Global Integration Business Consultants project - gibc
Global Integration Business Consultants project - gibc
Global Integration Business Consultants project - gibc
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GLOBAL INTEGRATION<br />
BUSINESS CONSULTANTS<br />
PROJECT<br />
Jef frey Cohen, Jamie Graziano, Scott Howard, Radhika Krishnaswamy,<br />
Brad Rosenthal – Georgetown MBA Candidate<br />
Vietnamese<br />
Real Estate<br />
Market in<br />
Perspective<br />
F eb 2 5 , 2 0 1 1
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
DISCLAIMER<br />
� All Information Provided in this presentation has been<br />
researched using various informants and sources. For a<br />
detailed breakdown of sourced information, please see the<br />
attached appendix.<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
Jeff Cohen<br />
Jamie<br />
Graziano<br />
Scott Howard<br />
Radhika<br />
Krishnaswamy<br />
Brad<br />
Rosenthal<br />
Executive<br />
Summary<br />
GEORGETOWN TEAM INTRODUCTION<br />
•B.A. <strong>Business</strong> Administration, Ross School of <strong>Business</strong> – University of Michigan<br />
•Sales & Trading Capital Markets Analyst – Deutsche Bank<br />
•Member of MSB‟s Real Estate Organization and case competition participant<br />
•B.S. Civil Engineering & minor in <strong>Business</strong> Management - Johns Hopkins Whiting School of Engineering<br />
•Real estate <strong>project</strong> management, budgeting, scheduling, and financial modeling experience<br />
•B.S. Commerce (Management & Marketing) & Gov‟t Major – University of Virginia‟s McIntire School of Commerce<br />
•Real estate <strong>project</strong> management, budgeting, scheduling, and financial mode<br />
•Former Education Board Member, Young Leaders Group – The Urban Land Institute<br />
•B.E and M.S. in Computer Science<br />
•Software development consulting<br />
•Focus on Economic development in developing and emerging markets<br />
•B.S. Economics/Finance & minor in Mathematical Sciences – Bentley University<br />
•Financial Analyst, Corporate Real Estate Group – Liberty Mutual; Investment Banking – Barclays Capital<br />
•Charter Financial Analyst (CFA) Level III Candidate (June 2011)<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
Financial<br />
Access<br />
Infrastructure<br />
Government<br />
Executive<br />
Summary<br />
VIETNAM – KEY TAKEAWAYS<br />
Real Estate<br />
Overview<br />
Availability and Cost of Financing<br />
Lack of Deposits<br />
Inadequate Infrastructure in a Quickly Evolving Market<br />
Government push for Urbanization<br />
Ability to maintain rental rates<br />
Cultural Views on Property Ownership Rights<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
Supply Factors<br />
Demand Factors<br />
Volatility Influences<br />
Unique to Real Estate<br />
Economic Relationships<br />
Executive<br />
Summary<br />
REAL ESTATE FUNDAMENTALS:<br />
SUPPLY AND DEMAND FACTORS<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Supply and Demand is<br />
the general framework<br />
that determines real<br />
estate prices.<br />
Vietnam<br />
Market
Executive<br />
Summary<br />
VOLATILITY CHARACTERISTICS<br />
Real Estate<br />
Overview<br />
� Long Gestation Period for<br />
Construction<br />
� Mismatch between Desired and Actual<br />
Demand<br />
� Lending Practices<br />
� Availability of Funding, Collateral<br />
� Government Policy & Legal<br />
Environment<br />
� Land Use Fees<br />
� Emerging Market Considerations<br />
� Speculation<br />
� Relative to Market Efficiency<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
MACROECONOMIC RELATIONSHIPS: STOCK MARKET<br />
Executive<br />
Summary<br />
Stock Market Stock Market<br />
� <strong>Business</strong> activity on the<br />
rise<br />
� Companies looking to<br />
expand by hiring more<br />
� Headcount increase<br />
requiring more real estate<br />
� Increase in demand drives<br />
price of real estate up<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
� <strong>Business</strong> activity contracts<br />
� Companies lay off workers<br />
� Less need for space to house<br />
employees<br />
� Decrease in demand drives<br />
prices down<br />
� Lag on prices due to longterm<br />
lease agreements<br />
In general, the real estate market will follow swings in<br />
the stock market<br />
China<br />
Market<br />
Vietnam<br />
Market
U.S. AND VIETNAM REAL ESTATE COMPARISONS<br />
Key Differences<br />
� Developed countries‟ real estate has evolved as an asset class<br />
for investments in a big way rather than for immediate<br />
operational needs<br />
� Availability of financing<br />
� REITs in Vietnam are in an early stage of development; IPG Invest has<br />
plans to start one in the near future.<br />
� In the US, REITs, CMBS and other complex instruments are in<br />
common use.<br />
In both countries, bank lending plays a big role making<br />
quality of banking sector an important factor.<br />
Differences between US and Vietnam real estate arise from different uses of<br />
real estate as an asset class and types of financing options<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
REAL ESTATE CAPITAL FLOWS IN DEVELOPED MARKETS<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
