Germany is only halfway through property crisis, says Commerzbank real estate boss [Reuters]
COMMERZBANK JUNGE ADR NEW (CRZBY)
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Source: Reuters
unwanted properties, the head of Commerzbank's (CBKG.DE) , opens new tab real estate business told Reuters. The euro zone's largest economy is in the grip of its worst property slump since at least the 2007-9 global financial crisis, after a sharp rise in borrowing costs and a higher proportion of riskier lending tipped the sector into one of Europe's biggest downturns. "We believe we are at half-time right now, after two years of crisis, with two years of crisis in front of us," Henning Koch, the chief executive of Commerz Real said at this week's MIPIM property conference in the French Riviera city of Cannes. Koch expects more investors to pull cash from the sector and more property owners to become forced sellers. "We are still seeing a hard, long way to go," he said. Commerz Real, a fully owned subsidiary of Commerzbank, is a major owner of German real estate and has around 34 billion euros ($37 billion) of property assets globally. The wave of distress working through t
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