— This is the script of CNBC's news report for China's CCTV on May 12, Tuesday.
Welcome to CNBC Business Daily, I'm Qian Chen.
Greece paid about 750 million euros ($836 million) to the International Monetary Fund on Monday, a day before it was due.
The payment averting the prospect of default that had shaken financial markets.
Athens is close to running out of cash and there had been doubt about whether it would pay the IMF or choose to save cash to pay salaries and pensions later this month. Greece's government in recent days had insisted it would honor its obligations, but officials in the past have warned the country may not have enough money to make the payment.
Despite the payment, Greece's financial condition remains precarious unless it secures fresh aid from lenders.
Greek officials were pressing euro zone finance ministers at a meeting in Brussels on Monday to acknowledge progress in talks with lenders on a cash-for-reforms deal, in the hope it will pave the way for some token to ease the cash crunch.
[Evariste Lefeuvre] "Even finance ministers are not very happy, at least they are not fighting. That's really important. What we've been knowing for a quite while now is that it's going to be a late agreement. It will probably be done in the month of June, because until then, the Greek authority will try to arbitrage between economic condition and political conditions."
Arriving for the meeting, Greek Finance Minister Yanis Varoufakis told reporters he expected a deal to be struck "in the next few days."
Hank Paulson, Former U.S. Tresury Secretary told CNBC he thinks there will be an agreement.
[Hank Paulson, Former U.S. Treasury Secretary | London] "I'm not gonna get into how this is ultimately going to resolve itself. Looking at it from my side of the Atlantic, I look at it and say it's ultimately going to resolve itself, because I think it's going to be unacceptable to either side to have Greece exit. But I'm much more focused on what's going on in Europe in terms of structural reform."
CNBC's Qian Chen, reporting from Singapore.
WE MET BEN MILLER A YEAR AND A HALF AGO IN A DICEY DC NEIGHBORHOOD AT THE SHELL OF AN OLD BUILDING HE CLAIMED WOULD MAKE HISTORY.
TODAY, MAKETTO IS OPEN FOR BUSINESS -- THE FIRST EVER CROWDFUNDED REAL ESTATE PROJECT -- A FLOORPLAN FOR THE FUTURE.
MILLER/13;53;31 We raised $350 thousand dollars from 175 people at 100 dollars a share
MILLER'S PLATFORM, FUNDRISE, ALLOWS INVESTORS TO BUY SHARES IN COMMERCIAL REAL ESTATE PROJECTS. IN RETURN, INVESTORS GET RENTAL STREAM, PROPERTY APPRECIATION --AND THEY GET TO BE A PART OF SOMETHING BIGGER.
MILLER/13;59;02 We started Fundrise with an idea that like why can't everybody be part of investing and building in the neighborhood.
GINA SHAEFER, WHO OWNS TEN AREA HARDWARE STORES BUT LEASES ALL HER SPACES, BOUGHT INTO THE H STREET PROJECT TO THE TUNE OF TEN THOUSAND DOLLARS.
GINA SHAEFER/10;23;44 for us it was being part of the sharing community and the movement and being able to even if it was just a piece, say that we at least owned something. We never in a million years would be able to afford to own a property in washington on H street as everything starts to grow.
H STREET IS STILL IN TRANSITION, BUT MAKETTO IS A SOLID ANCHOR, IN JUST ONE MONTH, A THRIVING MARKET THAT EMBODY'S THE CROWD EVEN IN ITS STRUCTURE. IT HOUSES A RETAIL STORE, A BAR, A BAKERY, A COFFEE COMPANY, AND A HIGH END ASIAN FUSION RESTAURANT.
CHRISTOPHER VIGILANTE/14;04;20 I think when you have the synergy of all these businesses, you get that lifestyle brand.
CHRISTOPHER VIGILANTE SAW AN OPPORTUNITY NOT ONLY TO HOUSE HIS COFFEE BUSINESS BUT TO PROFIT FROM A NEW MODEL
VIGILANTE/14;03;58 Folks that typically want to drink a high end coffee can understand what really fine cuisine can be like, can also appreciate fine clothing, a shirt that might cost you a few extra dollars but will last you ten years, these folks all kind of run in similar circles.
THE VENDORS HERE LITERALLY FEED OFF EACH OTHER -- STARTING WITH MORNING COFFEE, RIGHT UP THROUGH DINNER AND AFTER HOURS AT THE BAR. ITS SHARED SPACE, FROM FLOORPLAN TO FINANCING, IS ATTRACTIVE TO THE SOCIAL GENERATION-- AND NOW CROWDFUNDING IS EVER MORE ATTRACTIVE TO INVESTORS.
BEN/13;58;46 We did probably a hundred and 50 million dollars in real estate in the last month. We're doing a project a week. So we find and underwrite and fund a project a week, so it blew our minds.
MILLER ESTIMATES THE VALUE OF THIS PROPERTY ALONE IS UP 50-100% AND MAKETTO HAS OUTPERFORMED ALL PROJECTIONS. HE CALLS IT'S CASHFLOW-- JUST A BONUS--COMPARED TO THE CONTRIBUTION IT IS MAKING TO BOTH THE COMMUNITY AND THE CONCEPT OF REAL ESTATE CROWDFUNDING. DO, DC.
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