Tag: property market

Value of real estate under construction jumps to $243bn from $94bn in 2009: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The entry of large corporates and consolidation have led to the expansion of the Indian property market with the value of real estate under construction jumping over two-fold to USD 243 billion in the last one decade, according to a report by FICCI and Anarock. The expansion of the property market was largely driven by the residential segment.

Property consultant Anarock and industry body FICCI pointed out that the number of developers has declined 53 percent across India’s top 14 cities between 2012-2019. ”The Indian real estate sector has been undergoing constant metamorphosis since the turn of the century. This transition has been for the better and the accomplishments so far have been remarkable. The results are quite visible today as the sector has become better organised, compliant, accountable, and transparent compared to what it was during the last decade of the 20th century,” the report said.

The sector saw a slew of structural reforms and policy changes which led to the elimination of weaker players, large-scale consolidation, and entry of large corporate houses, it added. ”Until 2008, the real estate business was highly unregulated and more of a localised play. It was a sellers’ market and was driven by the landlords who had become developers overnight to take advantage of the boom in the sector. ”Until the Global Financial Crisis hit in 2008, funding was readily available, and many developers went overboard in leveraging their assets. As a result, the sector was operating with several inefficiencies,” the report said.

However, Anarock said several corporate houses made inroads into the real estate sector between 2008 and 2015, even as the sector continued to remain unregulated. ”The entry of large players led to an expansion of the overall market and imparted pressure on the government to intervene and change the face of the sector that was growing in an unstructured manner.

”The value of real estate under construction increased from USD 94 billion in 2009 to USD 243 billion as on H1 2020, a 2.6X increase. During the same period, the share of housing (residential) grew from 49 percent to 88 percent indicating large-scale expansion witnessed in this segment,” the report said. Anarock Chairman Anuj Puri said the housing segment is set to undergo a momentary phase of trouble due to the coronavirus pandemic but would emerge stronger in the post-COVID world.

He listed out various factors that would drive the growth of the residential segment. ”The real estate business is better structured and organised today due to a series of structural reforms and policy changes. Housing prices have been range-bound for the past 7-8 years indicating that with a rise in demand it may spiral upwards,” Puri said.

”Home loan interest rates are at their decadal lows of 6.85 per cent. Amid stagnant prices and declining home loan rates, affordability is all-time best. Branded and corporate developers dominate and are being largely preferred by homebuyers,” he added. That apart, Puri said the government has been supportive and has come up with a slew of measures to support the real estate sector – the second-highest employment generator and a key contributor to the nation’s GDP.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Report suggests transparency in real estate improved in India; RERA, GST, IBC reforms attracting investors

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s real estate industry has witnessed improvements in transparency levels globally and regionally due to regulatory reforms, enhanced market data and sustainability initiatives, according to a report.

key structural reforms such as the Real Estate Regulation and Development Act 2016 (RERA), GST, Benami Transaction Prohibition (Amendment) Act, 2016, Insolvency and Bankruptcy Code, digitisation of land records etc. have brought about greater transparency in what was an erstwhile largely unregulated sector a few years ago, says JLL and LaSalle’s biennial Global Real Estate Transparency Index (GRETI) report.

The improvement is led by the progress in REIT framework that is attracting greater interest from institutional investors, it adds.

India has also moved to the top 20 spot for sustainability transparency through the active role of organisations like the Indian Green Building Council and Green Rating for Integrated Habitat Assessment.

“India has seen a steady improvement in the Global Transparency Index over the years. In fact, along with Indonesia, Philippines and Vietnam, we are among the handful of countries that have seen the highest improvement owing to positive governmental support and an enhanced ecosystem of transparency,” said Ramesh Nair, CEO and Country Head (India), JLL.

“In particular, the national REIT framework has been a major contributor to transparency in India, and with ongoing progress and governance, will continue to attract more interest from institutional investors.”

“I see these as extremely positive signs of how much we have covered in the real estate sector and a strong base in which to build on transparency gains,” he adds.

The 2020 Index is launched at a time of massive economic and societal disruption when the need for transparent processes, accurate and timely data and high ethical standards are in focus.

In the backdrop of COVID-19, transparency within Asia Pacific’s real estate legal and regulatory systems is even more important than ever before to global investors as they look to deploy about $40 billion in dry powder capital in the region, the report points out.

