Tougher lending rules on housing market
9.2.21 Loan-to-value ratio (LVR) restrictions have been toughened to reduce the risks to financial stability caused by what the Reserve Bank deemed to be high-risk mortgage lending. The LVR restrictions do not apply to new residential construction but will affect demand for existing property and aim to clamp down on property investor activity. LVR restrictions were removed in April 2020 to ensure they didn’t interfere with COVID-19 policy responses aimed at promoting cash flow and confidence,...
Property underpins M & C
The hotelier and property group Millennium & Copthorne has made an unaudited profit before tax and non-controlling interests of $26.26m for the six month period ended 30 June 2020 (2019: $41m). The main contributor to these results were sales of residential sections from the majority-owned subsidiary CDL Investments New Zealand Ltd which traded well in the last six months. In addition, one sale of a sub-penthouse at the Zenith Residences in Sydney which settled during this period has also...
Big half year for Precinct
Significant leasing and solid rental growth across group assets has delivered another strong result for Precinct Properties in the first half of the 2020 financial year. Total comprehensive income after tax has increased by 110.2% to $53.6m; this compares with $25.5m for the same period last year. However, part of the results flows from liquidated damages on Commercial Bay, the group’s premier development in downtown Auckland. “Both our portfolio and balance sheet are in a great position,”...
Record year for Property for Industry
Property for Industry has reported record results for the year ended 31 December 2019. “This year we achieved a record annual result, continued to deliver strong, stable investor returns, and made constant progress on focusing the portfolio on our core industrial strengths.” says PFI Chief Executive Officer Simon Woodhams. Profit after tax for year of $176.3 million (35.35 cents per share) was up $66.2 million (13.27 cents per share) on the prior year and this is the highest level of profit...
