Hamburg skyscraper construction halted in grim sign for German property sector

View of the construction site of the Elbtower building, owned by Rene Benko’s Signa and a Commerzbank subsidiary, in Hamburg Germany, November 2, 2023. REUTERS/Fabian BimmerFRANKFURT, Nov 3 -

"Our construction activities at Elbtower have been temporarily suspended due to outstanding payments from the developer," Matthias Kaufmann, who oversees Lupp's finances, said in an email to Reuters. The real-estate sector was a bedrock of Germany's livelihood for years, accounting for roughly a fifth of output and one in 10 jobs. Fuelled by low interest rates, billions were funnelled into property, which was viewed as stable and safe.Commerz Real, the Commerzbank subsidiary, said talks were ongoing with Signa and Lupp to "find a common solution" and it expected building to resume.

"The distinctive concrete pillars now give an increasingly clear idea of the shape that Hamburg's future landmark will have once it is completed," he posted on LinkedIn.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hamburg skyscraper construction halted in grim sign for German property sectorHamburg skyscraper construction halted in grim sign for German property sector
Source: Investingcom - 🏆 450. / 53 Read more »

Germany 40 IG Client Sentiment: Our data shows traders are now net-short Germany 40 for the first time since Oct 16, 2023 when Germany 40 traded near 15,241.50.Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Germany 40-bullish contrarian trading bias.
Source: DailyFX - 🏆 305. / 63 Read more »

Obama Foundation previews presidential center construction site in ChicagoThe former president’s museum is halfway built as he marks 15 years since his election.
Source: politico - 🏆 381. / 59 Read more »

Developers, residents discuss solutions to lack of new home construction in AnchorageElected leaders and stakeholders are searching for solutions this week, as one developer said on Thursday that Anchorage needs to build tens of thousands of new housing units to overcome its housing shortage.
Source: AKNewsNow - 🏆 460. / 53 Read more »

Construction workers robbed at gunpoint in Houston areaAccording to police, three suspects held two construction workers at gunpoint and stole various tools before getting away. One of the three suspects has been caught.
Source: KHOU - 🏆 330. / 59 Read more »

I-83 South Bridge Project one step closer to beginning constructionA new environmental report revealed gas-powered tools and equipment produce more air pollution than traditional vehicles, causing environmentalists to want change.
Source: fox43 - 🏆 564. / 51 Read more »