GLOBAL MARKETS: The costliest home market
Find out what happened in the global markets this week
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
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