Shell exits third Saudi project

Saudi Basic Industries Corp (Sabic) has agreed to buy out Royal Dutch Shell Plc’s 50% stake in a petrochemical joint venture for US$820m, marking the third project with Saudi Arabia’s largest companies that the Anglo-Dutch company has exited since 2014. Sabic will take over full ownership of the Saudi Petrochemical Company. - Bloomberg

Hong Kong retains title of costliest home market

HOUSING MARKETS  Hong Kong’s median multiple “represents a substantial deterioration in its housing affordability”, Demographia said in the report, citing a median multiple of 11.4 times in 2010. Picture: BLOOMBERG
HOUSING MARKETS Hong Kong’s median multiple “represents a substantial deterioration in its housing affordability”, Demographia said in the report, citing a median multiple of 11.4 times in 2010. Picture: BLOOMBERG

Hong Kong has retained its rank as the most expensive housing market among 406 major metropolitan regions in the annual Demographia International Housing Affordability Survey for the seventh year in a row.

The median price of a home in Hong Kong last year was 18.1 times the median annual pretax household income, the survey showed.

Sydney, Australia, held its title as the second-costliest housing market in the world, with a median multiple of 12.2, according to the survey. Canada’s Vancouver was the third-most expensive, while Auckland, New Zealand, ranked fourth. - Bloomberg

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