One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

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The extreme volatility and losses seen in stock markets in recent weeks has seen calls for <a href="https://www.barrons.com/articles/should-financial-markets-be-closed-over-the-coronavirus-51584735453" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.15999984741211px;">financial markets to be closed</a> and <a href="https://www.investopedia.com/terms/s/shortselling.asp" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.15999984741211px;">short selling</a> restricted.
But shutting them down would be a mistake.
Amid the volatility, financial market prices convey much needed information.
S&amp;P/ASX 200 share index over the past year
<a href="https://images.theconversation.com/files/322223/original/file-20200323-22627-1bx5112.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/322223/original/file-20200323-22627-1bx5112.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
<a class="source" href="https://au.finance.yahoo.com/quote/%5EAXJO/" target="_blank">Source: Yahoo Finance</a>
In an early morning meeting at the White House the day after the 1987 stock market crash, then US Treasury Secretary Jim Baker floated the idea of closing the stock market.
The Chair of President Reagan’s Council of Economic Advisers, the Chicago-trained monetarist <a href="https://www.chicagotribune.com/news/ct-xpm-2009-08-28-0908270729-story" target="_blank">Beryl Sprinkel</a>, was having none of it.
According to several second and <a href="https://streetwiseprofessor.com/when-monkeys-fly/" target="_blank">third-hand accounts</a>, when his opinion was sought, Sprinkel said “we will close the markets when monkeys come flying out of my ass.”
When Reagan asked Fed Chair Alan Greenspan for his opinion, Greenspan declared, “I go with the monkeys”.
The US stock market stayed open that day and rallied late in the afternoon, injecting a note of much-needed confidence.
<h2>Prices tell us truths</h2>
The Fed’s operations to maintain liquidity (the ability to buy and sell) remain a textbook case of how to respond to severe financial market stress.
The US economy was spared recession on that occasion.
Today’s situation is different in important respects. Policymakers are choosing to shut down the economy, and financial markets are pricing shares accordingly. Bond markets have been shaken as investors sell bonds to raise cash and prepare for governments to issue a flood of new bonds.
The US dollar has rallied as the world scrambles for US dollars, sending exchange rates against the US dollar dramatically lower.
As my previous <a href="https://www.ussc.edu.au/analysis/the-reserve-currency-myth-the-us-dollars-current-and-future-role-in-the-world-economy/" target="_blank">research</a> shows, the US dollar often climbs when the economic outlook is most dire, explaining why the Australian dollar is at its lowest in nearly two decades.
US cents per Australian dollar
<a href="https://images.theconversation.com/files/322225/original/file-20200323-22590-10kj7be.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/322225/original/file-20200323-22590-10kj7be.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a>
<a class="source" href="https://www.rba.gov.au/statistics/tables/#exchange-rates" target="_blank">Source: Reserve Bank of Australia</a>
Amid such extreme volatility, it would be tempting to close financial markets, in particular, stock exchanges.
There is no reason to close markets for reasons of public health. Financial markets are now traded almost entirely electronically. The US has been forced to close its trading floors in <a href="https://qz.com/1822981/new-york-stock-exchange-shuts-floor-as-coronavirus-spreads/" target="_blank">New York</a> and <a href="https://www.cnbc.com/2020/03/11/cme-group-will-close-chicago-trading-floor-as-a-precaution-over-coronavirus" target="_blank">Chicago</a>, but these trading floors were already legacies of an earlier era, largely ornamental adornments to digital trading.
Stock markets have their own circuit breakers that kick in during extreme volatility, but to do more than that would be to deprive traders and policymakers of the insights they offer.
Price movements function as alerts. It is noteworthy that financial markets sold off days before the World Health Organisation finally declared a pandemic.
They can also inform policymakers about what to do. When share markets begin a sustained recovery, it will be a sign the worst of the pandemic might be behind us.
We need prices for financial products in the same way we need prices for goods and services. Without them, decision-making becomes difficult, if not impossible.
Preventing investors from selling stocks to raise cash (which is what a stock market shutdown would do) could cause severe hardship.
With share market prices falling sharply, it’s tempting to think closing them will stem the losses, but it could trigger even more painful adjustments elsewhere.
<h2>Even short sellers have a place</h2>
Other countries have imposed bans on short selling, which is the sale of a share the seller does not yet own.
Short sellers profit by buying back shares at a lower price after they have sold them. They do it by borrowing rather than owning stocks. Their actions help the owners of stocks who want to protect their financial positions from further declines in price.
If owners can’t protect themselves in this way, they can be forced to liquidate shares, making the downturn even worse.
The global financial crisis gave us a wealth of experience with bans on short-selling, <a href="http://www.institutional-economics.com/images/uploads/pf19_-_Shooting_the_Messenger_The_Ban_on_Short_Selling.pdf" target="_blank">including in Australia</a>. The evidence from that experience overwhelmingly suggests short-selling bans were counter-productive.
Keeping markets open will be a painful experience for many, but closing them is the equivalent of shooting the messenger.
Eventually, they will signal better times ahead and give business the confidence to move forward with the recovery.<img src="https://counter.theconversation.com/content/134387/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/stephen-kirchner-1726" target="_blank">Stephen Kirchner</a>, Program Director, Trade and Investment, United States Studies Centre, <a href="https://theconversation.com/institutions/university-of-sydney-841" target="_blank">University of Sydney</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/itd-be-a-mistake-to-shut-financial-markets-more-than-ever-we-need-them-to-work-134387" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

