House Hunting in … Belgium

Andy Haslam for The New York Times
Andy Haslam for The New York Times
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House Hunting in … Belgium

Andy Haslam for The New York Times
Andy Haslam for The New York Times

This three-story house with a red-tile roof is in the Zoute neighborhood of Knokke-Heist, a West Flanders municipality near the border of Holland. Like most of the homes in this tony section of the North Sea resort, it has a white-painted brick facade. Wide sandy beaches, restaurants and shops are a quick walk away.

Greenery-filled window boxes, gray shutters with bird-shaped cutouts and Juliette balconies embellish the exterior of the house, which has six bedrooms and three and a half baths and was built in 2008 on a quarter-acre lot on a private, tree-lined lane. A gray brick path leads past a rose garden to a portico shading the front door of this 3,563-square-foot residence, said Maxime Van Bockrijck, a sales agent with Cambier-De Nil, which has the listing.

The foyer, which has a powder room and a central quarter-turn staircase, leads to the living and dining rooms, which have wood floors, walls of windows and doors opening to south-facing patios and the garden. There is a fireplace in the living room.

Wood planks cover many of the interior walls “in typical seashore style,” said Stéphanie Cambier, an owner at Cambier-De Nil.

The kitchen has a gray tile floor, a center island with a natural stone slab countertop, gas cooktop, grill, breakfast bar, white lacquered wood cabinets and stainless steel appliances. A mudroom and hallway link the kitchen with a two-car attached garage.

The master bedroom is on the second level, with two balconies, a closet and dressing room and an en-suite bath with a double vanity, a tub and a separate shower. Three other bedrooms, one with a loft and each with a Juliette balcony, share a bath.

On the third level, two bedrooms with sloped walls and dormer windows share a bathroom that has a tub with a stone surround, a double vanity with a stone counter and a separate shower and private toilet.

In the basement is a lap pool with a swim current, a shower and a toilet, and a storage area. There are laundry rooms on the first and second levels.

Families pedal surreys and children ride go-karts on Knokke’s “digue,” a seven-and-a-half-mile esplanade lined with cafes, bars and galleries that winds through the neighborhoods of Duinbergen, Heist, Albertstrand and Zoute. Knokke has about 200 restaurants, a handful of which have Michelin stars. A third of a mile from the house, one block from the beach, is the high-end Kustlaan shopping street, which counts Hermès and Diane von Furstenberg among its designer boutiques.

Knokke, where the population swells from 30,000 in winter to 250,000 on summer weekends, is an hour’s drive or train ride from Antwerp, an hour-and-a-half from Brussels and 20 minutes from the more touristy town of Bruges.

MARKET OVERVIEW

Sales are vibrant in Knokke, the most expensive resort town on the Flemish coast and one of the priciest areas in Belgium. Zoute is “the most exclusive and expensive part of Knokke,” Mr. Van Bockrijck said.

“The market is very strong,” said Stefaan Geerebaert, the manager of Immo Brown Knokke Zoute real estate agency, adding that Knokke has seen a sales volume increase of more than 15 percent over last year.

There were 180 houses and 500 apartments on the market in Knokke as of Nov. 7, according to the real estate site immovlan.be. In the walkable “golden triangle” area of Zoute, spacious two- and three-bedroom apartments start at 1.5 million euros (or about $1.7 million), Ms. Cambier said, and villas run from 2 million to about 4 or 5 million euros (or from about $2.3 million to $5.8 million).

According to Statistics Belgium, a government office, the mean price for a villa or bungalow in Knokke was 1,216,764 euros (or about $1.4 million) in 2016, compared to 349,827 euros (or about $406,000) for all of Belgium. Apartments were also pricier in Knokke, with a mean of 496,075 euros (about $576,000), compared to 221,401 euros (about $257,000) for Belgium overall.

Following the 2008 global economic downturn, “the market was frozen for a couple of months” at the end of 2009 and the beginning of 2010, Ms. Cambier said. “Sellers didn’t want to sell, and buyers didn’t want to pay the price.”

Apartments with ocean views dipped 10 percent in price and big villas went down 15 to 20 percent, she said, while transactions remained difficult for two years.

