Construction and Property Corner ::: 18 August 2023

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts        <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

 


 

 


Construction and Property  Corner ::: 18 August 2023 

 


 

 

	
 


 

 


 

ü  Town steering Highway 66 construction project forward

ü  Construction updates provided at EC school board meeting

ü  $12B LNG project props up construction starts in July

ü  China's property troubles aren't getting better, intensifying calls for
bolder policy help

ü  China’s property woes sparking contagion fears

ü  Evergrande: China property giant files for US bankruptcy protection

ü  Florida law restricting property ownership for Chinese citizens, others
remains active

ü  All  is set for SAPOA’S 2023 Annual Convention & Property Networking

 


 

 


 <https://www.willdale.co.zw/> Town steering Highway 66 construction project
forward

KIRKLAND LAKE - Kirkland Lake council has awarded the Connecting Link
2023-24 design opportunity to Concept Dash Inc.

 

During the town’s regular council meeting on Tuesday (Aug. 15), council
members unanimously approved the contract, which has a price tag of $91,550
plus HST.

 

As part of a provincial initiative to invest in municipal road and bridge
repairs to 21 municipalities province wide, Kirkland Lake was given a total
of $934,880 to resurface Highway 66, including pedestrian crosswalk
improvements at Burnside Drive.

 

According to the town, the two-year project consists of awarding a contract
for the design of the project in year one, followed by a second contract in
the second year for the construction of the project. The design of the work
will be completed no later than Oct. 31, 2023.

 

 

A request for proposal (RFP) for the project was issued in June 2023. Four
bids were received with each submission being evaluated and scored to
determine the ideal design team for the project, the town noted.

 

The project will include upgrades to the sidewalks and includes the proposed
installation of an automated pedestrian crosswalk at the intersection of
Burnside Drive to increase accessibility to pedestrians in that area.

 

Construction will include the removal and replacement of existing asphalt,
concrete curb and gutter on the south side of the highway section, paved
boulevard between the curb and existing concrete sidewalk on the south side
and shoulder and ditch on the north side.

 

It will also include all appropriate signage, amber beacons and line paving.

 

 

Coun. Casey Owens' only concern was regarding the location of the crosswalk.
He wondered if it could be moved to the west side of the intersection.

 

While the plan is still awaiting ministry’s approval, CAO Alan Smith said he
would reach out about Owens’ concerns.

 

Coun. Janice Ranger brought up the speed limit in the area.

 

“As a resident in that area, I want to bring forward my concerns about speed
and if there's any possibility of the speed being reduced in that section

Unless it's not in their control because it is part of the highway? There’s
only a matter of time before there’s a serious incident,” she said.

 

The issue wasn’t discussed further as the topic was solely brought up to
award the design tender to Concept Dash Inc., said clerk Jennifer Montreuil.

 

According to Montreuil, there will be public consultation at some point in
the future before construction begins.

 

 

 

 

Construction updates provided at EC school board meeting

SABINA — The East Clinton Local School District Board of Education convened
for a session commencing at 6 p.m. in the district office on Tuesday.
Presided over by Amy Zimmerman, board president, the meeting presented a
comprehensive overview of ongoing construction projects and key campus
advancements.

 

Superintendent Eric Magee’s Report

 

Superintendent Eric Magee started the meeting with a detailed
superintendent’s report, providing an insightful account of the district’s
ongoing construction initiatives and campus developments. Addressing the
critical roofing situation at the elementary buildings, Magee said, “First
of all, they are still working with the roofing situation at Sabina and New
Vienna, the elementary buildings.”

 

He went on to explain that due to unexpected weather conditions, the roofing
was left exposed, resulting in water damage during rain. He emphasized, “We
had a new roofing situation occur that we are now dealing with. There was
rain that popped up while the roof was left open. It was over the kitchen
area and some of the hallway. Certainly, several ceiling tiles damaged. We
are still in the process of assessing what all may or may not be damaged.”

 

Magee assured that the district is actively engaged with insurance companies
and contractors to address the challenges. He said, “We are working with our
insurance companies, as well as Action Contractors and their insurance
company, to make sure that everything is done as needed.”