Another key driver of transparency, as the report suggests, is the volume of real estate market data now available due to the growing adoption of Proptech platforms, digital tools and “big data” techniques.

Innovative new property technology is changing how real estate data is gathered and analysed and influencing industry transparency at a regulatory level, it further adds.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Real estate sector needs Rs 1 lakh crore over the next one year, says Niranjan Hiranandani

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ever since Finance Minister Niramala Sitharaman announced that the government was considering a stimulus package for home-buying, speculation has been rife on what kind of stimulus the Government will provide to the real estate market.

One of the pet demands from the sector has been a stress fund to help bail out incomplete projects that have been stalled owing to problems of liquidity. The question, however, has remained: how much is enough?

“The amount of funding looks large,” said real estate baron, Niranjan Hiranandani, the co-Founder and MD of Mumbai-based Hiranandani Group, in an exclusive chat with CNBC-TV18. “If we provide Rs 50,000 crore every six months for next 12 months, we would have a solution for 70 percent of the projects,” Hiranandani added, “Then there is the 30 percent, which is beyond redemption, where even if you put in money you won’t find a solution.”

The importance of a stress fund, according to Hiranandani, is apparent in the Noida and Greater Noida property market, where the real estate mogul points to over 2.5 lakh under-construction homes that are stalled owing to the real estate liquidity crisis. However, he is quick to emphasize that there is more, which needs to be done, to revive the industry — like tweaking the provisions of the National Infrastructure Investment Fund.

“All that needs to be done is make a change in the fund regulations, which say it’s for infrastructure; we need to add ‘real estate’ to it, which means we can access a large amount of fund,” said Hiranandani.

Another measure he feels could help the sector tide over the slowdown, is the need to change the definition of affordable housing. At present, the Government of India considers a unit with a price tag of Rs 45 lakh as ‘affordable’. “We need to remove the price-cap while defining affordable housing and focus only on project size,” said Hiranandani, “We don’t know why some bureaucrat thought Rs 45 lakh was a suitable benchmark for affordable housing, when it makes no sense for projects in Delhi, Mumbai & Chennai.”

Hiranandani has long been advocating increasing the price-cap of Rs 45 lakh to Rs 1 crore, so as to allow buyers of these homes to benefit from Government rules concerning affordable housing. This in turn could spur buying and resuscitate a stagnant housing market.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Why a rate cut over 100bps is imperative to revive the realty sector

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian economy is going through testing times. What was initially being perceived as a sector-specific de-growth has now panned out to be an overall economic slowdown. The automobile and fast-moving consumer goods (FMCG) industries are in a slump, job markets are strained with increasing incidences of resizing and declining exports on the backdrop of a hostile global trade scenario are all indicators of the stalling economic growth in the country. A delayed monsoon this year may further worsen the situation as afflation is bound to impact food inflation and in turn, the overall inflation numbers.

The real estate sector has been witnessing falling sales for almost five years, and since November 2016, the sector has seen numerous far-reaching reforms, which have permanently changed the way this industry has functioned. The key reforms being demonetisation in November 2016, Real Estate (Regulation and Development) Act, 2016 (RERA), BenamiTransaction (Prohibition) Act 2017, and the implementation of the Goods and Services Tax (GST). Following which, the REIT regulation got liberalised while ‘affordable housing’ was given preferred status, and there were sops for developers and incentives for buyers.

However, whilst the affordable housing sector has started to show positive growth in both launches and sales, the non-affordable sector has continued to languish, with low sales velocity and falling prices. As sales reduced, developers also started facing liquidity issues, which have further worsened with the NBFC crisis. Thus, the two major issues faced by the industry are lack of demand and lack of liquidity.

In this light, the expectation of a 25–50 bps rate cut at the upcoming Reserve Bank of India (RBI) monetary policy review meeting is well in line with the central bank’s recently adopted accommodative policy stance. However, more needs to be done, as the pace as well as the quantum of transmission of rate cuts to the various sectors has been insignificant, as is evidenced during the last few cuts. Hence, we feel that a significant rate cut of 100 bps or more is the need of the hour. Such strong steps are not unheard of and were resorted to during the 2008 financial crisis. A 100 bps rate cut will most likely translate into the strong kickstart that the Indian economy now needs and help revive the market sentiment.

