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Mr Hockey points to new restrictions on foreigners investing in Australia as evidence.
In keeping with Jonathan Miller of Miller Samuel, prices for prime residential real estate in New York have been down four.4 % over the previous year.
Sears Holdings Corp additionally mentioned in April it plans to spin off 254 stores into a real property funding trust next month, which it estimates will elevate $2.5 billion and alleviate some liquidity considerations.
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Lab house is even tighter, with rents topping $71 per sq.
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