 

Providing further insight into the ongoing construction efforts, Magee
addressed the installation of kitchen equipment. While initial assessments
were positive, Magee acknowledged the need for further verification,
particularly regarding the walk-in freezer and cooler. He explained,
“Action’s first report on the kitchen equipment itself was positive. They
feel everything is working. We do want to verify that with our own people,
too. (The) biggest concern was the walk-in freezer and cooler. They’ve had
other install issues with that, but we still remain on top of this.”

 

Elaborating on the challenges faced, Magee discussed water infiltration due
to unsealed areas during rain, saying, “Areas weren’t quite sealed and water
was able to get through. Last I heard this afternoon, the walk in freezer
and cooler were still functioning and keeping temperature after they were
reset, but still some issues there we are trying to resolve.”

 

Magee added, “We want to be prepared for whatever we need to do. We’re
working with the kitchen staff to make sure everything is on hand there and
able to prepare meals for kids. And it really comes down to the health
department giving final approval.”

 

The first day of school for East Clinton students is on Tuesday, Sept. 5,
and the anticipation is building for a successful start to the new academic
year.

 

Magee also delved into campus-wide construction updates, highlighting the
progress made in various areas. He reported, “On this campus, we are still
working toward the music wing getting ready to go for the start of school on
the other side and still working toward the end of the year, Christmas break
timeline move in for the rest of the building.”

 

Updates encompassed successful above-ceiling inspections in the music wing
(Area A), progress in the multipurpose room (Room 162), and the removal of
an AC unit in the main gym to facilitate duct work, which was nearing
completion. He explained that after AC work, the gym floor renovation would
commence, with staining and painting scheduled to begin on Aug. 21. The
completion target for the gym floor was set for Sept. 9.

 

Magee also touched upon outdoor improvements, including the preparation of
blacktop areas for improved drop-off logistics.

 

Financial and Educational Updates

 

Treasurer John Stanley reported a slight decrease in general fund revenue,
comparing this year’s $776,000 to last year’s $782,000. Total expenses
across all funds saw a reduction as well, from just under $3 million in the
previous year to approximately $2.8 million. Stanley highlighted a
substantial portion of expenses being attributed to the high school
construction project.

 

The board proceeded to approve the 2023-2024 non-certified handbook and
ratified revised non-certified salary schedules for fiscal years 2024 and
2025. Subsequently, an employment agenda was approved, and it was decided
that the next board meeting will commence at 5 p.m. for an employee
reception at the middle school media center.

 

The meeting concluded with an executive session followed by an adjournment.

 

 

 

 

$12B LNG project props up construction starts in July

A rendering of a large liquefied natural gas plant that spreads along a
riverbed. Two ships are docked in the left side of the photo at the docks.

A rendering of the $12 billion Rio Grande LNG complex in Brownsville, Texas.
Bechtel is currently building Phase 1 of the project. Permission granted by
Bechtel

 

Dive Brief:

Total construction starts jumped 17% in July to a seasonally adjusted annual
rate of $1.2 trillion, according to Dodge Construction Network, driven
primarily by the $12 billion Rio Grande LNG facility in Brownsville, Texas. 

Without that massive start, total nonbuilding starts, which increased 38% in
July, would have actually dropped 7%, according to Dodge. Still, the jump in
July, a rebound from June’s 9% drop, means the “up one month and down the
next” trend for project kickoffs lingers, suggesting choppy conditions for
the rest of the year.

“Construction starts have plateaued and are making little headway,” said
Richard Branch, chief economist for Dodge Construction Network. “The lag in
nonresidential building projects entering the planning stage will slow
starts as the year progresses, which should be offset by rising
infrastructure activity.”

 

Podroof Kits come in three standard sizes and are available for
customization, making them perfect for any outdoor space. Made of American
Steel and backed with a 20 Year Guarantee.

 

Dive Insight:

A trio of construction industry concerns — higher interest rates, increased
material prices and labor shortages — continue to slow momentum across the
board, said Branch.

 

The firm’s starts report tracks three broad categories: Nonresidential
buildings; nonbuilding construction activity, such as highways and bridges;
and residential buildings. 

 

Nonresidential building

Nonresidential building starts, which consist of commercial, institutional
and manufacturing projects, fell 6% in July to a seasonally adjusted annual
rate of $334 billion. 

 

Commercial starts, which include office, retail, hotel, warehouse and
parking garages, increased 11% due to gains in warehouse and parking starts,
offsetting a decline in office and hotel starts. 

