Australian REITs Offer A$18.6 Billion of Sales, Review Reports
Bloomberg reports: Australian real estate investment trusts have about A$18.6 billion ($12 billion) of property for sale at a time when transactions are down 74 percent, the Australian Financial Review said, citing a report.
Commercial property put on the market since October is being sold to cut borrowings, the newspaper reported, citing the Asia Pacific Report from PricewaterhouseCoopers and the Urban Land Institute. Property sales in the Asia-Pacific region plunged 68 percent in the third quarter from a year earlier, the report said, citing figures from Real Capital Analytics. The biggest slump was in Australia, where sales fell 74 percent year on year, the Review said.
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Posted by: Nina Turner