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Japan's empty houses have damaged the prices of homes near them and caused a $25 billion loss in just five years, per a local property consortium.
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After a long legal battle, Katy Perry took ownership of a mansion in Montecito, California. Carl Westcott, claimed mental incapacity after the sale.
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The project is called "The Penn Platform" and was previously reserved for a 56-floor office tower.
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Liquidators will take control of the company's assets and prepare to sell them in order to repay the company's debts — which total $300 billion.
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Evergrande, China's second-largest property developer, had $300 billion in debt. That's equivalent to 1.5% of China's GDP.
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Falling mortgage rates will fuel more demand and light inventory will keep prices elevated, one expert predicts.
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"History shows that credit-fuelled real-estate booms do not end in a whimper," wrote Andrew Lawrence, the head of Asia property at GlobalData.TS Lombard.