 

Starts in manufacturing and institutional, which consists of education and
healthcare projects, also dropped by 11% and 39%, respectively, in July,
according to the report.

 

Despite the poor activity registered this month, total nonresidential
building starts remain up 16% for the 12 months ending in July. During that
same span, starts in institutional and commercial increased 20% and 8%,
respectively, while manufacturing projects jumped 24%.

 

The largest nonresidential building projects to break ground in July
included:

 

The $405 million Envision AESC BMW manufacturing plant in Florence, South
Carolina.

The $370 million Wisteria at Warner Center office building in Los Angeles,
California.

The $277 million first phase of an airside concourse at Orlando
International Airport in Florida.

 

 

$12B facility props up nonbuilding starts

The $12 billion Rio Grande LNG facility in Brownsville, Texas, bolstered
nonbuilding starts in July, pushing starts up 38% for the month. 

 

But other categories within nonbuilding construction held off on new starts
in July, according to the report. 

 

For example, highway and bridge construction lost 4% in July, while
miscellaneous nonbuilding starts dropped 71% following the start of the
Buffalo Bills’ new stadium in June.

 

Nevertheless, for the 12 months ending in July, total nonbuilding starts
remained 21% higher than a year ago. During that period, utility and gas
plant projects jumped 9%, while highway and bridge construction jumped 22%,
according to the report.

 

The largest nonbuilding projects to break ground in July included:

 

The $12 billion first phase of the Rio Grande LNG facility in Brownsville,
Texas.

The $2.8 billion concrete dock at the Pearl Harbor Naval Shipyard in Hawaii.

The $813 million first phase of the Bellefield Solar farm and battery
facility in California City, California.

 

Residential construction activity ticks up

Starts in residential construction posted a 20% uptick in July to a
seasonally adjusted annual rate of $414 billion. Single-family starts
increased 2%, while multifamily starts skyrocketed 62% higher in July,
according to the report.

 

But new construction in the sector for the 12 months ending in July remained
down 17%. On a year-to-date basis through July, total residential starts
dipped 21%, according to the report.

 

The largest multifamily structures to break ground in July included:

 

The $1 billion Clarkson Square condo and apartment building in New York
City.

The $365 million Queensbridge Collective residential tower in Charlotte,
North Carolina.

The $358 million Oasis Hallandale tower in Hallandale Beach, Florida.

 

 

 

 

China's property troubles aren't getting better, intensifying calls for
bolder policy help

New home sales for the top 100 developers in China dropped by about a third
in June and July from a year ago, after double-digit growth earlier in the
year, according to S&P Global Ratings.

 

Late Thursday, the world's most indebted property developer Evergrande filed
for bankruptcy protection in the U.S., further shaking up investor
confidence.

Country Garden's looming default is making it more difficult for property
developers to raise funds, raising contagion fears in the Chinese property
sector.

 

 

China's real estate troubles are accelerating. Prospective home buyers are
holding back on making purchases, leading to weak sales that compound the
urgent need for policymakers to step up support for the industry.

 

New home sales for the top 100 developers dropped by about a third in June
and July from a year ago, after double-digit growth earlier in the year,
said Edward Chan, a director at S&P Global Ratings. With most apartments in
China sold before they are completed, weak new home sales will likely lead
to significant cash flow issues for developers.

 

"We think the situation is probably getting a little bit worse because of
this Country Garden incident," Chan told CNBC in a phone interview Thursday.
He added he hasn't seen any improvement in new home sales so far.

 

At a time when rafts of data are pointing to a rapidly slowing economy, this
lack of improvement, along with Country Garden

's looming default, is making it more difficult for property developers to
raise funds.

 

Late Thursday in the U.S., the world's most indebted property developer
Evergrande filed for bankruptcy protection, further shaking up investor
confidence.

 

The deepening crisis of confidence is adding to pressure on the world's
second-largest economy.

 

China's real estate sector is estimated to directly and indirectly account
for up to a quarter of economic activity in the mainland. JPMorgan raised
its global emerging markets corporate high-yield default forecast on
Tuesday, largely due to rising contagion fears in China's property sector
from a possible Country Garden fallout.

 

Country Garden, China's largest non-state-owned developer by sales, has less
than 30 days to make coupon payments it missed Aug. 7 on two dollar bond
coupons worth $22.5 million.