It'd be a mistake to shut financial markets: more than ever, we need them to work

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The ASX has announced it is partnering with Australian Technology Innovators (ATI), the parent company of InfoTrack, to create Sympli, a national electronic property settlement service.
The service will offer lawyers, conveyancers and financial institutions a more streamlined and comprehensive technology solution.
The ASX advises it will seamlessly integrate with clients' existing practices and systems.
The service, owned 50:50 by ASX and ATI, is, subject to regulatory approvals, expected to begin operations towards the end of the year.
The ASX says the electronic property settlement industry in Australia is estimated to have potential revenues in excess of $200 million.
ASX expects to invest around $30 million in the new venture of this and the next two financial years.
It will comrpise around $7 million in 2018, with further investments in 2019 and 2020. The ASX estimates Sympli will break-even in the 2021 financial year.
Below is the ASX executive summary. Click here <a href="https://edge.alluremedia.com.au/uploads/businessinsider/2018/05/asx-settlements.jpg" target="_blank">to enlarge.</a>
<img class="size_primary" src="https://edge.alluremedia.com.au/uploads/businessinsider/2018/05/asx-settlements.jpg" alt="">
ASX managing director and CEO Dominic Stevens said entering the electronic property settlement market is a natural evolution for ASX.
"We already settle approximately $70 billion in transactions electronically every day and have been the central settlement venue for the Australian financial market for decades," Stevens said.
"InfoTrack is the ideal partner as the market leader in legal and property search.
"It has 18 years’ experience and brings a deep understanding of, and connectivity to, the property conveyancing industry.
He said Sympli is an "exciting opportunity."
"Combining the experience and expertise of both shareholders will enable Sympli to provide a compelling offering, which we believe will allow users to easily realise the efficiencies of electronic property settlements.”
 
 
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jrobinson-rf4aSBido9

ASX to create electronic property settlement platform Sympli

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The electronic property settlements provider PEXA aim to list on the ASX, has reportedly seen it asking investment banks to "pre-qualify" for a role in its slated $1 billion-plus initial public offering. 
The Australian Financial Review's Street Talk wrote PEXA's adviser, CITIC-CLSA, last week invited selected investment banks to express interest in running the IPO.
The PEXA chairman is Alan Cameron, founding head of the Australian Securities and Investments Commission.
The ownership group includes the big four banks, Macquarie Group, Link Administration Holdings, three state governments, and the former Toll Holdings boss Paul Little
Macquarie is PEXA's biggest shareholder with around a 25 per cent stake.
One-in-five settlements are now completed online via PEXA.
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The float is slated for the December quarter.
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E-conveyancer PEXA float re-scheduled for late 2018

