In PropertyGuru’s real estate news roundup, the Malaysian Housing Commissioner said 70 per cent of Forest City’s property developments have been sold, and said claims that Forest City is a “ghost town” are false. In other real estate news, the real estate sector is one of the bottlenecks holding back China’s economic recovery, with global non-life insurers expected to report a ‘concerned’ outlook in 2022 as natural disasters increase and risk models struggle to keep up. The company reportedly showed an underwriting loss of 50%.

70 percent of Forest City property development sold – Exco

70% of the properties in Forest City’s Iskandar Puteri real estate development have been sold within the past two years, and the number is expected to increase further in the next three to four years.in bernama According to the report, State Housing and Local Government Commission chairman Datuk Mohd Jaffni Md Shukor said the economic sector in the area would be further boosted due to the impact of the property sales.

“Many of the properties that didn’t sell in the last four years were sold within two years,” he said. “For example, in Forest City, which people call ‘ghost town’, many people don’t know that 70 per cent of the real estate developments there have been sold off, as well as the surrounding areas of Country Garden and Johor Bahru.” – Speaking to reporters after the Hari Raya Aidilfitri open house event in Bandar Qurai.

China’s economy grew 5.3% in the first quarter, but the real estate sector remains an obstacle to recovery

China’s economy expanded much more than expected in the first quarter of 2024, but disappointing retail and industrial data suggest world leaders face severe headwinds to meet annual growth targets The report said that. Hong Kong FP.

The Chinese government has set a target of around 5% for 2024, but officials have already admitted it will not be “easy” and address the challenges facing the world’s second-largest economy. Analysts say that’s ambitious considering that.

Gross domestic product (GDP) increased by 5.3% in the first three months of this year, compared with a 5.2% increase in the previous quarter, according to the National Bureau of Statistics.

The figure was much higher than analysts had expected, with a Bloomberg survey predicting it would be 4.8%.

“Consumption and housing investment were the main drags, while manufacturing and infrastructure were the main drivers,” said Dan Wang, chief economist at Hang Seng Bank of China.

Global property insurers face ‘alarming’ losses due to lagging risk models, report says

Global non-life insurers posted “alarming” underwriting losses in 2022 as natural disasters increase and risk models struggle to keep up, according to a report from consultant Capgemini.

according to CNA, In recent years, global insured losses from natural disasters have exceeded US$100 billion annually, and are increasing further due to problems such as winter storms. Industry officials believe climate change and increased building in exposed areas are contributing to losses.

The insurer’s global combined ratio, a measure of claims and expenses relative to premium income, stood at 103% in 2022, Capgemini said. Levels above 100 indicate underwriting losses. According to the report, property and casualty insurance companies have suffered three years’ worth of underwriting losses in the past four years.

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