MAY 23, 2007

NATIONAL NEWS

PLACE: MUMBAI

GE earmarks Rs8, 200 crore for real-estate investment in India

General Electric (GE) Co India is stepping up its real-estate financing in India at a time when concerns about overheating in the sector have prompted the government as well as the Reserve Bank of India to try and curb the flow of money into commercial and residential construction.

http://www.livemint.com/2007/05/23000859/GE-earmarks-Rs8200-crore-for.html

PLACE: MUMBAI

FDI status for FIIs in real estate pre-IPOs

The government proposes to treat the investments by foreign institutional investors in pre initial public offers (IPOs) of real estate companies at par with foreign direct investment (FDI). The FII investments in the pre-IPO allotment of real estate companies will have a lock-in period of three years, in line with the FDI norms. This means the investments cannot be withdrawn before three years. The lock-in period of three years is currently applicable to FDI in real estate.

http://www.businessstandard.com/common/storypage.php?leftnm=lmnu6&subLeft=1&autono=285289&tab=r

PLACE: NEW DELHI

The tide has turned

The past months have seen a rise in home loan interest rates, but the Centre has taken some measures to provide relief to buyers. Here’s a re-cap of all the events. The equated monthly installment (EMI) cheques are getting fatter, and it’s beginning to tell on the common man. So much so that rising rates have become the subject of spoof on prime-time television. In March-April, interest rates were upped twice by banks and housing finance companies (HFCs).

http://www.telegraphindia.com/1070523/asp/jamshedpur/story_7816951.asp

PLACE: NEW DELHI

Fundamental drivers of realty sector still intact: Experts

Nalin Kumar, ED of Morgan Stanley and Gaurav Pathak of ICICI Securities focus on the real estate sector, wherein they see room for
optimism. Kumar thinks that the real impact in the real estate sector has been at the raw material end; at the land price end, there
by significantly impacting the entire value chain.

http://www.moneycontrol.com/india/news/market-outlook/fundamental-driversrealty-sector-still-intact-experts/282570

PLACE: NEW DELHI

Fresh dollars heading for Indian realty

Nearly two dozen US funds are raising $3.5 billion for investments in Indian realty. This is over and above the $2.5 billion invested
by overseas realty funds in India to date. For about a year now, Goldman Sachs’s Whitehall Street Real Estate Funds have been
exploring the Indian market and checking out potential investment partners. Some time back, the firm announced its plans to
invest up to $1 billion over the next two years in Indian private equity, real estate, private wealth management, and other businesses
in the country for its institutional clients.

http://www.financialexpress.com/fe_full_story.php?content_id=164972

PLACE: NEW DELHI

Sebi approves Omaxe IPO

Real-estate firm Omaxe Ltd has received clearance from stock market regulator Securities and Exchange Board of India (Sebi) for its initial public offering of 17.8 million equity shares, becoming the second developer after DLF Ltd to get clearance for an IPO this month. This comes a few weeks after the regulator tightened norms for real-estate listings.

http://www.livemint.com/2007/05/23003040/Sebi-approves-Omaxe-IPO.html

PLACE: MUMBAI

South Korean MF plans India entry

The last three years have seen the entry of a large number of global fund houses, from the US , Europe and the major Asian markets like Singapore and Hong Kong , enter the buzzing Indian market. Mirae is investing $50 million in India over a three- year period to set up its India arm for asset management, its core business. In Korea , it is also present in sectors like insurance, stock broking, private equity (PE) and real estate and is closely watching the developments in the PE and real estate sectors in India .

http://timesofindia.indiatimes.com/Business/India_Business/South_Korean_MF_plans_India_entry/articleshow/2067944.cms

PLACE: NEW DELHI

Emaar MGF to list

Betting big on the growing real estate and construction market, real estate developer Emaar MGF announced plans to go for an IPO (initial public offering) in the next 12-18 months. The company intends to dilute the minimum level of 10% according to Shravan Gupta, executive vice-chairman and managing director, Emaar MGF Land.

http://www.dnaindia.com/report.asp?NewsID=1098533

PLACE: NEW DELHI

A time to borrow and invest

What is China going to do with $1.2 trillion of foreign exchange reserves? One answer came over the week-end — it will invest $3 billion in Blackstone, a US private equity company. So, countries are creating new investment companies that — unlike central banks — have the expertise to divert part of forex reserves into equity, real estate and hedge funds. Singapore , Korea , Qatar and Abu Dhabi are examples. India is going to follow suit.

http://economictimes.indiatimes.com/Opinion/Columnists/Swaminathan_S_Anklesaria_Aiyar/A_time_to_borrow_and_invest
_/articleshow/2068015.cms

PLACE: NEW DELHI

Jumeirah in talks to find hotel properties

The Jumeirah Group, the United Arab Emirates-based hotel company that runs the iconic, 321-metre tall, sail-shaped Burj Al Arab in Dubai, wants to operate and manage at least five “world-class” luxury hotels or resorts in India by 2011. Hotel industry analyst Pratik Dalal of Emkay Share & Stock Brokers Ltd said “it is a better prospect for international players to come in to manage right now,” given high real-estate prices for Indian hotel plots. For example, Hotel LeelaVenture Ltd recently put in a bid of Rs611 crore for a three-acre property in south Delhi, at Rs203.67 crore per acre, to build a luxury hotel.