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EXPERT OBSERVATION
Australians have spent the last month eyeing their share portfolios as the volatility of Wall Street crept into the ASX.
Over many decades, equities have been a proven performer for Australians. But just as a single day can have you planning a kitchen renovation, inherent risks can mean losses just as easily transpire; it’s part and parcel of the modern, global economy. As an example, in early February, about $70 billion was wiped from the All Ordinaries – the top 500 companies listed on the Australian Securities Exchange - in the space of three days.
Ask anyone what their goal out of an investment is and the response is unanimous: make as much money as possible.
Amongst the suite of investment classes – which continue to diversify through the profile of options like cryptocurrencies – real estate continues to be a cornerstone. As opposed to other options, it’s less exposed to daily or weekly fluctuations.
As an investment class, real estate has a tremendous profile, simply because the overwhelming percentage of people have had some form of relationship with property: most people have either been sellers, buyers or tenants at some point their lives. It’s this exposure that allows people to be more comfortable with the process and research involved, especially with the amount of information at our fingertips.
So how does real estate stack up?
There’s no such thing as a foolproof get-rich scheme. Any investment – irrespective of class – should be treated as a long-term proposition. So, while equities markets have taken a battering in the last few weeks, it’s more appropriate to view them in a long-term perspective.
Twenty years ago, the All Ords Index was 2894. In mid-February, the Index was around 6147, representing an average gain over time of 112%. Companies on the All Ords are, by their nature, solid, long-term performers that avoid fluctuations. While most investors will include some members of the All Ords in their wealth management strategies, they’ll supplement it with ‘higher risk’ performers which can accelerate returns.
But let’s examine residential real estate over the same period. In December 1997, the median house price across Australia was $139,000 (you can find some car spaces in the city fringes of Sydney and Melbourne being purchased for similar prices, today).
At the end of last year, the median national house price was $535,000, representing an increase of 285% over two decades – well above the performance of equities.
Look at the big picture
But results need to be viewed at face value with numerous variables involved in both. For instance, borrowing for shares is usually something only highly experienced investors engage in, while most real estate investors will borrow for their investment(s). So, commonly, share market gains can be seen in their entirety for most investors, while capital gains in property are offset by mortgage debts.
Also, real estate investors look for a combination of capital gains and yield in their investments. And if a property can be positively geared, the investor is placed in a great position.
But, it’s the safety of real estate that allows it to really stand out from other investment classes. As the below graph shows, the national median house price has only ventured into negative territory three times in the past 20 years. In contrast, equities have made negative 12-month gains on nine occasions.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/28/Picture1.jpg" alt="">
So, as an investment class, history has shown that real estate offers steady growth and less fluctuations in value. 
Mathew Tiller is head of research at LJ Hooker.
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Property v shares, the age-old debate: LJ Hooker's Mathew Tiller

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Moelis Australia is weighing up an ASX listing of the Redcape Hotel Group this year.
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In July 2017, a Moelis Fund acquired the Redcape Hotel Group for $676m representing an asset level capitalisation rate of 9.6%. 
Redcape is the second largest gaming hotel operator in NSW and consists of 25 hotels, 22 of which are located in NSW and 3 in Queensland. 
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Moelis' chief executive Andrew Pridham confirmed Moelis' intention to consider a listing for Redcape in 2018, but said the ultimate decision would depend on market conditions.
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Moelis acquired Redcape from US hedge fund owners Varde Partners and York Capital.<a href="http://www.afr.com/real-estate/commercial/hotels-and-leisure/moelis-snaps-up-redcape-pubs-for-667m-plans-ipo-20170628-gx0k4x#ixzz4ptVxw3jV" title=""></a>
Redcape had a property portfolio comprising of 82 properties including 71 pubs and 11 shops based mainly in Queensland and NSW, with a small number of properties in Victoria and SA in 2011.
In 2011 the hedge fund consortium bought 38% of Redcape's $645 million worth of secured senior debt for around $200m and also acquired all of the $157 m worth of debt of National Leisure and Gaming, Redcape’s major tenant for between $ 35m and $40m.
The listed pub sector was battered during the GFC.
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Moelis eyes ASX listing of Redcape Hotel Group

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The ASX share scrip of the valuation company LandMark White has been the victim of fraudulent sales activity.
The company happened across the fraud when 36,000 shares were advised as sold by the company's CEO Brad Piltz.
Greg White, the company chairman, quickly told the ASX the $21,000 sale of the shares was not what it seemed.
An unknown fraudster instructed the brokerage for the sale of Piltz's shares and into a new bank account.
When the sale and fraud was detected, the company broker immediately bought 36,000 shares to offset the sale.
Piltz's shareholding had been on the increase with $200,000 in shares bought in November and December and a further $42,000 this year.
Last year the Gandel family emerged as a substantial shareholder in LandMark White.
In May LandMark White bought MVS National for $16 million.
LMW has around $60 million in gross annual revenues.
It recently has been hit with at least eight valuers leaving including three directors.
It lost several valuers to rival Charter Keck Cramer which has established a Brisbane office.
Led by director Andrew Binney, they include director Michael McClifty and residential development valuer and director Shaun Golden, trade press suggested.
 
