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Calgary real estate developer hit by ransomware – IT World Canada

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A Calgary real estate developer that builds and manages shopping centres, office buildings, and industrial properties in Alberta has confirmed it has been hit by ransomware.

Privately-held Ronmor Holdings, which controls Ronmor Developers, said it was hit in late September.

The confirmation by CEO Dallas Wingerak came after the REvil ransomware gang last month posted a notice on its data leak site claiming it had downloaded 755 GB of data from the company’s servers.

“I can confirm that in late September we learned that Ronmor was the victim of a ransomware attack on our systems and company network,” Wingerak said in an email on Monday. “We immediately launched a comprehensive investigation into this data breach and have retained a highly experienced group of third-party cybersecurity experts to support our efforts.

“While this investigation is still in its early stages, it currently appears that some private and confidential company data was compromised in this attack.”

“We want to sincerely apologize for any stress, anxiety and inconvenience this has caused to employees, tenants, partners and other stakeholders. We have been working around the clock to ascertain what happened, contain the impact and determine exactly what data may have been stolen. As our investigation continues, we plan to individually contact those tenants, partners and vendors whose data may have been compromised in this breach, so that we can provide further information and offer appropriate support.

“While a cyberattack like this one has certainly been distracting for any company, our business is as strong as ever. We remain fully committed to serving our stakeholders as a strong, reliable real estate partner.”

The statement was in response to a list of emailed questions about the incident. Wingerak didn’t say how the attack started, whether data copied included personally identifiable information, if the attackers were contacted and if a ransom was paid.

The company is one of the latest Canadian firms listed by ransomware groups as having recently been hit. Others that haven’t yet been confirmed include a long-haul trucking company and a junior mining firm.

These three firms are just more evidence that ransomware gangs don’t just target large companies.

Meanwhile, cybersecurity companies continue to release code that can decrypt files scrambled by a number of ransomware strains. According to ZDNet, ransomware decryptors for the BlackByte, Atom Silo, LockFile and Babuk strains were released over the last two weeks.

The story quotes BreachQuest CTO Jake Williams as noting that each of the most recent ransomware decryptors released was enabled by operational security or programming mistakes made by the threat actors.

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More Bad News For China’s Sorry Real Estate Market, UBS Says – Forbes

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The hits keep on coming for China’s economy.

This time the news is the country’s already beleaguered real estate sector is set for more bad news.

“Property activities are likely to fall further in the coming quarters, and without policy easing, property sales and starts could fall 20% or more by 2022,” states a recent report from Swiss bank UBS.

The current and near-future prospects for China’s property sector is the result of spillover from the Evergrande debt debacle earlier this year, policy tightening by the Chinese government, and shifts in domestic demand, the report explains.

In turn, a real estate slowdown could hit the broader economy hard slowing growth to 4% or even lower. That’s a standstill from China’s perspective.

In other words, China’s economy is likely headed for a hard landing soon if its government doesn’t take swift action.

“Our baseline forecast is for gradual policy easing, but there is a substantial risk for policy easing being delayed or insufficient,” the UBS report states.

Policy easing would likely mean lower cost of borrowing for domestic Chinese companies and or easier loan standards.

Still, the news comes on the back of a sharp contraction in China’s steel production earlier this year, at the same time when the world’s other top steel producers were seeing growth in output.

It doesn’t augur well for China’s economy overall so investors in Chinese or Hong Kong stocks might want to be cautious for the immediate future.

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Research: Small-business real estate lenders for San Francisco North Bay – North Bay Business Journal

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The latest North Bay Business Journal research (Lists.NorthBayBusinessJournal.com) focuses on lenders certified to handle U.S. Small Business Administration program loans for real estate.

A list of SBA 504 lenders (certified development companies) is ranked by the value of debenture portion placed in Sonoma, Marin, Napa and Solano counites from Oct. 1, 2020, through Sept. 30, 2021. Other information provided includes the number of loans made in each county.

Detailed information from the list is available for purchase as a spreadsheet via the links above.

Want to have your company surveyed for this and other lists? Contact Research Director Michelle Fox at michelle.fox@busjrnl.com or call 707-526-8682.

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There's never been a better time to get into Canadian real estate – Financial Post

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2021 was the busiest year the Canadian housing market’s had, which means there’s a lot of work out there

Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.

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This article was created by StackCommerce. Postmedia may earn an affiliate commission from purchases made through our links on this page.

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