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China Oceanwide Dips Into American Insurance

Through its Hong Kong-listed subsidiary, Oceanwide has spent hundreds of millions on real estate in New York, Hawaii and Los Angeles and invested in power plants in Indonesia. It spent $390 million on properties in Manhattan in August 2015 that it said it ...

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-1?"ttf":"woff";localStorage.setItem(formatStorageKey,format)}return format}();var fonts=document.querySelectorAll(".webfont");var hinting=fontHinting==="Off"?"":"hinted-"+fontHinting+"-";var urlAttribute="data-cache-file-"+hinting+fontFormat;for(var i=0,j=fonts.length;i0&&alpha-1){"screen";;try{}catch(e){}return true}}setTimeout(function(){setMedia(styleSheet)})}function useCss(){for(var i=0,totalStyleSheetLinks=styleSheetLinks.length;i switch to the US edition switch to the UK edition switch to the Australia edition switch to the International edition current edition: US edition The Guardian - Back to home Make a contribution Subscribe Find a job Jobs Sign in Comment activity Edit profile Email preferences Change password Sign out My account Search News Opinion Sport Culture Lifestyle Show More News US news World news Environment Soccer US politics Business Tech Science Homelessness Opinion The Guardian view Columnists Letters Opinion videos Cartoons Sport Soccer NFL Tennis MLB MLS NBA NHL Culture Film Books Music Art & design TV & radio Stage Classical Games Lifestyle Fashion Food Recipes Love & sex Home & garden Health & fitness Family Travel Money What term do you want to search? Search with google Become a supporter Subscribe Sign in/up My account Comment activity Edit profile Email preferences Change password Sign out US edition switch to the UK edition switch to the Australia edition switch to the International edition Jobs The Guardian app Video Podcasts Pictures Newsletters Digital archive Crosswords Facebook Twitter Jobs Money Property Pensions Savings Borrowing Careers More Mortgages Mortgage approvals dip in August Number of mortgages approved remains above six-month average, says Bank of England, but is well below a level consistent with rising house prices Sandra Haurant Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close This article is over 8 years old Bank of England figures show mortgage approvals are above the six-month average The number of mortgage approvals for homebuyers dipped slightly in August, but net lending rose to its highest level since February, according to Bank of England figures published today. A total of 52,317 mortgages were approved for house purchases during the month, down from 52,404 in July but above the previous six-month average of 45,787. Net lending on mortgages, which takes into account repayments and redemptions, rose by £1bn in August after falling into negative figures in July when repayments outstripped borrowing for the first time since records beganThe number of approvals for remortgaging continued to fall from 33,880 in July to 29,059, and was lower than the previous six-month average of 32,130. Commenting on the figures Howard Archer, chief economist at IHS Global Insight, said: "While housing market activity has been lifted by the still significant fall in house prices from their 2007 peak levels and low mortgage interest rates, the upside continues to be limited by unfavourable economic fundamentals and tight credit conditions. "At 52,317 in August, mortgage approvals for home purchases were still well below the average monthly level of 93,400 reported by the Bank of England since 1993Mortgage approvals above 70,000 to 80,000 are generally seen as consistent with rising house prices." Brian Murphy of the Mortgage Advice Bureau said the fall in approvals for purchases reflected "normal seasonal activity""The fall in remortgage numbers are due to a combination of factors – seasonality, the lack of products on the market and fixed rates that still remain unattractive at higher loan-to-values (LTVs). "For many homeowners the monetary advantage they might gain from switching from a lender's standard variable rate (SVR) to a fixed-rate product is not compelling enough to remortgageStandard SVRs are around 4.6% at the moment and the typical two- and five-year fixed rates can't match this, unless homeowners are able to remortgage at 60%-65% LTV." Separate statistics published today by the Building Societies' Association (BSA) showed that repayments continued to outstrip borrowing in the mutual sectorConsumers repaid £655m more than they borrowed in August, the BSA said. Gross lending by UK building societies in the month stood at £1.5bn, while mortgage approvals totalled £1.3bn. Adrian Coles, BSA director general, said: "Gross lending was subdued in August but appears to be at broadly similar levels to recent months after seasonal factors are adjusted forHowever, the market remains very depressed compared to previous years. "Despite signs of a modest improvement in market conditions in recent months, activity will not return to normal levels until funds for mortgage lending are more widely available to building societies and other lenders." Meanwhile, the Bank of England's statistics also showed that repayments outstripped borrowing on net lending through credit cards, loans and overdrafts for the second month in a row as consumers continued to concentrate on clearing debtBorrowers paid back a record £309m more than was lent in unsecured loans during August. Topics Mortgages Property Housing market Borrowing & debt Credit cards Personal loans news Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content View all comments > Order by newest oldest recommendations Show 25 25 50 100 All Threads collapsed expanded unthreaded Loading comments… Trouble loading? View more comments Signed in as Show comment Hide comment Hide comment Welcome , you’re about to make your first comment! 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