Posts tagged ‘affordable housing’

14/10/2016

Infosys cuts annual revenue target for 2nd time as U.S. election, Brexit weigh | Reuters

India’s second-largest software services exporter Infosys Ltd cut its fiscal-year revenue growth target for the second time in three months on an uncertain business outlook, sending its shares tumbling more than 5 percent.

Reporting a 6.1 percent rise in second-quarter net profit, Infosys said on Friday it now expected revenue to grow between 8 percent and 9 percent in constant currency terms in the fiscal year to March 31, 2017. Its previous revenue growth target, issued in July, was 10.5-12 percent, already lowered from the up to 13.5 percent it said it expected in April.India’s more-than-$150 billion software services sector depends on North America and Europe for the majority of its revenue. The impending U.S. presidential election and the implications of Britain’s ‘Brexit‘ move to exit the European Union have both weighed on spending by western clients.

Infosys had warned in August it was seeing some “softness” in business after the June Brexit vote in Britain.

Chief Executive Vishal Sikka said in a statement on Friday the revision took into consideration “our performance in first half of the year and the near-term uncertain business outlook”.

After falling as much as 5.3 percent after the guidance cut was announced, Infosys shares were trading 2.6 percent down at 0453 GMT in a Mumbai market that was little changed.

For its fiscal second quarter to Sept. 30, its consolidated net profit rose 6.1 percent from a year earlier to 36.06 billion rupees ($541.51 million), ahead of analysts’ estimates of 35.26 billion rupees. Revenue rose 10.7 percent to 173.1 billion rupees.The company said on Friday it added 78 clients during the three months to September, taking its total number of active clients to 1,136.

($1 = 66.5919 Indian rupees)

Source: Infosys cuts annual revenue target for 2nd time as U.S. election, Brexit weigh | Reuters

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10/06/2016

17 People Die on India’s Roads Every Hour, Report Says – India Real Time – WSJ

India’s roads are getting more dangerous, with 17 people dying in accidents every hour, a new government report shows.

“Much more needs to be done,” to make India’s roads safe, Sanjay Mitra, secretary of the Ministry of Roads and Transport said in the report.

The data is pretty damning. The total number of road accidents in India increased 2.5% in 2015, to 501,423. The number of people killed climbed 4.6% to 146,133. Injuries rose by 1.4%.

Road accidents also got more severe. The total number of people killed per 100 accidents was up 2.1% at 29.1 in 2015.

The Ministry of Roads and Transport said it had identified 700 “black spots” on roads, where more than five people died in the past year, and that it has earmarked 6 billion rupees ($89.9 million) to fix defects.

Source: 17 People Die on India’s Roads Every Hour, Report Says – India Real Time – WSJ

14/02/2015

China surpasses affordable houses targets – Xinhua | English.news.cn

China completed the building of 5.11 million affordable houses in urban areas in 2014, with 2.29 million such projects under way, surpassing the goals set at the beginning of the year, the State Council announced at a press briefing on Friday.

The central government granted 198 billion yuan (32.35 billion U.S. dollars) to fund urban affordable housing projects in 2014, an increase of 25.1 billion yuan from the previous year, according to Qi Ji, deputy head of the Ministry of Housing and Urban-rural Development.

Throughout the past four years, more than 20 million affordable houses were completed, with 12 million under construction, and the assistance fund for building the houses has reached 710 billion yuan, according to Qi.

China has set goals to construct 36 million affordable houses, also called state-subsidized housing, public housing, or social housing, between the start of 2011 and the end of 2015.

“This year is the final year of the Twelfth Five-Year plan (2011-2015), and the government will accelerate the affordable housing project with a focus on transforming the shanty towns,” Qi said.

The Chinese government has been rolling out an affordable housing scheme since 2007, in an effort to provide homes to people unable to buy them at market prices. The efforts are also aimed at helping counter the slowdown in the property market in recent years.

via China surpasses affordable houses targets – Xinhua | English.news.cn.

19/12/2014

China to construct 7 mln affordable homes in 2015 – Xinhua | English.news.cn

China will begin construction of seven million apartments under the affordable housing program in 2015, the Ministry of Housing and Urban-Rural Development (MOHURD) announced on Friday.

MOHURD minister Chen Zhenggao revealed the target at a national conference on housing and urban-rural development. He said 4.8 million such homes should be completed next year.

The affordable housing program is aimed at providing cheap homes for eligible low-income earners. China began the construction of over seven million homes and completed 4.8 million in 2014.

Chen said China will also continue to push forward the shanty town renovation program extensively as “it can not only improve people’s livelihood but also spur economic growth“.

via China to construct 7 mln affordable homes in 2015 – Xinhua | English.news.cn.

04/01/2014

Tiny Loans for Tiny Homes – India Real Time – WSJ

From what began as a small experiment helping slum dwellers buy homes in Mumbai, Micro Housing Finance Corporation Ltd. has grown into a multi-million dollar business making loans across the country.

The Mumbai-based company, which gives low-income households loans to buy homes, now operates in more than 15 cities, with Coimbatore, in the southern state of Tamil Nadu, being the most recent addition just last month.

“Housing finance companies focus on serving the top 3% to 5% of the population because it’s easier and cheaper,” to give big loans to rich people, said Madhusudhan Menon, chairman of Micro Housing Finance. “No one wants [low income] customers who don’t have documentation of their income.”

The lack of home loans to those most in need of them is one of the main reasons more than 90% of India’s acute housing shortage of around 19 million units falls on the urban poor, according to a report released by real-estate consultancy Jones Lang LaSalle.

For most of the urban poor, owning an apartment with reliable electricity or even a water connection is out of reach even if they have a regular income because banks refuse to give the poor housing loans.

More than 41% of the population of the megacity of Mumbai lives in slums, defined as residential areas unfit for human habitation due to dilapidation, over-crowding, poor ventilation and lack of sanitation facilities, according to government estimates. That figure could be brought down sharply if builders constructed affordable housing for the city’s hardworking poor and housing finance companies gave them long-term home loans.

via Tiny Loans for Tiny Homes – India Real Time – WSJ.

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10/08/2012

* China starts construction on 5.8 mln low-income housing units

Xinhua: “China started building 5.8 million low-income housing units in the first seven months of this year, the Ministry of Housing and Urban-Rural Development said Friday.

Construction on 3.6 million affordable homes has been basically completed in the period, the ministry said in a brief statement on its website.

The government vowed to start construction on more than 7 million low-income housing units this year, part of its five-year plan to build 36 million such units by 2015.

The government has stepped up its efforts in the construction of affordable housing in recent years, aiming to cool the country’s runaway property prices.”

via China starts construction on 5.8 mln low-income housing units – Xinhua | English.news.cn.

06/02/2012

* China – more support for affordable housing

China Daily: ” China vowed to expand financial support for affordable housing projects this year as the government continues its efforts to bring housing prices back to reasonable levels.

… to build 36 million affordable housing units during the 2011-2015period in an effort to give more mid- and low-income households access to housing and stabilize runaway property prices, with 10 million units planned for both 2011 and 2012.”

http://www.chinadaily.com.cn/china/2012-02/06/content_14547215.htm

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