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Property debt hits 30bn
THE value of commercial real estate debt in default or in breach of key lending agreements more than doubled to about £30bn in the first six months of the year, according to a study.
Banks have also extended or refinanced an extra £16bn in the first-half of the year, the report from De Montfort University found.
The report also found that banks are beginning to deal with the massive £224bn of outstanding debt to the real estate sector.
Some £18.6bn was reported in breach of covenants.