May
04

Australian Property’s China Ties Make Genworth ‘More Wary’

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  • Mortgage insurer cut back in Western Australia, Queensland
  • Firm may sell more stock if price rises, McInerney says

Genworth Financial Inc., the insurer that’s looking to the mortgage market for growth, has become cautious about Australian housing given its connection to China and commodities, Chief Executive Officer Tom McInerney said.

“We’re more wary there. We’ve cut back in writing in Western Australia and Queensland,” McInerney said Wednesday in an interview at Bloomberg headquarters in New York. He cited regulatory actions “and the fact that the Australian economy is more tied in a macro sense to China and commodities.”…

Australian Property’s China Ties Make Genworth ‘More Wary’

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