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Seven Must Reads for the CRE Industry Today (Oct. 12, 2021)

Money laundering is more prevalent in the real estate business than in any other industry, according to Miami Herald. Another Chinese real estate developer is facing financial difficulties, reports The Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. There Is Shadow Inflation Taking Place All Around Us “A hotel room might cost the same as a year ago — but no longer include daily cleaning services because of a shortage of housekeepers. Some restaurants are offering limited service, with waiters stretched thin. Would-be car buyers are being advised to be flexible on the color and even make and model, lest they face a long wait to get their new wheels. Customer sentiment on restaurant cleanliness fell 4.2 percent this year, according to Black Box Intelligence, which tracks online reviews of 60,000 restaurants.” (The New York Times)
  2. Money Laundering More Prevalent in Real Estate Than Anywhere Else “Money laundering finds many avenues. Money gained from illicit activities by terrorists, drug lords, arms dealers and other criminals is washed through car sales, yacht purchases, jewelry and art acquisitions, and deposits in banks that — wink, wink — look the other way, even in sports betting. But perhaps nowhere is this criminal enterprise more prominent than in real estate, both residential and commercial.” (Miami Herald)
  3. Equus Capital Acquires $1B-Plus Industrial Portfolio “Equus Capital Partners Ltd. has acquired a 7.3 million-square-foot, 74-property industrial portfolio in the Phoenix and Tucson metro areas for nearly $1.2 billion. The acquisition was made through Equus-sponsored value-added funds and a consortium of strategic co-investment partners. An Equus spokesperson confirmed to Commercial Property Executive that the seller is not being disclosed.” (Commercial Property Executive)
  4. Chinese Developer Modern Land Asks to Delay Bond Payment “Chinese property developer Modern Land Co. asked investors for permission to defer repaying a $250 million bond due later this month, in the latest sign of the financial stress that has gripped China Evergrande Group and many of its rivals. Modern Land also said its chairman and president would together provide the equivalent of $124 million in loans, helping to shore up the group’s finances.” (The Wall Street Journal)
  5. One-Fourth of U.S. Infrastructure Is at Risk of Flooding and “Changing Environment,” Report Says “One-fourth of the United States' "critical" infrastructure is at risk of flooding, a report released Monday warns. The report pinpoints the nation's flood risk to critical infrastructure, such as utilities, airports, ports and emergency services like police, fire and hospitals, in addition to residential properties, commercial properties, streets and local roads and social infrastructure such as schools and government buildings.” (USA Today)
  6. I Went Inside a ‘Dark Store’ to See How Speedy Delivery Apps Dispatch Your Grocery Order in Just 2 Minutes “I went inside a 'dark store' warehouse to find out how superfast delivery apps such as Gorillas work.” (Insider)
  7. Simon Property Group Announces Thanksgiving Opening Plans “The nation’s largest shopping mall operator has announced that all its U. S. locations will be closed on Thanksgiving Day this year. Simon Property Group said its shopping centers will reopen on Black Friday with hours to be set by individual properties. According to a survey by deal site RetailMeNot, 68% of shoppers say stores should stay closed on Thanksgiving.” (The Business Journals)
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