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jonathanchancellor-7SQnKwU6yx

LandMark White declare fraudulent activity with its ASX share sale

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<a href="https://theconversation.com/profiles/jason-potts-105412" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.16px;">Jason Potts</a>, <a href="http://theconversation.com/institutions/rmit-university-1063" target="_blank">RMIT University</a>
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Bitcoin may be the most famous example of a <a href="https://bitcoin.org/bitcoin.pdf" target="_blank">blockchain in use</a>, but it is actually a rather unimaginative way to use it.
The blockchain is finally starting to fulfil its promise as a game-changing technology, a kind of infrastructure for record-keeping. To facilitate movement of value (such as money) and changes in ownership (shares, for example), and even to <a href="https://www.ibm.com/blockchain/identity/" target="_blank">manage online identities</a>.
The Australian Stock Exchange (ASX) has <a href="http://www.asx.com.au/asxpdf/20171207/pdf/43pz030qxzdcvs.pdf" target="_blank">announced</a> that it will use a blockchain-based system to record who owns shares of listed companies, and to keep track of transactions and settlements when people buy and sell shares.
The move comes as the price of Bitcoin has <a href="https://www.coindesk.com/price/" target="_blank">risen more than US$14,000 in the past year</a>. Yet Bitcoin does not really exploit the new databases and record-keeping infrastructure that blockchain technology makes possible.
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Read more: <a href="https://theconversation.com/demystifying-the-blockchain-a-basic-user-guide-60226" target="_blank">Demystifying the blockchain: a basic user guide</a>
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The blockchain is also called a “public” or “distributed” ledger. Think of a spreadsheet that is publicly available to view, and simultaneously held on numerous computers. When someone transfers a Bitcoin, it is verified by the system, encrypted, and a new line (or “block”) is added to the spreadsheet.
The ASX’s blockchain will replace the ASX’s <a href="http://www.asx.com.au/services/settlement/asx-settlement.htm" target="_blank">CHESS</a> (Clearing House Electronic Sub-registry System) system. Currently, the ASX requires each trade to be verified against the ASX’s centralised database of ownership records and reconciled with payments.
So while trades take place in fractions of a second, the actual clearance (making sure who owns what) and settlement (the transfer of money and shares) is cumbersome, slow, expensive, and prone to human error.
The ASX’s blockchain will greatly simplify this process. Instead of having to reconcile trades against a centralised database, the verification of ownership and settling of accounts can be done directly between participants (as is done with Bitcoin trades). This is much simpler, faster and more secure.
<hr>
Read more: <a href="https://theconversation.com/whats-holding-up-the-blockchain-79038" target="_blank">What’s holding up the blockchain?</a>
<hr>
<h2>A monumental shift</h2>
The fact that the ASX’s blockchain announcement made headlines <a href="http://www.bbc.com/news/business-42261456" target="_blank">around the world</a> shows what a big leap forward this is.
The ASX’s blockchain will streamline the settlement process, improving productivity and therefore reducing costs in the Australian stock market. This means that our financial markets will work better, offering an immediate benefit to Australia’s economy.
Exchanges are also a global business, and the adoption of blockchain technology in Australia’s major exchange means that it has a competitive edge over other exchanges.
Companies choose where to list, based on a variety of factors including the quality of the exchange technology. More business for the ASX will translate into more local jobs.
One potential downside of the ASX adopting the blockchain, however, is that some workers who currently process settlements on the ASX may lose their jobs. Some financial companies that currently benefit from the slow settlement process, such as brokerage firms, will also lose out.
<hr>
Read more: <a href="https://theconversation.com/blockchain-really-only-does-one-thing-well-62668" target="_blank">Blockchain really only does one thing well</a>
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But the ASX’s move is just scratching the surface of what blockchain technology can do to the Australian financial sector.
The same argument that applies to the ASX - that the blockchain is more efficient and productive than existing record-keeping and transaction processes - can also be extended to other exchanges, such as bond markets.
In other words, the ASX’s blockchain is just the beginning of a technological transformation of Australia’s financial markets.
Blockchains will also make these exchanges more attractive to build services on, such as for managing wealth. This is a further benefit for consumers and the broader finance industry, not purely from lower prices also from the possibility of new products and services.
<hr>
Read more: <a href="https://theconversation.com/the-blockchain-does-not-eliminate-the-need-for-trust-86481" target="_blank">The blockchain does not eliminate the need for trust</a>
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But how is any of this even possible in the first place? Part of the credit must go to Australian regulators. They created the environment for this huge shift in technological practice.
Australia is now leading the adoption of the blockchain, despite it being a US-built technology. It is similar to how African telecommunications companies are <a href="https://www.safaricom.co.ke/personal/m-pesa" target="_blank">leading the way in mobile payments</a>, even though Finland created modern mobile phones with companies like Nokia.
<img src="https://counter.theconversation.com/content/88937/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Even if you’re not excited about new technology in the Australian finance industry, its global competitiveness, or even our regulatory agility, the ASX announcement is a harbinger of what adoption of blockchain technology will increasingly look like.
<a href="https://theconversation.com/profiles/jason-potts-105412" target="_blank">Jason Potts</a>, Professor of Economics, <a href="http://theconversation.com/institutions/rmit-university-1063" target="_blank">RMIT University</a>
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/bitcoin-may-be-reaching-new-heights-but-the-asx-shows-the-blockchain-is-reinventing-business-88937" target="_blank">original article</a>.
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Bitcoin may be reaching new heights, but the ASX shows the blockchain is reinventing business