Further, while a policy rate cut is definitely required to ease liquidity in the economy, specific measures need to be taken for infusing liquidity in the real estate sector. Unlike the financial market, the impact of a rate cut on the housing market is realised with a time lag and is in fact statistically insignificant in case of expected rate cuts. Keeping this in mind, directed measures such as reducing risk exposure of financial institutions to the real estate sector and granting infrastructure status to the sector in letter and spirit that will increase credit access, need to be taken by the Central Bank. Such a concerted and co-ordinated effort will certainly oil the stalled economic machinery.

Shishir Baijal is Chairman & Managing Director, Knight Frank India.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Real Estate Myth #10: Internal rate of return an appropriate tool for investment decisions by developers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Discounted cash flow (DCF) method has become the de facto choice by developers for computing the internal rate of return for money invested by them in any real estate project. While DCF is the correct approach for evaluating IRR for investment in real estate projects by banks, non-banking finance companies and private equity funds, it is not necessarily appropriate for investments made by real estate developers.

To understand this difference, one needs to apprise oneself of the pre-conditions for use of IRR as a basis for evaluating project investment. These are:

1. Surplus available from the project should immediately have ample opportunities for re-investment.

2. Once the project starts providing positive cash inflows (annually), then during no year should the projects have a net cash outflow.

The theory says that if these two conditions are not fulfilled, IRR is not advisable as an appropriate decision-making tool.

 Now, when banks or NBFCs earn money from their investment in real estate lending, they are easily able to find opportunities for reinvestment either with other developers or within financial markets to other borrowers.

Similarly, when PE funds earn money from their investments in real estate projects, the funds immediately return the money to their investors. So, they are not obliged to search for investment opportunities when they have surplus. Hence, funds do not remain univested.

In contrast, when developers generate surplus from a project, searching for new investment in land takes a long time, sometimes even up to several years. Moreover, the surplus from sale of inventory comes in small amounts and land markets require investments in larger quantities; the money thus remains idle for long, offering no immediate reinvestment opportunity to developers. The escrow account mechanism has now further increased the idle time of surplus generated by developers.

So the underlying pre-condition of immediate opportunity for reinvestment of surplus is fulfilled for banks, NBFCs, and RE funds, but is not always true for developers.

The second pre-condition for using IRR necessitates that once the project starts generating positive inflows, there should not be any year in which there is a net cash outflow towards the project. This again is generally true for banks, NBFCs and funds since no further disbursement takes place after commencement of repayment. However, for real estate developers there are times where bookings from customer is not sufficient to fund the project and the developer needs to put additional money again into the project.

The finance theory says that a scenario with intermittent cash outflows can result in what is called ‘imaginary roots’ and therefore the IRR given by DCF could give inappropriate solutions in such situations.

So, while IRR is a very accurate tool for banks, NBFCs and funds, for real estate developers it is definitely not the last word. Developers need other financial tools in conjunction with IRR to make investment decisions.

Deepesh Salgia is Director, Shapoorji Pallonji Real Estate.

Watch the video here.

Follow the Myth Series here.

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Myth Series: What is its purpose?

While real estate is among the fastest growing businesses in India, it rarely finds respectable space in curriculums of business schools. Also, there are hardly any case studies available to explain the intricacies of the sector.

For these reasons, many facts and theories floating about real estate follow a ‘common sense-ical logic’. Unfortunately, many of these are misconceptions, myths or even downright false.

The purpose of this series, therefore, is to take one real estate myth in each blog and provide insights on the real issues.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Real Estate Myth #9: IPO-style allotment is a very apt strategy for marketing realty

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Proponents of initial public offering (IPO)-style marketing believe that this strategy creates an artificial scarcity resulting in urgency of decision making for the consumers. They believe that when the customer sees the likelihood of being left out, he decides faster.

Technically speaking, IPO-style allotment is inappropriate for real estate. In IPO for securities, all securities on sale are identical and have similar valuations and offer identical benefits to all purchasers. However, all homes in any given project do not offer same value to all customers. Certain home buyers will never buy a south-facing home – even at steep discounts. While others may see a premium value in it.  In the case of securities, allottees are indifferent to the distinctive number of the security certificate they receive. In the case of home, they aren’t. The emotional element in home buying creates an imperfection in the home market. Investment in securities are relatively perfect markets where the only takeaway is profits made by investors.

