Elizabeth Dowdeswell said in the throne speech delivered on behalf of the Ford government. “Your government is actively engaging with health-system partners to identify urgent, actionable solutions and will implement whatever measures are needed to help ease immediate pressures,” Lt.-Gov. In Premier Doug Ford’s throne speech this week, the government said it is working with stakeholders to identify possible solutions to ease the pressure facing the healthcare system. Several hospitals in Ontario closed emergency departments last weekend due to a severe staffing shortage. Return-to-Office Strategies to Avoid Being There All the Timeīlack Swan Hedge Funds Are Booming in Scary Times How a Sextortion Victim Hacked Back and Put Her Attacker in Jail

The Buy Now, Pay Later Juggernaut Is About to Be Tested About 16% of the second batch were being developed, the newspaper said.Īxie Infinity CEO Moved Crypto Tokens Before the Company Revealed Hack Just 37% of land parcels auctioned in the first batch of centralized land-bidding last year have started work as of March-end, according to a recent Caixin report. The result is that many distressed builders are sitting on land they’ve been unable or unwilling to develop. That bet is now souring after a multi-year government clampdown on real estate leverage that has weighed on home prices, land values and new residential property sales. Many of them borrowed heavily to buy the land, in hopes that prices would continue rising. The housing ministry and the ministry of natural resources didn’t immediately respond to faxed requests for comment.Ĭhina’s top 100 developers owned land parcels valued at 42.5 trillion yuan ($6.3 trillion) at the end of last year, according to China Real Estate Information Corp. The Ministry of Housing and Urban-Rural Development is discussing the proposal with other regulators and it’s unclear whether it will get a green light from senior Chinese leaders. The focus on completing projects is the latest sign that policy makers are prioritizing homeowners over bondholders, who have been burned by a record number of defaults by real estate giants including China Evergrande Group. The proposal is one of several measures under consideration as Xi Jinping’s government tries to prevent turmoil in the housing market from fueling social unrest and derailing the broader economy. The government could also rezone the seized land in some cases to increase its value, the people added, asking not to be named discussing private information. While officials would have bandwidth to adjust the process to suit local conditions, a typical scenario would involve seizing land from a distressed developer and giving it to a healthier rival, which would in turn provide funding to complete the distressed developer’s stalled projects, the people said. That would give authorities more leeway to direct funds toward uncompleted homes, potentially to the detriment of creditors who would lose claims on some of developers’ most valuable assets. The proposal, which is still under discussion and could change, would take advantage of Chinese laws allowing local governments to wrest back control of land sold to real estate companies if it remains undeveloped after two years, without compensation.

US Economy Shrinks for a Second Quarter, Fueling Recession Fears

Rockstar Games Cleaned Up Its Frat-Boy Culture - and Grand Theft Auto, Tooīiden, Xi Plan In-Person Meet as Taiwan Tensions Intensify The Crypto Collapse Has Flooded the Market With Rolex and PatekĪlito Decries 'Hostility to Religion' in First Public Remarks Since Abortion Decision (Bloomberg) - China is considering a plan to seize undeveloped land from distressed real estate companies, using it to help finance the completion of stalled housing projects that have sparked mortgage boycotts across the country, according to people familiar with the matter.

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