 

Last week, the property company suspended trading in 11 domestic bonds and
warned it expects to post a half-year annualized loss of up to 55 billion
yuan ($7.5 billion).

 

The debt troubles at Country Garden and the uncertainty of government
support are feeding into broader unease in the Chinese housing market.

 

 

The Chinese property sector has been reeling since 2020, when Beijing
cracked down on the debt levels of mainland property developers.

 

Years of exuberant growth led to the construction of ghost towns where
supply outstripped demand as developers looked to capitalize on the desire
for home ownership and property investment.

 

These measures, known as China's "three red lines" policy, point to three
specific balance sheet conditions developers must meet if they want to take
on more debt.

 

The rules require developers to limit their debt in relation to the
company's cash flow, assets and capital levels, with highly indebted
developer Evergrande

the first headline-grabbing default in late 2021.

 

Country Garden's woes

A default by Country Garden could add $9.9 billion to the year-to-date
global emerging markets high-yield corporate default tally, taking the total
default volume for the Chinese property sector to $17 billion to-date in
2023, JPMorgan said in a note dated Aug. 15.

 

The U.S. investment bank expects China property to account for nearly 40% of
all emerging market default volumes in 2023.

 

Much of Country Garden's problems have to do with its outsized exposure to
less developed parts of China known as lower-tier cities. About 61% of
developments, according to the company's 2022 annual report, are in these
lower-tiered cities, where housing supply outstrips demand.

 

"Country Garden sales performance has been kind of disastrous," S&P Global's
Chan said, noting that sales in June and July dropped by about 50%
year-on-year.

 

Chan said that lower-tier cities started to see sales weakness in May, while
higher-tier cities started to see sales worsen in subsequent months.

 

As a result of Country Garden's troubles, Chan said it's "becoming more and
more challenging" for China's overall real estate sales to reach S&P's base
case of 12 trillion yuan to 13 trillion yuan this year.

 

"Instead of an L-shape it could be a descending staircase," he said.

 

Chan said S&P's bear case for China's property sector is for 11 trillion
yuan in sales this year, and 10 trillion yuan for 2024.

 

That's still only nearly half of what the country's real estate market sales
were at its peak 2021 — at 18 trillion yuan, according to figures Chan
shared.

 

At their mid-year economic review meeting in July, China's top leaders vowed
to "adjust and optimize policies in a timely manner" for its beleaguered
property sector.

 

To date, they have yet to clearly demonstrate their plan to adapt to "major
changes" in the demand-supply dynamics in the property market.

 

"The debt troubles at Country Garden and the uncertainty of government
support are feeding into broader unease in the Chinese housing market,"
Louise Loo, lead economist at Oxford Economics, wrote in a note dated Aug.
11.

 

Land sales divergence

As China's property sector consolidates amid the debt and credit malaise,
state-owned developers are better positioned to grow than non-state ones.

 

State-owned developers saw contracted sales grow by 48% in the first seven
months of this year from a year ago, while developers that were not
state-owned saw sales fall by 19%, according to data from Natixis Corporate
and Investment Banking.

 

This is enhancing state-owned developers' ability to buy land from local
governments since robust home sales are boosting their cash flow.

 

"Nowadays, 87% of the land purchases are by [state-owned enterprises], so
how do you expect [privately owned enterprises] to grow further?" Gary Ng, a
senior economist at Natixis, said in a phone interview Tuesday.

 

For this year through July, 87% of land purchases by value were by
state-owned developers, similar to last year, Natixis data showed. That's up
sharply from 59% in 2021, the data showed.

 

Ng expects state-owned developers to have greater ownership in China's real
estate market going forward. But he said that while non-state-owned
developers have had leverage problems in the past, having so many
state-owned developers in the industry might make it more difficult to
forecast actual demand.

 

Still, underlying housing demand in first-tier cities remains somewhat
resilient and untapped, and may be unleashed once there's greater policy
clarity.

 

"Timely policy in stabilizing the demand and sales in the higher-tier cities
would be very important," said Chan from S&P Global.

 

"If that could be achieved then over time, the stabilization could be
spilled over to the lower-tier cities. But that will take an even longer
time."

 

 

China’s property woes sparking contagion fears

Will China’s spreading property crisis spread to banks and financial
institutions?

