As water dries up and land use shifts, farmers are abandoning Kashmir’s staple crop for apples, vegetables—and real estate.

After one of their worst years in recent memory, iron ore giants BHP, Rio Tinto and Fortescue have reason for cautious optimism as a glimmer of hope emerges from Beijing.

From the parking lot, it doesn’t look particularly magical—just another storefront in a suburban strip—but don’t let ...