Real Estate & Construction News Roundup (05/23/23) – Distressed Prices, Carbon Removal and Climate Change
In this week’s roundup, we consider distressed property bonds and loans, cities that are sinking under their own skyscrapers, efforts to lower carbon emissions, the unexpected potential of dirty diapers as a building material, and so much more.
Globally, more than $190 billion of property bonds and loans are trading at distressed prices, a result of China’s real estate woes. (Alice Huang and Erin Hudson, Bloomberg)
PacWest Bancorp sees a stock market boost as it announces the sale of its real estate loans, valued at around $2.6 billion. (Jaiveer Shekhawat and Chibuike Oguh, Reuters)
New construction home sales exceeded expectations for April while existing home sales dropped. (Anna Bahney, CNN)
A study suggests that dirty diapers could be recycled into home building materials such as concrete and mortar. (Justine Calma, The Verge)
Disney canceled plans for the construction of a $1 billion office complex in Florida. (Jacob Knutson, Axios)
Amid rising sea levels, New York City—along with other coastal metropolises—is sinking under the weight of its infrastructure. (Matt Simon, Wired)
Wander, which operates a network of smart homes, raised $100 million in funding to boost a new captive REIT model for vacation rentals. (Amy Rose Dobson, Forbes)
JPMorgan Chase said it has agreed to invest more than $200 million in carbon-removal technologies. (Catherine Clifford, CNBC)
In another carbon-lowering effort, France banned short-haul flights in instances where a train is available instead. (BBC)
Aiming to prevent a water and power catastrophe, Arizona, California and Nevada have made a deal to limit consumption from the drought-ridden Colorado River. (Christopher Flavelle, The New York Times)
As insurers grapple with increasing claims related to severe weather, climate scientists plan a research center that will deliver climate change data to the insurance industry. (Rebecca Hersher, NPR)
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