Default Swaps Penalize Westfield Group Most Since 2009: Australia Credit

Westfield Group is being penalized in credit markets more than global peers as the world’s biggest mall operator faces weaker sales growth in the U.S. and at home.
In Australia, data released yesterday showed consumer confidence has plunged 16.9 percent in the past year, while in the U.S. an unemployment rate over 9 percent for six months will limit retail sales growth during this year’s holiday season, the National Retail Federation said this week. For Westfield, the world’s biggest mall owner, that may increase vacancies and lower what it can charge tenants in its two biggest markets.


http://www.bloomberg.com/news

Global Demand for Distressed Commercial Property Soars

Global demand for distressed commercial property increased dramatically in the second quarter of 2011 and is expected to outstrip supply in the next three months, according to the latest report from the Royal Institution of Chartered Surveyors.

Over 80% of the countries surveyed in the RICS Global Distressed Property Monitor reported heightened levels of interest from specialist funds in the second quarter with three quarters of these reporting even greater levels of demand than last quarter.

Indeed, in over half of the countries covered, the net balance figure for second quarter demand for distressed property outstrips the comparative number for the third quarter expected supply, most noticeably in Japan, China, Singapore and Hong Kong.

Investor demand rose most dramatically in Japan and Hungary this quarter, where net balance scores moved from +6 to +68 and +3 to +64 quarter over quarter, respectively. In Italy, Poland and Russia agents reported noticeable shifts in sentiment with demand swinging from negative into positive territory.

http://www.propertywire.com/news/europe/global