Leighton Holdings in an Indian construction venture for $US99 million ($111.8 million) has bought out its partner giving it full control of its Indian arm as urbanisation and infrastructure spending gathers speed over the next few years.
The company said in a statement to the ASX this morning, the transaction will be recognised in this financial year and will see Leighton's net profit after tax take a $70 million hit.
The British Bankers' Association (BBA) released the figures and said the number of approvals for house purchase was over one third higher than the same month in the previous year, paving the way for mortgage lending to remain strong into 2014.
Figures from the BBA showed that gross home loan borrowing last month stood at £10.3bn - a 37% jump on the same month in 2012.
UK house prices will rise by an average of eight per cent in 2014 says the Royal Institution of Chartered Surveyors (RICS). This is believed to be due to a lack of supply of properties for sale.
Halifax, the lender, now part of Lloyds Banking Group, said house prices grew by 1.1% in November as compared to the preceding month and up 7.7% annually.
It said, strong demand for homes in combination with low levels of property on the market had pushed up prices.
It also said that the average home in the UK was now valued at £174,910.
Showing a sign that low interest rates are gradually working, Australian housing construction activity has extended in a row for two months, for the first time since 2010.
Today Mumbai-based Lodha Developers announced acquisition of Macdonald House in central London that houses the Canadian High Commission, for over £300 million (over Rs 3,000 crore).
Lodha Group is a leading realty firm in India with net sales of over Rs 8,700 crore in 2012-13. It is developing 35 million sq ft area, with over 20 projects in Mumbai, Pune and Hyderabad.
The widely held belief about a housing shortage in Auckland has been challenged by a leading economist putting an argument forward that if there really is one then rents would be soaring, which is not visible.
The Auckland Council and government officials think that the city is 30,000 homes short and requests to build 13,000 houses in a year to meet requirements.
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