 

Falling home prices have in recent months disrupted Chinese property
developers’ plans to sell their units, repay bank loans and purchase lands.
Real estate firms’ huge losses and declining stock prices have alarmed
investors far and wide. 

 

Zhongzhi Enterprise Group, one of the largest private wealth managers in
China, which invested heavily in the property sector, hired KPMG in late
July to review its balance sheet amid a worsening cash crunch, Bloomberg
reported on Thursday, citing people familiar with the situation. 

 

They were quoted as saying debt restructuring process will be lengthy while
Zhongzhi has already suspended payments on nearly all its products. 

 

At the same time, global hedge funds have dumped Chinese stocks, mainly
property ones, in the first two weeks of this month as they were bearish
about the outlook of China’s property markets, Reuters reported.

 

 

Some economists called on the government to launch more measures to boost
property markets to prevent the spread of property market woes to the
financial system. 

 

More measures needed

In the first four months of this year, after China ended its zero-Covid
policy, property prices rose.

 

Since May, however, home prices have started to fall as many homebuyers
refused to enter the markets, particularly as local debt problems in Yunnan,
Guizhou and Guangxi provinces grew.

 

 

Developers are dropping prices in the hope of galvanizing sales and
stabilizing the market. Image: Facebook

Property developers also offered big discounts to homebuyers as they faced
rising pressure to repay their debts.

 

Of the 70 largest Chinese cities, 44 recorded year-on-year declines in new
home prices in July, according to the National Bureau of Statistics (NBS).
In June, new home prices fell in 42 out of the 70 cities. 

 

Last month, new home prices still grew 1% year-on-year in first-tier cities
and 0.2% in second-tier cities but they fell 0.3% in third-tier cities.
Existing home prices decreased 0.8%, 0.5% and 0.4% year-on-year, in first-,
second- and third-tier cities, respectively.

 

Although official data did not show an obvious market slump, media reports
said existing home prices in some prime sites in top-tier cities have
actually declined by 15% from two years ago while prices in tier-two and
tier-three cities have dropped by 25-50%.

 

“To reflect the real market conditions, existing home prices are more
effective than new home prices,” said Xu Xiaole, chief market analyst of
Shell Research Institute. “Existing home prices fell month-on-month in all
three tiers of Chinese cities in July while the decline in the first- and
second-tier cities accelerated.”

 

Zhang Bo, president of 58 Anjuke Research Institute, said some governments
in second-tier cities have lowered down payment requirements for second-home
buyers but the policy’s effect was insignificant in some cities. Zhang said
a lot more supportive measures should be launched in third-tier cities as
those unveiled to date have failed to have an impact.

 

Over the past two months, several incidents have shown that China’s property
crisis is spilling over to the banking and investment sectors.

 

On July 4, Bloomberg reported that state banks had in recent months been
offering local government financing vehicles (LGFVs) loans with a maturity
period of 25 years, instead of the normal 10 years. The move will hurt large
Chinese banks’ margins over the long run.

 

Since then, the Industrial and Commercial Bank of China (ICBC) and the
Agricultural Bank of China’s shares have fallen by 18.4% and 17.4%
respectively. The Bank of China’s stocks have lost 16.1% while the China
Construction Bank has declined 19.4% over the same period.

 

A China Construction Bank branch office in Zurich, Switzerland.  Photo:
Reuters/Arnd Wiegmann

A China Construction Bank branch office in Zurich, Switzerland. Photo:
Agencies

On August 6, Country Garden, once the largest Chinese property developer by
contracted sales, failed to pay interest on two bonds worth a total of
US$22.5 million. On August 13, Sino-Ocean Group, a state-owned property
developer, failed to pay interest of $20.9 million on its $700 million
notes.

 

Also in August, Zhongrong International Trust, a 36-year-old wealth
management firm in China, could not give money back to its clients. Its
second-largest shareholder Zhongzhi is now under debt restructuring.

 

Some economists and analysts said the only way to avoid financial contagion
is to boost property prices and improve homebuyer confidence.

 

Zhou Shaojie, a professor in the School of Public Policy and Management at
Tsinghua University, and Zhang Yibing, an analyst at CSCI Pengyuan, co-wrote
an article with the title “Stabilizing property markets also means
stabilizing fiscal income and financial sectors,” which was published on
August 16.

 

“The real estate markets remain the biggest issue that slows economic growth
and involves relatively high risks,” Zhou writes. “Many local governments
have eased their property curbs but the strength is still not enough,
especially those in the top-tier cities.”