IPO-style marketing, therefore, can possibly work when potential home buyers largely comprise investors who are looking purely at monetary gains and not looking for any emotional attachment to the home purchase. And secondly, when perceived demand for homes on sale is much larger than the supply. It is only in such a situation that one will see many ‘left-outs’ in the allotment process. And it is the existence of larger number of left-outs that creates value for applicants in an IPO.  If everyone is to get an allotment, investors will see no value in IPO-style allotment. If these conditions are not met, it is not worth venturing with this strategy.

Deepesh Salgia is Director, Shapoorji Pallonji Real Estate.

Watch the video here.

Follow the Myth Series here.

—————————————————————————————

Myth Series: What is its purpose?

While real estate is among the fastest growing businesses in India, it rarely finds respectable space in curriculums of business schools. Also, there are hardly any case studies available to explain the intricacies of the sector.

For these reasons, many facts and theories floating about real estate follow a ‘common sense-ical logic’. Unfortunately, many of these are misconceptions, myths or even downright false.

The purpose of this series, therefore, is to take one real estate myth in each blog and provide insights on the real issues.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Real Estate Myth #8: Geographically diversified developer clearly provides a better equity investment option than a local developer

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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On the face, a geographically diversified developer appears have lower risks than a developer operating in limited locations. So, the former is often believed to be a better equity investment option for a portfolio investor. Is it indeed true ?

One of the key criteria for assessing investment potential of any equity stock is the competitive advantage enjoyed by the company. In case of a real estate developer, the Competitive Advantage to an extent lies in things like construction skills, design skills, etc. but since such skills can be outsourced, the power of these advantages gets diluted. The true competitive advantage of a developer lies in the “Local Knowledge”. This comprises knowledge of land parcels, of regulation, of local markets etc.

It is almost impossible for any developer to build expertise in Local Knowledge across large number of geographical locations.  Moreover, due to the complex web of activities involved in the real estate operations, pre-defined processes cannot handle challenges of real estate business. Regular intervention by top management becomes essential.

For these reasons, expanding operations beyond a few geographical locations does not result in superior returns for the developer. It surely results in increasing the risk of the business.  Therefore, for a portfolio investor, developers focussed on few geographies, generally, offer better Risk-Return proposition than developers present in large number of locations across India.

Deepesh Salgia is Director, Shapoorji Pallonji Real Estate.

Watch the video here.

Follow the Myth Series here.

—————————————————————————————

Myth Series: What is its purpose?

While real estate is among the fastest growing businesses in India, it rarely finds respectable space in curriculums of business schools. Also, there are hardly any case studies available to explain the intricacies of the sector.

For these reasons, many facts and theories floating about real estate follow a ‘common sense-ical logic’. Unfortunately, many of these are misconceptions, myths or even downright false.

The purpose of this series, therefore, is to take one real estate myth in each blog and provide insights on the real issues.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Green shoots emerge, but Indian real estate remains in the doldrums

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The story of the Indian residential real estate sector over the last four years has been an alternating cycle of green shoots and disruption. For the first half of 2019, while the effects of compliance with a new regulatory system and a liquidity crisis are still casting a shadow, India’s top eight property markets have shown lacklustre growth. The good news, however, is that this has forced prices downwards — perhaps not as much as potential homebuyers would have liked, but regardless, for the fourth year in a row, the price growth in most of these markets has been lower than retail inflation. Add the freebies and discounts that developers are throwing in to push sales, and Knight Frank estimates that there has effectively been a double-digit price reduction.

Mumbai houses are cheaper by 3 percent on an average, second only to Pune’s 4 percent price reduction and at par with the Chennai market which has seen rough 4 years after the floods of 2015. Hyderabad has seen a price increase of 9 percent, NCR houses are costlier by 3 percent and Ahmedabad is more or less flat with a 1 percent growth in prices.

The affordable housing sector continues to be the driving force — 51 percent of launches in the first half of 2019 were housing units priced under Rs 50 lakh, and 78 percent were units priced under Rs 1 crore. The trend has become a recurring one with developers following the government’s lead to make affordable housing a priority, and the incentives that come with that mission.

