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Why Blackstone’s $69 Billion Property Fund Is Signaling Pain Ahead for Real Estate Industry

The property industry is grappling with a pullback from investors, financing challenges and even more layoffs.

Real estate has been among the hardest-hit sectors of the Fed’s campaign to quash inflation.

Real estate has been among the hardest-hit sectors of the Fed’s campaign to quash inflation.

Photographer: Yuvraj Khanna/Bloomberg

Pain is deepening across the US real estate industry.

Two of the biggest players — Blackstone Inc. and Wells Fargo & Co. — took steps this week to contend with weaker demand as the industry faces a rapidly cooling property market, rising interest rates and waning investor appetite.