 

“The current society has seen many new risks, such as defaults of LGFV loans
and falling fiscal income, which are all property problems,” Zhang says in
the article. “Real estate is closely related to not only investment,
consumption and employment but also local governments’ land revenue and
hidden debt problems.”

 

He says there is room for more cuts in mortgage rates while the People’s
Bank of China (PBoC) should allow banks to provide more loans to property
developers and homebuyers.

 

Cailian Press, a Chinese financial website, reported on August 14 that the
Guangdong government recently held a high-level meeting with heads of
state-owned enterprises and central government-owned firms and senior
executives of property developers to discuss how to cope with the growing
property crisis.

 

On August 17, the PBoC said in its second-quarter monetary report that it
would fine-tune its lending policies to “adapt to the situation that the
supply and demand relations in the property markets have seen major
changes.”

 

It said it will extend its current subsidy scheme until May 2024 to provide
property developers with resources to complete their projects and deliver
homes to buyers.

 

It said it will support asset management firms to acquire and revitalize the
unfinished projects from some debt-laden property developers. 

 

 

 

 

Evergrande: China property giant files for US bankruptcy protection

Property giant Evergrande has filed for bankruptcy protection in the US as
the real estate crisis in China deepens.

 

It will allow the heavily-indebted company to protect its assets in the US
as it works on a multi-billion dollar deal with creditors.

 

Evergrande defaulted on its huge debts in 2021, which sent shockwaves
through global financial markets.

 

The move comes as problems in China's property market add to concerns about
the world's second largest economy.

 

China Evergrande Group made the Chapter 15 bankruptcy protection filing in a
New York court on Thursday.

 

Chapter 15 protects the US assets of a foreign company while it works on
restructuring its debts.

 

Evergrande did not immediately respond to a request for comment from the the
BBC.

 

The group's real estate unit has more than 1,300 projects in more than 280
Chinese cities, according to its website.

 

Its other businesses include an electric car maker and a football club.

 

Evergrande has been working to renegotiate its agreements with creditors
after defaulting on its debt repayments.

 

With debts estimated to total more than $300bn (£235bn), it was the world's
most heavily indebted property developer.

 

Its shares have been suspended from trading since last year.

 

Evergrande revealed last month that it lost a combined 581.9bn yuan ($80bn;
£62.7bn) over the last two years.

 

Last week, another major Chinese property giant, Country Garden, warned that
it could see a loss of up to $7.6bn for the first six months of the year.

 

Some of the biggest companies in China's real estate market are struggling
to find the money to complete developments.

 

"The key to this issue is to complete unfinished projects because this will
at least keep some of the financing flowing," said Steven Cochrane of
economics research firm Moody's Analytics.

 

He added that many homes are pre-sold but if construction stops, buyers no
longer make mortgage payments, which puts more strain on developers'
finances.

 

Earlier this month, Beijing said that China's economy had slipped into
deflation as consumer prices declined in July for the first time in more
than two years.

 

Weak growth means China is not facing the rising prices that have rattled
many other countries and prompted central bankers elsewhere to sharply
increase borrowing costs.

 

The country's imports and exports also fell sharply last month as weaker
global demand threatened the recovery prospects of the world's
second-largest economy.

 

Official figures showed exports fell by 14.5% in July compared with a year
earlier, while imports dropped 12.4%.

 

Earlier this week, China's central bank unexpectedly cut key interest rates
for the second time in three months, in a bid to boost the economy.

 

 

 

 

Florida law restricting property ownership for Chinese citizens, others
remains active

A Florida law that harshly restricts property ownership for people from
seven countries will not be suspended while it is being challenged in court,
a federal judge ruled Thursday.

 

District Judge Allen Winsor denied a preliminary injunction, which would
have barred the new policy in Florida that Gov. Ron DeSantis signed into law
earlier this summer.

 

A group of Chinese Floridians and a real estate brokerage firm filed a
lawsuit against Florida in federal court over SB 264, a law that prevents
anyone associated with the Chinese government, political parties, business
organizations and people “domiciled” in China who are not U.S. citizens or
legal permanent residents from buying property in Florida.

