Lennar Corp said on Wednesday it plans to spin-off all or parts of its non-core businesses to become a pure-play homebuilder and financial services company, while also creating a joint venture to provide single family homes for rent.
The move sent the U.S. homebuilder's shares up by nearly 11per cent in afternoon trading on the New York Stock Exchange.Lennar's focus on its core homebuilding business comes as housing has been one of the persistent bright spots throughout the coronavirus-driven recession and mortgage rates are hovering near historic lows of around 3per cent, boosting buyer affordability.
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
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