http://www.livemint.com/2007/05/23000953/Jumeirah-in-talks-to-find-hote.html

PLACE: NEW DELHI

Rajasthan ropes in Liberty to develop heritage tourism hubs

Covent Garden is one of the popular tourist destinations in London , attracting 50 million tourists annually. Now, if all goes to plan, there could be a replica of Covent Garden in Rajasthan, courtesy, the state’s chief minister Vasundhara Raje Scindia and real estate developer Liberty International.

http://economictimes.indiatimes.com/News/News_By_Industry/Services/Travel/Rajasthan_ropes_in_Liberty_
to_develop_heritage_tourism_hubs/articleshow/2067838.cms


INTERNATIONAL NEWS

PLACE: QATAR

Qatar real estate sector set to get ‘further fillip’

The real estate sector in Qatar is expected to get a further boost in the coming years with the completion of a number of investment-oriented commercial and residential properties, said a senior official of a leading company engaged in developing several projects.

http://www.gulftimes.com/site/topics/article.asp?cu_no=2&item_no=150899&version=1&template_id=36
&parent_id=16


PLACE: PHILADELPHIA

Pa. Real Estate Sets Dividend

Pennsylvania Real Estate Investment Trust said Tuesday its board declared a quarterly cash dividend of 57 cents per share. The dividend will be paid on June 15 to common shareholders of record on June 1.

http://www.chron.com/disp/story.mpl/ap/fn/4826560.html


PLACE: NORTH CAROLINA

Best Real Estate Deals Awards Program

Philadelphia Business Journal and TriState REALTORS Commercial Alliance invite you to submit entries for the Seventh Annual Best Real Estate Deals Awards Program. Selected by a panel of indusrty experts, winners will be recognized at a cocktail reception on October 4 and in a special section of the October 5 issue of the Philadelphia Business Journal.

http://www.bizjournals.com/philadelphia/nomination/910

PLACE: QATAR

No bubble in real estate market: Sheikha Hanadi

Qatar is not facing any bubble in real estate market supply and demand, says Sheikha Hanadi Nasser bin Khaled Al Thani, CEO of Al Waab City Real Estate Development Project.

http://www.thepeninsulaqatar.com/Display_news.aspsection=Business_News&subsection=Local+
Business&month=May2007&file=Business_News200705238448.xml

PLACE: QATAR

Ahli Bank offers home loans at real estate expo

Ahli Bank (ABQ) is offering home loan offers at the Second Qatar International Real Estate exhibition. The exhibition constitutes a gathering for real estate, investment, consultation, and engineering companies that support real estate activities. It is considered one of the most important real estate gatherings in the region.

http://www.thepeninsulaqatar.com/Display_news.aspsection=Business_News&subsection=Local+
Business&month=May2007&file=Business_News2007052375958.xml

PLACE: TURKEY

Basic tax rules for foreigners who own real estate in Turkey

Throughout history states have always looked for more effective ways to collect more tax revenue from their subjects. After stating the necessary background as such, let’s come back to the main issue of real estate. In this case being a foreigner doesn’t matter any more. They declare their incomes by annual income tax declaration and pay the corresponding taxes as if they are resident taxpayers.

http://www.todayszaman.com/tz-web/detaylar.do?load=detay&link=111981

PLACE: BAHRAIN

Major real estate exhibition opening today

Property Arabia 2007 opens today at the Bahrain International Exhibition Centre (BIEC). The exhibition runs until Saturday and will showcase major current and future real estate developments in Bahrain and the Gulf, along with property and investment opportunities from as far a field as the Far East and Europe.

http://www.gulfdailynews.com/Story.asp?Article=182935&Sn=BUSI&IssueID=30064

PLACE: NEW YORK

Blackstone’s Real Estate Bonanza

It’s widely known that Blackstone had a powerful real-estate arm. Its $39.2 billion purchase of Equity Office Properties broke records and made headlines for weeks. The firm manages six general real estate funds and two internationally focused real estate funds, and has somewhere in the neighborhood of $20 billion of assets under management for its real estate deals.

http://www.dealbreaker.com/2007/05/blackstones_real_estate_bonanz.php

PLACE: NEW YORK

Morgan Stanley Real Estate to lay out $6.5 billion for Fort worth real estate trust

Morgan Stanley Real Estate has entered a deal to buy Crescent Real Estate Equities for $6.5 billion, including the assumption of $3.1 billion in Crescent debt. The offer of $22.80 per share is about 12 percent above what Crescent has traded at in recent months and represents a premium for shareholders, said John Goff, Crescent’s vice chairman and chief executive.

http://www.star-telegram.com/business/story/111185.html

PLACE: CANADA

Business women learn about real estate

Steven R. Smith, owner of Smith Realty Advisors, gave an informative and entertaining talk for members of Redlands Charter Chapter of American Business Women's Association at their May 8 meeting. Smith said he began his real estate career when he purchased a mobile home to live in while attending college at age 20. He has been involved in real estate for the past 40 years and began appraising real estate at age 29. He said he has discovered real estate fraud in some areas and said inflated or misleading reports are appraisal fraud. Realtors and appraisers must be licensed for the public good, he said. He said it is his philosophy that appraisers for both residential and commercial property must be ethical, honest and skilled in order to give their best relationship to their clients.

http://www.redlandsdailyfacts.com/news/ci_5959252