 

 

It also limits property ownership for many people from six other countries —
Russia, Iran, Korea, Cuba, Venezuela and Syria — from buying agricultural
land or any property within 10 miles of military installations or critical
infrastructure. The law provides a narrow exception that allows for the
purchase of one residential property, which cannot be within five miles of
any military installation. 

 

ACLU plans to appeal for preliminary injunction

“Today’s decision is disappointing, but our clients will continue to fight
for their rights to equality and fairness on appeal,” Ashley Gorski, a
senior staff attorney at the American Civil Liberties Union National
Security Project and one of the lead attorneys in the lawsuit, told USA
TODAY, adding that the law “legitimizes and expands housing discrimination."

 

 

Two of the plaintiffs have pending real estate transactions for later this
year that are being affected, and a real estate firm also behind the lawsuit
is already losing business as a result of the new ban, ACLU officials told
USA TODAY Thursday. There are also broader concerns over how the law could
exacerbate discrimination against the Asian community.

 

A member of the state attorney general's office declined to comment.

 

DOJ against Florida law

ACLU officials said the court declined the preliminary injunction because it
claimed to not have a substantial likelihood of success on the merits of
claim, which is a requirement for a preliminary injunction. However, the
U.S. Department of Justice said in a statement of interest filed to the
court in June that the plaintiffs will likely win this case, as the law
violates both the Fair Housing Act and Equal Protection Clause of the 14th
Amendment.

 

 

“These unlawful provisions will cause serious harm to people simply because
of their national origin, contravene federal civil rights laws, undermine
constitutional rights, and will not advance the State’s purported goal of
increasing public safety,” the court filing said.

 

The Justice Department added that the plaintiffs were “likely to succeed” in
the suit and demonstrated support for a preliminary injunction.

 

 

 

 

All  is set for SAPOA’S 2023 Annual Convention & Property Networking

The South African Property Owners Association’s Annual Convention and
Property Networking will be held at Sun City between the 19th and the 21st
of September 2023 where experts, business leaders, and SAPOA members will
meet to discuss industry challenges and growth prospects.

 

Under the banner ‘Build for the Future’, SAPOA has created a packed
programme to generate engaging conversations and thought leadership
engagements over various industry and macroeconomic issues and topics.

 

This year’s convention takes place against a backdrop of a challenging
economic climate characterised by slow growth, the impact of load shedding
and high interest rates. Furthermore, commercial property owners are being
challenged to innovate in an industry slowly recovering from the effects of
the pandemic with a slow but steady return of workers to the office.

 

SAPOA is excited to bring together visionary speakers and innovators,
financial heavyweights, and influential drivers who will address the
challenges that impact business and share their expert opinions and
solutions.

 

Speakers include Nedbank Group Chief Economist Nicky Weimar and
well-renowned Political & Economic Analyst, JP Landman who will share
insights on the solutions to South Africa’s challenges, choices, and
opportunities.

 

As with previous conventions, SAPOA will present prestigious awards to the
recipients of the SAPOA Property Awards in Innovative Excellence, the 2023
SAPOA Journalism Awards for Excellence and the SAPOA Lifetime Industry
Achievements Award.

 

“The convention is a must-attend event for the association’s members as the
discussions will be stimulating and rewarding.”

 

SAPOA looks forward to an exciting convention and does not doubt that its
rich and diverse programme will meet the expectations of its members and
invited delegates and guests. Knowledge sharing at such a high level has
contributed significantly to recognising SAPOA as the official voice of the
commercial property industry in South Africa, and the convention is no
better place to demonstrate this.

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> bulls at bullszimbabwe.com  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/>
www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


Padenga

EGM

Royal Harare Golf Club

August 16 – (10am)

 


Border Timbers

EGM

4 – 12 Paisley Road, Southerton, Harare, or virtually
:https://escrowagm.com/eagmZim/Login.aspx” 

August 18 – (10am)

 


zIMBABWE

 

2023 harmonised elections

August 23

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


(c) 2023 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
+263 77 344 1674

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230818/9a865d8b/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230818/9a865d8b/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.png
Type: image/png
Size: 809480 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230818/9a865d8b/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230818/9a865d8b/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65560 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230818/9a865d8b/attachment-0001.obj>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image007.jpg
Type: image/jpeg
Size: 70541 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230818/9a865d8b/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image008.jpg
Type: image/jpeg
Size: 29329 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230818/9a865d8b/attachment-0003.jpg>