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REAL ESTATE
This Week’s Real Estate News

Hong Kong’s New Housing Plan: Too Little, Too Late or Just in Time for a Band-Aid?

Hong Kong has finally decided it’s time to tackle its housing affordability crisis—but don’t get too excited. The new measures, which include land development and incentives for homeownership, sound promising. However, in a city where a closet-sized apartment costs more than most people’s annual salary, these measures might be more of a Band-Aid than a real fix.

The government plans to roll out various incentives to help first-time buyers and develop new residential land, but let’s be real: unless they plan to start stacking apartments like Lego blocks, it’s hard to see how this will make a meaningful dent in one of the world’s priciest real estate markets.

As developers eye these changes, they’ll probably find a way to keep prices sky-high, because when has anyone in the real estate game ever been motivated by affordability? Buyers might get a slight reprieve, but don’t expect to see any major discounts—unless you’re okay with an “affordable” unit the size of a broom closet.

Mortgage Demand Tanks—Because Apparently, 8% Interest Rates Aren’t That Appealing?

In shocking news (to absolutely no one), mortgage demand has dropped like a lead balloon—down 17% this week, to be exact. And why, you ask? Oh, just the small detail of mortgage interest rates hitting their highest level since August, now hovering around 8%. It turns out, people aren’t exactly lining up to take on a 30-year loan with rates that look more like a credit card bill than a mortgage.

So what does this mean for buyers? Well, if you thought the housing market was brutal before, now it’s just downright cruel. And for sellers? Good luck finding buyers who are willing to pay an arm, a leg, and maybe a kidney to cover those monthly payments.

Let’s face it—nobody’s excited about borrowing at 8%. Maybe the market will cool, but for now, home buyers are more likely to start reconsidering whether they really need that second bathroom. Welcome to 2024, where your mortgage rate is scarier than your credit score.

September Home Sales Plummet—Back to 2010 Vibes, But Without the Cheap Prices

In a blast from the past, September home sales have hit their lowest level since 2010, which is great if you enjoy reliving the glory days of the last housing crisis. But unlike 2010, you’re not getting a deal. Nope, home prices are still high, and mortgage rates are pushing 8%. Welcome to the worst of both worlds, where fewer homes are selling, but sellers are still acting like they’ve got gold-plated kitchens.

So what’s the big takeaway? Buyers aren’t biting—shocking, right? With high interest rates making monthly payments feel more like luxury car loans, most people are choosing to stay put or waiting for the market to give them a reason to move. Sellers, on the other hand, are either sitting on their listings or stubbornly holding onto sky-high asking prices, hoping someone will blink first.

For now, expect more of the same: a stagnant market where no one wins—except maybe the banks. They always seem to win, don’t they?

BUSINESS
This Week’s Business News

Global Airlines Cut Flights to China—Apparently, Weak Demand Doesn’t Fly

It seems that when it comes to flying to China, global airlines are throwing in the towel. With demand for flights falling off a cliff, airlines are either slashing routes or ditching them entirely. And why, you ask? Well, when you combine lingering post-pandemic travel hesitancy with China’s economic slowdown, it turns out not many people are eager to pack their bags and hop on a plane to Beijing or Shanghai.

Airlines are now scrambling to adjust. Some are cutting back services, while others are outright quitting the market. So, if you’re one of the few still planning to jet off to China, better grab a flight before they become as rare as affordable rent in major cities.

Weak demand? More like no demand. Airlines are learning the hard way that you can’t fly empty planes forever—unless you’re a billionaire looking to boost your carbon footprint.

Yum Brands Pulls Onions—Because McDonald’s E. coli Scare Wasn’t on the Menu

Nothing says “bon appétit” like a surprise E. coli outbreak! In the latest fast-food fiasco, McDonald’s had to deal with an E. coli scare linked to contaminated onions, and now Yum Brands—parent company of KFC, Taco Bell, and others—is scrambling to pull onions from select locations. Because when one giant in the fast-food world gets hit with an outbreak, everyone starts panicking about what’s in their sandwiches.

Sure, onions add a little crunch, but no one signed up for bacteria as a side dish. Yum Brands is now in damage-control mode, pulling onions from their menus faster than you can say “extra pickles,” and trying to assure customers that their tacos and chicken won’t come with an unexpected health hazard.

So, if you’re heading to your favorite fast-food joint, you might notice something missing from your burger or taco. But don’t worry, you can still get everything else—just maybe skip the onions for a while, unless you enjoy living on the edge.

TKO Group Snaps Up Big Deals—Because Owning WWE Just Wasn’t Enough Drama

Apparently, running the WWE wasn’t keeping TKO Group busy enough, so they’ve decided to expand their empire by acquiring some major assets from Endeavor, including IMG’s media and events division, Professional Bull Riders (PBR), and On Location. Because when you’ve got pro wrestling in your portfolio, why not add bull riding and event hospitality to the mix? Makes perfect sense, right?

This acquisition isn’t just about diversifying revenue streams—it’s about doubling down on spectacle. After all, nothing says “big business” like controlling everything from scripted wrestling matches to real-life bulls bucking cowboys into the dirt. And let’s not forget the luxury events business, because after the rodeo (or WrestleMania), you’ll need somewhere exclusive to sip cocktails.

So, if you thought TKO was just about folding chairs and body slams, think again. Now they’re diving into an even broader range of entertainment experiences—because clearly, no show is too outrageous for their bottom line.

NEWS
This Week’s Headlines

Israel Escalates Offensives on Lebanon
Israel has ramped up its attacks on Lebanon, causing significant civilian casualties and raising concerns of international law violations, as the death toll in Lebanon exceeds 2,530.

World Food Programme Warns of Historic Drought Devastating Southern Africa
Southern Africa is facing its worst food crisis in decades due to an ongoing, historic drought, with millions of people in multiple countries affected.

NC Gov.: 92 Still Missing After Hurricane Helene
In North Carolina, 92 people remain missing after Hurricane Helene wreaked havoc across the state, leaving a death toll of around 250.

Biden to Apologize for Native American Boarding Schools
President Biden is set to issue a formal apology for the devastating impact of Native American boarding schools, marking a historical moment for U.S. government acknowledgment.

Lebanon Risks Falling Off a Humanitarian Cliff, Warns UN
The UN is calling for immediate action to prevent Lebanon from experiencing a full-scale humanitarian collapse due to the ongoing conflict with Israel.

ADVICE
This Week’s Business Advice

FUN
Riddle Me This

I’m the part of a home that gets the most attention,
but I don’t have walls, windows, or even a foundation.
I fluctuate daily, though I’m not a price,
and when I’m low, you’ll think it’s nice.
What am I?

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