MAY 25, 2007

NATIONAL NEWS

PLACE: NEW DELHI

Future Group, real-estate firm to invest Rs850 cr on Pune enclave

Future Group, the parent company of India’s largest listed retailer Pantaloon Retail (India) Ltd, and a local real- estate firm will invest around Rs850 crore to build an entertainment-cum-commercial enclave in Pune to tap the growth in the country’s booming commercial space and retail sectors.

http://www.livemint.com/2007/05/25013042/Future-Group-realestate-firm.html

PLACE: NEW DELHI

Real estate bubble: Increased supply is the solution

The government is on the horns of a major dilemma when it comes to the real estate sector. Over the past few weeks it has sought to systematically choke external fund flow to this sector. The budget restricted benefits of venture capital investments to nine sectors, a move believed by many to be aimed at the real estate sector.

http://economictimes.indiatimes.com/Opinion/Editorial/Real_estate_bubble_Increased_supply_is_the_
solution/articleshow/2072898.cms

PLACE: MUMBAI

Tatas map realty foray, to develop land of group cos

After big ticket acquisitions in the overseas market, the $22-billion Tata group now wants to expand its presence in one of the fastest growing business spaces in India—real estate. The salt-to-telecom conglomerate plans to develop excess land owned by various group companies through the recently-floated $1-billion real estate fund under the Tata Realty and Infrastructure.

http://economictimes.indiatimes.com/Markets/Real_Estate/Realty_Trends/Tatas_map_realty_foray_to_develop_land_of_group
_cos/articleshow/2072846.cms

PLACE: NEW DELHI

True potential of PE yet to be unleashed in

The growth of private equity (PE) as a separate asset class across the globe in the last few years has been remarkable and highly
discussed at various investments opportunity forums. The new guideline issued by the government on overseas issue of preferential
shares, though rightly intended to restrict the flow of money into the Indian real estate sector, has hit the overall private equity industry itself.

http://www.financialexpress.com/fe_full_story.php?content_id=165112

PLACE: NEW DELHI

RICS to start property courses in India

India's real estate sector is starved for talent. Now, it is looking at the UK-based Royal Institution of Chartered Surveyors, or RICS, to train people, reports CNBC-TV18.

http://www.moneycontrol.com/india/news/business/rics-to-start-property-coursesindia/283092

PLACE: NEW DELHI

Bhagyanagar India has target of Rs 65: Harihar

TS Harihar of Karvy Stock Broking is of the view that Bhagyanagar India has target of Rs 65. Harihar told CNBC-TV18, "We have
a recommendation on Bhagyanagar India. Its current market price is Rs 43 and we have a 50% upside target of Rs 65. Coming into the
background it is a Hyderabad based company and part of the Surana group and is presently into manufacturing telecom cables, copper
and allied products and it also has a real estate management division. The upside potential is likely to be largely driven by the real estate
segment of the business."

http://www.moneycontrol.com/india/news/stocks-views/bhagyanagar-india-has-targetrs-65-harihar/283060

PLACE: NEW DELHI

'I am astonished by where India has reached today'

At the annual TiE (The Indus Entrepreneurs) tri-state conference in New York recently, "I am astonished by even where we have gotten today," said Ramesh Shah, chairman of WNS, a business process outsourcing firm traded on the New York Stock Exchange, in his opening keynote address. Despite the fact that they spoke on different issues ranging from real estate opportunities to the emerging biotechnology market, most speakers agreed at the end of the day that India remains a challenging investment opportunity for US and other countries.

http://inhome.rediff.com/money/2007/may/24tie.htm

PLACE: NEW DELHI

Free SMEs from interest rate ceiling

Small and medium size companies across all sectors are having to suffer the consequences of recent policy measures aimed essentially
at curbing the flow of foreign funds into the real estate sector. If you want to attack the real estate bubble, why make other businesses
a target of such an omnibus policy diktat? This is the question on everyone’s lips now.

http://economictimes.indiatimes.com/Free_SMEs_from_interest_rate_ceiling/articleshow/2072915.cms

PLACE: NEW DELHI

Entrepreneurial culture is the key

Though a relatively young industry, the Indian private equity (PE) industry is witnessing an unprecedented growth on the back of a
growing economy. Going forward, some of the growth areas for PE industry would be infrastructure and infrastructure-related services
and the small and medium enterprises segment. To sustain the present economic growth, the state of infrastructure in terms of roads,
industrial parks, real estate, airports, sea ports etc needs to be upgraded significantly and would require billions of dollars.

http://www.financialexpress.com/fe_full_story.php?content_id=165113

PLACE: AHEMDABAD

Grey market demand for DLF IPO suggests a soft landing

If the grey market activities are any indication, Delhi-based developer DLF Ltd’s initial public offer (IPO), the largest domestic stock
offer, is in for a soft landing. The grey market trade in the DLF issue started early this week. The current premium of around 6% on the
issue price is relatively low compared with that of, say, Sobha Developers Ltd, another real estate company, which commanded an 18%
in November 2006, when investors couldn’t get enough of premium for its IPO Indian real-estate companies.