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The Australian Securities Exchange has asked around 50 listed Chinese companies if they were facing problems in capital transfers into or out of China, following the trading suspension of one such company.
Chinese company Ding Sheng Xin Finance suspended trading on August 29, failing to meet its August 31 deadline to lodge its half-year results and did not give any reason as well.
While the market regulator did not identify the specific company involved or its issues, Ding Sheng Xin Finance’s trading suspension led the ASX to seek assurance on whether other Chinese companies had any in problem in funds transfers.
Ding Sheng Xin chairman Winton Willesee did not directly confirm the reason for the delayed accounts but told The Australian Financial Review "of late lots of companies are having that problem" of repatriating funds from China.
The ASX has asked each potentially affected company whether it "has any difficulties in repatriating money/converting Chinese RMB into foreign currencies".
It has also asked whether the company "is aware of any changes to laws in China that prohibit the repatriation of money/conversion of Chinese RMB into foreign currencies?"
The Chinese companies are operating in a variety of sectors, from finance, to resources, to agriculture and property.
The few companies to respond so far, such as developer Boyuan Holdings, have not reported issues with capital transfers.
"The company has had no difficulties repatriating money or converting money into foreign currencies," developer Boyuan Holdings said on Monday.
Boyuan was the first Chinese real estate company to list on the ASX and is an offshoot of the Hong Kong-listed Jiayuan and its seed asset is the Jiayuan Central Plaza Project in Jiaxing City in China.
An ASX spokesman was cited by the AFR as saying that the inquiry was a "precautionary step to help ensure the market is kept informed".
"By asking companies to clarify their position, ASX and investors can assess if the issue is isolated or widespread," an ASX spokesman said.
"Based on the responses released to the market thus far, it appears the funding concerns are specific to one company that is already suspended. But we'll continue to monitor."
The development comes amid the Chinese government’s recent guidelines to curb outbound spending. The Chinese government has put curbs on purchases of real estate and entertainment assets by Chinese companies and investors, a decision which could affect Australia’s real estate market.
The restrictions follows recent moves by Beijing to halt state banks lending to the Dalian Wanda Group, which has recently been forced to restructure its assets in Australia, namely the $2 billion worth of projects in Sydney and the Gold Coast.
Hotels, sporting teams, cinemas and the broader entertainment sector were on the restricted list, while investments in casinos and defence technology were banned.
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ASX asks 50 Chinese companies on any capital transfers problem

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Property valuation firm LandMark White Limited (LMW) has acquired rival MVS National, with the combined entity to create the largest ASX-listed valuation services business.
The combined entity will operate under the LMW brand it will have 300 employees, including 100 staff from LMW that are based in Western Australia.
“The merging of LMW and MVS helps accelerate our expansion strategy in the national services market and allows us to build on the success and strength of both organisations,” LMW chief executive Chris Coonan said.
MVS provides property valuation services to the residential, commercial and government sectors.
LandMark White earlier said in an ASX announcement that it had raised $10 million through a right issue and placement for the acquisition.
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Property valuation firm LandMark White acquires rival MVS National 

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Shares in high-profile real estate agency McGrath are trading at new lows.
The Thursday close was 59 cents, having traded at 58 cents.
Real estate agent McGrath, whose shares plummeted to a record low, has dismissed reports that it was facing an exodus by its franchisees.
McGrath shares fell on Thursday to 58 cents, after rumours spread about five franchisees leaving the company, prompting a compliance query from the Australian Stock Exchange.
They opened 2017 at 90 cents, then fell in January this year after it signalled weak revenues.
The company has previously blamed the summer defection of a number of high-profile agents in part for for its woes.
McGrath also said the "unprecedented low volumes of listings" had emerged as high prices had discouraged some sellers from putting properties on the market, fearing that prices could rise too far before they could acquire their next property.
The shares were $2.10 when it went public.
In December 215 McGrath, Australia's first real estate agency to list on the stock exchange, fell 8.6 percent from its initial public offering price on debut.
The shares have never traded above $2.10.
The latest share price movement comes as CoreLogic foreshadowed April housing market results will show regulatory measures have had a dampening effect on housing market conditions. 
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