It should also come as no surprise that investors have all but deserted the Indian property markets. Knight Frank India reasons that the combined impact of RERA, GST and the Benami Transactions (Prohibition) Amendment Act have laid the foundation for what it calls “a healthy end users’ market”.

In other good news, unsold inventory levels across the top 8 markets have fallen by an average of 9 percent with Hyderabad leading the way with an impressive 67 percent decline. Mumbai, India’s largest real estate market, however, continues to languish with a 14 percent increase in unsold inventory. Knight Frank India estimates that it will take over 2 years to get rid of existing inventory.

All in all, while the market has done respectably well in light of the many crises it has fought over the last two years, a substantial recovery or inflection point still seems a way off.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Real Estate Myth #7: Fall in home price is beneficial to the country

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The general belief is that with houses getting more affordable, a larger share of population will be able to buy homes, resulting in a better quality of life for the citizens. While this argument is correct, it is not without a fallacy. The fallacy lies in the fact that this logic only looks at interest of future home buyers. It neglects the interest of citizens who already own real estate.

Besides impacting existing owners of real estate, falling home prices will also hurt interests of banks and housing finance companies (HFCs) as the value of underlying assets they hold shall come down, affecting their asset coverage ratios. Falling asset prices also create a disincentive for home buyers to repay their loans. Defaulting then becomes an easier option for many borrowers. Large number of defaults reduce the chances of recovery for banks and HFCs. Along with them, the government is another important loser — as falling home prices reduce revenues in the form of GST and stamp duty.

Another impacted segment would be redevelopment of old properties. Lower property rates would mean lower profits for developers undertaking redevelopment of old buildings. Developers would accordingly offer lower areas to tenants in rehabilitation projects. This will result in resistance from tenants resulting in fewer redevelopment projects taking off, thus forcing tenants to continue staying in old, dilapidated buildings.

So, while lower home prices is a good emotional wish and an excellent political argument, the same comes with its own baggage of problems. Declining property prices is, therefore, an extremely complex situation, the impact of which is difficult to fathom.

Deepesh Salgia is Director, Shapoorji Pallonji Real Estate.

Watch the video here.

Follow the Myth Series here.

—————————————————————————————

Myth Series: What is its purpose?

While real estate is among the fastest growing businesses in India, it rarely finds respectable space in curriculums of business schools. Also, there are hardly any case studies available to explain the intricacies of the sector.

For these reasons, many facts and theories floating about real estate follow a ‘common sense-ical logic’. Unfortunately, many of these are misconceptions, myths or even downright false.

The purpose of this series, therefore, is to take one real estate myth in each blog and provide insights on the real issues.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Real Estate Myth #6: Private equity investment reduces risk for developers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

One of the key expectations from any equity investor is that he would reduce risk for the promoter. So does entry of a private equity investor reduce the risk for the developer?

By definition, an equity investment can reduce risk for the promoter if it can reduce the promoter’s loss in adverse market conditions. A developer’s risk, therefore, can come down only when the investor not just participates in the upside but also shares loss.

Most private equity (PE) investments in India, however, are in the form of structured debt. Such structures have a minimum guaranteed return to the PE investor. This guaranteed payout is independent of the profits from the project. With PE investors not sharing the developer’s loss, a PE investment transaction obviously does not result in reduction of risk for the developer.

The value, therefore, that the PE funds bring to the table is not risk mitigation but benefits like deferment of interest payment which is not offered by banks and Non-banking Finance Companies or NBFCs. And since PE investment is treated as quasi equity, it enhances the developer’s potential to raise debt from banks/NBFCs.

Therefore, for projects that are bankable, PE investment generally does not offer a risk return trade-off to developers. But those who want to make their projects bankable, private equity is a good bet. But it comes with its own costs.

Deepesh Salgia is Director, Shapoorji Pallonji Real Estate.

Watch the video here.

Follow the Myth Series here.

——————————————————————————————

Myth Series: What is its purpose?

While real estate is among the fastest growing businesses in India, it rarely finds respectable space in curriculums of business schools. Also, there are hardly any case studies available to explain the intricacies of the sector.

For these reasons, many facts and theories floating about real estate follow a ‘common sense-ical logic’. Unfortunately, many of these are misconceptions, myths or even downright false.

The purpose of this series, therefore, is to take one real estate myth in each blog and provide insights on the real issues.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow