Sydney new-home sales slump in May

SYDNEY • Stand-alone house sales in New South Wales, Australia's most populous state, dropped the most since August 2010 in May, Housing Industry Association data show, another sign that the property boom is losing momentum. Detached house sales in the state, where the majority of the population lives in the greater Sydney area, fell 11.5 per cent, the data show.

Record prices and tighter bank mortgage lending criteria are denting affordability and construction of new homes, with Sydney prices growing at the slowest pace in almost three years in the first quarter, according to the Australian Bureau of Statistics data.

BLOOMBERG

Airbnb seeks funds valuing it at $40b

NEW YORK • Airbnb is in talks to secure a new round of investment that would value the company at around US$30 billion (S$40 billion), the New York Times reported yesterday.

If it succeeds, the short-term home rental company will have tripled its valuation in two years, the Times said, citing anonymous sources. The daily reported that the San Francisco-based Airbnb plans to use the financing for additional growth, including plans to expand internationally.

Airbnb has been rapidly expanding in new markets over the last two years, with a 700 per cent increase in business from Chinese travellers, it has said.

AGENCE FRANCE-PRESSE