http://www.livemint.com/2007/05/25001115/Grey-market-demand-for-DLF-IPO.html

INTERNATIONAL NEWS

PLACE: DUBAI

Al Tajir Real Estate launches Fortunato

Al Tajir Real Estate, one of the leading independent property specialists in Dubai, announced the launch of Fortunato —
a self sustained community living for the entire family located centrally at Jumeirah Village-South. The new freehold
residential development, boasts a central location offering diverse community living. The construction for the community
commences in September 2007 and is expected to be completed by mid 2009.

http://www.khaleejtimes.com/DisplayArticleNew.aspxfile=data/business/2007/May/business_
May800.xml&section=business&col=

PLACE: JAMAICA

First Jamaica seeks US$25-milion IFC loan for regional real estate development

First Jamaica Investments Trust Limited (FJI) is now looking to develop real estate in Jamaica and the rest of the region, including
Central America, and has already applied for a US$2million (J$1.7 billion)loan from the International Finance Corporation (IFC).
“Jamaica Property Company Limited (JPC) is currently considering developing a number of residential and commercial real estate
projects in Kingston , as well as upgrading of their existing properties," said the project information document.

http://www.jamaicaobserver.com/magazines/Business/html/20070524T190000-0500_123433_OBS_FIRST_JAMAICA_SEEKS_US____MILION_IFC_LOAN_FOR_REGIONAL_REAL_
ESTATE_DEVELOPMENT___.asp

PLACE: OHIO

Real estate guru to speak

Renowned investment strategist and real estate expert Glenn Mueller of the University of Denver will be visiting Toledo May
31. For part of his visit, he will advise city businesses how to improve themselves and the community through investment strategies.

http://www.toledofreepress.com/?id=5617

PLACE: WASHINGTON D.C.

Austin real estate still going strong

Gains in occupancy and rental rates continue to paint a positive picture in the Austin apartment market. Another apartment report from
Marcus & Millichap Real Estate Investment Services suggests the landscape will only improve. Austin is expected to add
24,200 jobs this year, an employment increase of 3.3 percent.

http://washington.bizjournals.com/austin/stories/2007/05/21/daily27.html

PLACE: FLORIDA

Stocks wilted Wednesday as comments from former Federal Reserve Chairman Alan Greenspan and worries about
upcoming economic data deflated a rally fed by takeover activity. The report followed announcements late Tuesday that Morgan
Stanley Real Estate will acquire real estate investment trust Crescent Real Estate Equities Co. for $2.34 billion, and that Payless
Shoe Source Inc. will buy competing shoe store chain Stride Rite for about $800 million.

http://www.nwfdailynews.com/article/5494

PLACE: MASSACHUSETTS

Economy Stalls as Real Estate Sales Slow, Foreclosures Rise

The real estate market on the Vineyard has swung strongly in favor of buyers, as record stocks of unsold properties force agents and
owners to begin to heavily discount prices. Figures for the first quarter of this year showed the total inventory of residential property
up more than 40 per cent over the same period a year ago.

http://www.mvgazette.com/news/2007/05/25/economy_stalls.php

PLACE: NEW YORK

Priciest Property in U.S. History: $100 Million

The price sets a United States residential real estate record, according to Bloomberg, dwarfing the former top price, also set by an East
Hampton resident, Ronald O. Perelman, who sold an estate in Palm Beach for $70 million in 2004. Mr. Baron’s investment company
manages billion of dollars in assets for its clients.

http://www.easthamptonstar.com/DNN/Default.aspx?tabid=2310

PLACE: PAKISTAN

Real estate project to be inaugurated on Aug 14

The first real estate mega project of labourer ministry “ Park Lane ” would be inaugurated on Aug 14 this year by President Gen
Pervez Musharraf, said Ghulam Sarwar Khan, Federal Minister for Labour Manpower and Overseas Pakistani.

http://www.dailytimes.com.pk/default.asp?page=2007%5C05%5C25%5Cstory_25-5-2007_pg5_5

PLACE: ISRAEL

Delek Real Estate may buy Sahar Development for NIS 240m

Delek Real Estate CEO Ilik Rozansky has had several meeting with Paz controlling shareholder Zadik Bino on the matter. Rozansky
wants to expand the company’s property portfolio held through Delek Real Estate Income Properties Ltd., and will reportedly try to float the company.

http://www.globes.co.il/serveen/globes/docview.asp?did=1000214815&fid=942

PLACE: CROATIA

Conrad Black Trial Delves Into Real Estate Deal

Testimony at Conrad Black's trial revisited his New York City real estate dealings on Thursday with defense lawyers trying to shoot
holes in charges that the former media chief got a sweetheart deal that cheated investors out of a profit.

http://www.javno.com/en/world/clanak.php?id=46980