News

Chinese developers face survival test as funding crunch intensifies

The funding crisis for mainland Chinese property developers is intensifying, ratings agencies say, with real-estate builders facing spiking borrowing costs and a limited ability to raise cash at a time when sales and economic growth are slowing.

China disperses $10 bln of public housing funds

China's Ministry of Finance said on Thursday it had given 66 billion yuan ($10.5 billion) to local governments to help build public housing for rent, one of five categories of state-subsidised affordable housing.

Supreme Court rules families cannot sue over loan discount fee

The Supreme Court ruled on Thursday that loan applicants cannot sue a mortgage company for charging them a loan discount fee without giving them a loan discount. The unanimous ruling was a defeat for three couples in Louisiana, who claimed that Quicken Loans overcharged them as much as $1,100 at their mortgage closings for a "loan discount" or "processing" fee.