For the last four years, however, prices have been “going up,” Ms. Cambier said, and the past year saw a record number of sales on the coast, with most close to the asking price — or, as Ms. Cambier put it, the selling discount was “not more than three percent in 70 percent of the deals.”

WHO BUYS IN KNOKKE

Belgians make up the largest number of buyers, but the area is seeing an increasing number of buyers from France, Luxembourg, Holland and Germany as well, said An Willemyns, a manager and broker at Dirk Willemyns, a real estate agency. Families who buy in Knokke have often previously vacationed or rented there, she said.

BUYING BASICS

There are no restrictions on foreign buyers. Buyers and sellers must both be represented by a notary whose fees depend on the purchase price; on a 3 million euro house, the buyer’s fee would run about 6,000 euros, or about $7,000. There is also a 10 percent registration tax, Mr. Geerebaert said.

A 21 percent value-added tax is charged on properties less than two years old.

Belgian law requires that an energy certificate stating the property’s energy consumption level be delivered to the buyer.

TAXES AND FEES

Annual property taxes on this house are about 2,580 euros (or $3,000) a year, Mr. Van Bockrijck said. Houses used as a second residence have an additional “holiday house” tax of 700 to 750 euros a year, or about $810 to $870, Ms. Willemyns said.

LANGUAGES AND CURRENCIES

Dutch, French, English; euro (1 euro = $1.16)

The New York Times



Chile to Restore Global Leadership in Lithium Production

Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
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Chile to Restore Global Leadership in Lithium Production

Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)
Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on September 12, 2022. (AFP)

Chile's state-owned copper producer, Codelco, together with Chinese-backed private miner, SQM, announced on Saturday the creation of a giant company to exploit lithium, often referred to as "white gold."

The South American country is the world’s second-largest producer of lithium, a key component of EVs and other clean technologies and has about 40% of the world’s lithium reserves.

The partnership between the firms will allow them to jointly ramp up the exploration of lithium in the Atacama region of northern Chile.

The public-private partnership will be named Nova Andino Litio SpA, said Codelco, which described the agreement as one of the most significant deals in Chilean business history.

The Chinese firm Tianqi holds 22% stake in SQM.

In a statement, Codelco said the new partnership will carry out lithium exploration, extraction, production, and commercialization activities in the Atacama salt flat until 2060.

The agreement was approved by more than 20 national and international regulatory authorities, including those in China, Brazil, Saudi Arabia, and the European Union.

Chile was the last of the countries to clear the deal. Last month, China gave the green light to the planned partnership between Codelco and SQM.

The new venture is intended to help Chile regain global leadership in lithium production, a position it lost to Australia nearly a decade ago.

The partnership aims to expand lithium output in the Atacama region, with plans to increase production by around 300,000 tons per year. In 2022, Chile produced 243,100 tons of lithium.

The partnership also aligns with Chile’s National Lithium Strategy, announced in 2023 by the leftist government of President Gabriel Boric, aimed at reclaiming Chile’s global leadership in lithium production.


China's BYD Poised to Overtake Tesla in 2025 EV Sales

The Tesla logo is seen in this illustration taken July 23, 2025. (Reuters)
The Tesla logo is seen in this illustration taken July 23, 2025. (Reuters)
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China's BYD Poised to Overtake Tesla in 2025 EV Sales

The Tesla logo is seen in this illustration taken July 23, 2025. (Reuters)
The Tesla logo is seen in this illustration taken July 23, 2025. (Reuters)

Growing Chinese auto giant BYD stands poised to officially surpass Tesla as the world's biggest electric vehicle company in annual sales.

The two groups are expected soon to publish their final figures for 2025, and based on sales data so far this year, there is almost no chance the American company led by Elon Musk will retain its leadership position.

At the end of November, Shenzhen-based BYD, which also produces hybrid vehicles, had sold 2.07 million EVs so far in 2025.

Tesla, for its part, had sold 1.22 million by the end of September.

Tesla's September figures included a one-time boost in sales, to nearly half-a-million vehicles in a three-month period, before the expiration of a US tax credit for buyers of electric vehicles -- which ended under legislation backed by President Donald Trump, a climate change skeptic.

