Wow, that was fast: In default is a $650 million portion of a $2 billion loan package, signed in 2018.
Another “run on the fund.” More investors can’t get their money out but contemplate big losses.
Asking rents for ground-floor retail space have plunged as landlords struggle with vacancies.
It has been shrinking its way out of the City for years. And it’s not the first major company to make the move.
Tender Offer Didn’t Happen. Bonds Plunge to Record Low. This comes after WeWork reported a $1.25 billion loss in Q3. Second thoughts about throwing so many good billions after bad?
The people voted to scrap the project that was one-third finished, $4 billion over budget, mired in allegations of corruption, and built on an unstable lake-bed. But it has a life of its own.
However many billions of other people’s money your outfit burns, just make sure you walk away a billionaire.
How cash-burn machines power the real economy, and what happens to the economy when investors refuse to have more of their cash burned.
How China’s crackdown on debt and capital flight pulls the rug out from under mega-real-estate projects.
It’s so big: Soul searching in the Commercial Mortgage Backed Securities market.