Mansion Global Daily: China Is Said to Have Plans to Bail out Property Sector

China Is Said to Have Plans to Bail out Property Sector

China has unveiled a basket of measures to bail out a real estate market mired in a record slowdown, according to an anonymous source. The People’s Bank of China and the China Banking and Insurance Regulatory Commission on Friday jointly issued a notice to financial institutions laying out plans to ensure the “stable and healthy development” of the property sector, the source said. These measures include loosening down-payment requirements for home buyers and addressing the debt crisis faced by developers. South China Morning Post

Australian Fashion Moguls Selling New South Wales Retreat for A$40 Million

Emma and Tom Lane, heirs of the Oroton fashion empire, Australia’s oldest luxury fashion company, founded in 1938, are selling their retreat in Byron Bay, New South Wales, for a guide price of A$40 million (US$27 million). The Lanes bought the 118.6-acre property in 2017 for A$3.8 million and built it into a luxury retreat that is “a perfect fusion of an Australian farmhouse with Spanish finca influences,” according to its website. Domain

U.S. Home Price Could Decline 15% Next Years, KPMG Predicts

The pandemic-induced housing boom in the U.S. is cooling off fast and in the next year, a conservative 15% price decline is expected, according to the leading accounting and tax consulting firm KPMG. U.S. home prices soared 42% between March 2020 and June 2022. But between June and August, they dropped 1.3%, marking the first decline since 2012. “Once you start the process of prices falling nationally, there is a self-fulfilling momentum to it because no one wants to catch a falling knife,” said Diane Swonk, chief economist at KPMG. “We’re easily going to see large double-digit declines. I think 15% next year is very conservative.” Fortune

Atherton, California, Remains the Most Expensive ZIP Code in the U.S.

Atherton, a town in San Mateo County, California, is ranked the most expensive ZIP code in the U.S. for a third year in a row, with a median home price of $9 million in 2022, according to online realtor RealtyHop. Sagaponack, New York, comes in second with a median home price of nearly $7 million; followed by Beverly Hills, California, one of the  most famous ZIP codes in the U.S. 90210, where the median home price stood at $6.7 million. Of the top 10 most expensive zip codes, California accounts for six, and New York has three. Boston and Florida’s Fisher Island make up the reminder. Time Bulletin