But Tesla's sales in the coming quarter are expected to fall to 449,000, according to a FactSet analysis consensus. That would give Tesla about 1.65 million sales for all of 2025, a drop of 7.7 percent and well below the level BYD had attained by end November.

Deutsche Bank, which projects just 405,000 Tesla EV sales during the fourth quarter, sees the company's sales down by around one-third in both North America and Europe, and by one-tenth in China.

- Transition period -

Industry watchers say it will take time for EV demand to reach a level of equilibrium in the United States following the elimination of the $7,500 US tax credit at the end of September 2025.

Even prior to that, Tesla had seen sales struggle in key markets over CEO Musk's political support of Trump and other far-right politicians. Tesla has also faced rising EV competition from BYD and other Chinese companies and from European giants.

"We believe Tesla will see some weakness on deliveries" in the fourth quarter, said Dan Ives of Wedbush Securities.

Sales of 420,000 would be "good enough to show stable demand," with Wall Street "laser focused on the autonomous chapter kicking off in 2026," Ives added, referring to plans for self-driving vehicles.

Even as it has grown quickly, BYD has faced challenges in its home market.

With profitability in China weighed down by price-wary consumers, the company has sought to strengthen its foothold in foreign markets.

BYD is "one of the pioneers to establish overseas production capacity and supply chains for EVs," Jing Yang, Director of Asia-Pacific Corporate Ratings at Fitch Ratings, told AFP.

"Going forward, its geographical diversification is likely to help it to navigate an increasingly complicated global tariff environment," said Yang.

Overseas rivals to BYD have balked at Chinese state subsidies and other state supports that have allowed the company to sell vehicles cheaply.

Trump's predecessor Joe Biden imposed 100 percent tariffs on Chinese EV imports that could potentially go even higher under Trump. Europe has also imposed tariffs on Chinese imports, but BYD is building manufacturing capacity in Hungary.

While the chance of Tesla reclaiming its global leadership in EVs looks uncertain, the American company is also potentially positioned for growth.

Michaeli of TD Cowen sees autonomous technology playing an increasingly important role for Tesla, with breakthroughs in its "full self-driving" or "FSD" offerings potentially boosting sales.

"As Tesla really begins to roll out eyes-off features and expand FSDs capability, if they do that successfully, that should generate more demand for their vehicles," Michaeli said.

Musk has said the Cybercab, an autonomous robotaxi model, will begin production in April 2026. The company has also unveiled lower-priced versions of the Models 3 and Y that could boost sales.


China Says to Launch Digital Currency Action Plan

People walk past a shopping mall in Beijing on December 28, 2025. (AFP)
People walk past a shopping mall in Beijing on December 28, 2025. (AFP)
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China Says to Launch Digital Currency Action Plan

People walk past a shopping mall in Beijing on December 28, 2025. (AFP)
People walk past a shopping mall in Beijing on December 28, 2025. (AFP)

China will on January 1 launch an "action plan" for boosting management and operations of its digital currency, a deputy governor of the country's central bank said Monday.

"The future digital yuan will be a modern digital payment and circulation means issued and circulated within the financial system," People's Bank of China (PBoC) Deputy Governor Lu Lei wrote in Financial News, a media outlet under the central bank.

In the next step towards that goal, a "new generation" arrangement for digital yuan will be launched on January 1, Lu said, encompassing a "measurement framework, management system, operating mechanism and ecosystem".

The "action plan" will see banks pay interest on balances held by clients in digital yuan -- a move to incentivize broader adoption of the currency.

The plan also includes a proposal to establish an international digital yuan operations center in the eastern financial hub of Shanghai, the report said.

Monetary authorities around the world have in recent years been exploring ways to digitalize currencies, propelled by a boom in online payments during the pandemic and the increased popularity of cryptocurrencies such as bitcoin.

The PBoC has been working on a digital currency since 2014 and has been testing the use of a "digital yuan" or "e-CNY" in various pilot programs.

Consumers across the country already widely use mobile and online payments, but the digital yuan could allow the central bank -- rather than the big tech giants -- access to more data and control over payments.