Real Estate

Abu Dhabi Wealth Fund Completes Purchase of New York's Chrysler Building The Abu Dhabi Investment Council completed its acquisition of a majority stake in the Chrysler Building, a landmark New York skyscraper, for an undisclosed amount.

Pending U.S. Home Resales Fell 4.7% in May, More Than Economists Forecast Contracts to buy previously owned U.S. homes declined more than forecast in May, a sign prices that have been sliding for more than two years have yet to touch bottom.

IndyMac Facing `Elevated Levels' of Withdrawals on Bankruptcy Speculation IndyMac Bancorp Inc., the U.S. mortgage company that stopped most of its lending as losses mounted and capital deteriorated, blamed Senator Charles Schumer for ``elevated levels of deposit withdrawals.''

Persimmon Plans to Cut 1,100 Jobs to Reduce Costs After Sales Decline 34% Persimmon Plc, the U.K.'s second- biggest homebuilder, eliminated 1,100 jobs after the worst housing slump in 30 years dragged down first-half sales by 34 percent.

Tousa Bondholders See Blackstone Elbowing Citigroup Over Bankruptcy Assets Blackstone Group LP and Carlyle Group are fighting lenders led by Citigroup Inc. over more than $500 million in assets the banks received as collateral from Tousa Inc., the biggest U.S. homebuilder in bankruptcy.

Barclays Will Stop Issuing New Loans at U.K. Subprime Unit, Cut 300 Jobs Barclays Plc, the U.K.'s fourth-biggest bank, will stop selling new loans at its U.K. subprime loans unit and shed about 300 jobs because customer demand is drying up.

Colonial May Retain a Controlling Stake in Societe Fonciere, Miguel Says Inmobiliaria Colonial SA, the Spanish developer that's refinancing its debt, may retain a controlling stake in Paris office-property owner Societe Fonciere Lyonnaise SA.

LandAmerica Chief Chandler Cut Jobs, Plans Office Closures Amid Home Slump LandAmerica Financial Group Inc. Chief Executive Officer Theodore Chandler said he eliminated jobs in May and June and plans to close offices around the country amid sluggish title insurance sales.

Houston Pitches $7,000 Downtown Flats, Yao's Eatery to Help Fight $4 Fuel Houston, the fourth-largest U.S. city, hasn't had a new downtown luxury apartment tower in four decades.