Australia's PEXA tumbles as NSW regulator draft review proposes cut to transfer fees
BUZZ-Australia's PEXA tumbles as NSW regulator draft review proposes cut to transfer fees ** Property deal platform operator PEXA Group PXA.AX plunges as much as 17.3% to a record low of A$8.97 and is the top loser in the benchmark ASX200 .AXJO
** Company flags that a New South Wales regulator's draft review proposing a ~20% cut to PEXA Exchange’s regulated revenue, via lower transfer fees, implying an estimated A$70 million ($48.36 million) hit over a year
** PXA says that staggering any fee cuts over four years is vital to safeguard operational stability and ensure business management
** Draft remains under consultation ahead of regulator's final call to the country's electronic property transaction system watchdog, with any fee changes deferred to post‑July 2027 for a four‑year cycle - Co
** YTD, PXA has tumbled 31.5%, sharply underperforming the ASX200’s modest gains of 0.8%
($1 = 1.4474 Australian dollars)
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))
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