Rising debt of Chinese property developers are in the spotlight again, as liquidity issues at top developer China Evergrande trigger investor concerns.

China’s property prices rebounded quickly as the economy reopened after the worst of the pandemic passed. Still, authorities are expected to officially rein in on borrowing costs of developers — outlining rules that cap the ratios of their debt in relation to their cash flows, assets and capital levels.

A leaked document last month regarding the cash flow of Evergrande, China’s second-largest developer by sales, has further highlighted concerns of the liquidity flows of Chinese developers.

Analysts warn it’s also raised the pressure on the developers’ ability to repay their debts in the bond markets going into 2021.

China’s property developers are among the biggest junk

BlackRock unlocks $4 bln British property fund from COVID freeze

September 30, 2020

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By Carolyn Cohn

LONDON, Sept 30 (Reuters) – BlackRock BLK.N said on Wednesday it had lifted the suspension of its 3.1 billion pound ($4 billion) British property fund, one of several to resume dealings after a six-month freeze due to uncertainty about valuations.

Much of Britain’s 70-billion-pound ($90 billion) property fund sector was frozen in March as a result of the COVID-19 pandemic, but surveyors lifted an uncertainty warning earlier this month.

Dealing in the BlackRock fund, which was suspended on March 20, will start again on Oct. 30, the U.S. asset manager said in a statement emailed to Reuters, as the fund’s assets were no longer subject to “material uncertainty”.

“The fund has sufficient liquidity to meet the current level of redemption requests,” the statement said.

Legal & General LGEN.L, Royal London ROLGPI.UL, St James’s Place SJP.L and Columbia Threadneedle have also lifted the suspension of

No One’s Too Big to Fail in China’s Property Market

September 28, 2020

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China Evergrande Group’s recent tumble is a wake-up call. Beijing’s latest policy shifts show it is confident that killing a dragon or two won’t cause a wildfire.

Evergrande, one of the country’s largest developers with 2.3 trillion yuan ($337 billion) in assets, faced a crisis of confidence late last week. A dramatic selloff in its stocks and bonds followed reports the company had sent a letter to the Guangdong government warning of a potential cash crunch if it couldn’t carry out a backdoor listing in Shenzhen by January. The company said in a filing that the document was “fabricated.”

Nonetheless, investors were unnerved. The document, fake or not, struck the right note. Just over a month ago, Beijing proposed a “three red lines” approach for major developers. Those exceeding all three leverage metrics monitored by regulators are forbidden from borrowing more. Evergrande has solidly crossed that threshold.

In that “fabricated”

Value of U.S. commercial property slashed by 27%, Financial Times reports

September 27, 2020

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By David Randall

a view of a city: FILE PHOTO: The Empire State Building and Manhattan skyline are seen in New York City

© Reuters/MIKE SEGAR
FILE PHOTO: The Empire State Building and Manhattan skyline are seen in New York City

NEW YORK (Reuters) – The economic effects of the coronavirus are battering the U.S. commercial-backed securities market, raising the question of the value of hotels, malls, and other buildings that act as collateral for mortgages, according to a report in the Financial Times on Sunday.

Wells Fargo estimates that U.S. properties that have gotten into trouble are being written down by 27% on average, according to the report. (https://on.ft.com/36cE4eE)

Declining appraisal values could hammer portfolio managers that have moved into the commercial mortgage-backed securities market in search for yield at a time when the Federal Reserve has indicated that it will keep benchmark yields near zero until 2023 at the earliest.

(Reporting by David Randall; Editing by Lisa Shumaker)

Video: Dollar Could Get Stronger Over Next Several Weeks, Says

UK property sales jump but lockdown rules could ‘dampen’ market

September 27, 2020

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Properties in Leeds as residential home sales jump in the UK. Photo: PA

The number of homes sold in the UK jumped 15.6% between July and August, official figures show.

New HM Revenue & Customs data showed the residential property market continuing to rebound over the summer, echoing industry figures on rising sales and prices at or close to record highs.

But industry figures said rising infection rates and the prospect of tighter rules nationwide once again could undermine the sector’s recovery. Stocks in leading housebuilders Persimmon (PSN.L), Barratt Developments (BDEV.L) and Berkeley (BKG.L) also continued to fall sharply on Tuesday, ahead of a speech by prime minister Boris Johnson on tougher coronavirus restrictions.

A report by HMRC found an estimated 81,280 residential transactions took place in August. The real figure is likely to be higher, HMRC said, as some August data was “not processed in time for publication.”

The

Finance & Property Services – City of Minneapolis

May 10, 2020

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