Executive<br />
Summary<br />
U.S. CONSTRUCTION SECTOR<br />
� Construction activity can be divided into 3 phases: pre -construction,<br />
construction and post-construction. These 3 phases are associated with the<br />
following outlays:<br />
� Soft costs (architecture, engineering, marketing, legal, management), site<br />
development.<br />
� Hard costs (actual construction costs such as labor and materials)<br />
� Building Operations (maintenance, repairs, utilities and management)<br />
� Sector has a multiplier effect on the economy - final economic impact of one<br />
dollar spent in the economy is multiplied several times over by a given<br />
factor.<br />
� For the US, the multiplier factor is estimated to be 3.19. This is because of<br />
inter-industry connections between the construction, manufacturing and retail<br />
sectors.<br />
The economic impact of pre-construction and post-constructions phases as value<br />
generators are often overlooked and undervalued. The phases in Vietnam‟s<br />
construction sector and the multiplier factor estimate can be used to determine<br />
relation between the construction and real estate sector in Vietnam.<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
Executive<br />
Summary<br />
LESSONS FROM HISTORICAL CRISES<br />
Savings and Loan crisis (early 1990s)<br />
• Regulator y changes in 1980s allowed S&L<br />
to make profits<br />
• 1981 Tax Reform Act incentivized<br />
individuals to invest in Real Estate<br />
• Massive over-building without adequate<br />
demand led to crisis<br />
• 2007-08 <strong>Global</strong> financial crisis<br />
• Roots in sub-prime lending crisis<br />
• Availability of sophisticated financial<br />
instruments kept suppliers of Real Estate<br />
well funded<br />
• Inability of home owners to pay<br />
mor tgages on over -valued homes caused<br />
crisis in Residential, then eventually in<br />
Commercial sector<br />
An overview of historical crises is important to gain perspective of evolution of real estate<br />
within the U.S. and to make comparisons with Vietnam<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
6%<br />
4%<br />
2%<br />
0%<br />
-2%<br />
-4%<br />
-6%<br />
US Commercial Real Estate Returns (national)<br />
China<br />
Market<br />
Vietnam<br />
Market
� Commercial building construction contributed $288 billion to the US GDP in 2009.<br />
� Commercial loans account for about $1 trillion or 14.2% of all loans and leases in the<br />
banking industry.<br />
Signs of a crisis…<br />
� Vacancy rate rises<br />
� Building values down<br />
� Transaction volume<br />
low<br />
Executive<br />
Summary<br />
U.S. COMMERCIAL REAL ESTATE<br />
Value of commercial real estate investment depends upon: the expected rate of<br />
return, macroeconomic factors such as interest rates and the health of the economy, as well as<br />
microeconomic factors such as vacancy rates, property taxes, land use regulations and price of land.<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
FAILURES AT SAVINGS AND LOANS INSTITUTIONS<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
• Overbuilding in real<br />
estate sector caused by<br />
mismatch in supply and<br />
demand.<br />
• Total number of Nonperforming<br />
loans as<br />
proportion of total loans<br />
increased.<br />
• Office Vacancy rate<br />
increased from 5.2%<br />
(1979) to 18.8% (1992).<br />
Vietnam<br />
Market
• Less than 2% of commercial<br />
mortgages securitized in 1990s.<br />
• Over 26% securitized in 2007<br />
• S&L crisis helped growth of<br />
CMBS market – real estate loans<br />
from failed institutions bundled<br />
into CMBS<br />
Executive<br />
Summary<br />
AVAILABILITY OF FINANCING<br />
Booming CMBS market enabled rebound in U.S. real estate after S&L crisis. In contrast, a less<br />
financially developed market such as Japan’s made recovery much slower after Asian financial<br />
crisis. Same hurdles for recovery would apply in Vietnam’s case.<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
Executive<br />
Summary<br />
BANKING SECTOR IN U.S. AND VIETNAM<br />
� Bank regulation in the US is evolving<br />
af ter the financial crisis<br />
� Greater capital reserve requirements<br />
� Vietnam banking sector<br />
� Large dong devaluation has<br />
exacerbated banks‟ currency risk<br />
since debt is denominated in<br />
dollars, but cash flows predominantly<br />
in dong<br />
� There is worsening asset quality and<br />
high expected growth in loan outlays<br />
� Banks have insufficient Tier 1 capital<br />
to deal with aggressive lending<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
2008 2009<br />
Offices Min Max Min Max % chg y-o-y<br />
Hanoi 21.43 57.14 15 40 -30<br />
Da Nang 11 24 10 19 -30<br />
Ho Chi Minh City 20 90 15 70 -55<br />
Retail<br />
Hanoi 22.22 62.5 20 50 -30<br />
Da Nang 27.75 50 25 40 -30<br />
Ho Chi Minh City 67 170 50 120 -55<br />
Industrial<br />
Hanoi 4.44 8.75 4 7 -30<br />
Da Nang 5.6 12.5 5 10 -30<br />
Ho Chi Minh City 6.5 11 5 8 -55<br />
Rentals in m 2 /month for 2008 and 2009, (US$)<br />
Source: BMI<br />
If we assume that average building time for a property is 3-5 years, continuing investment in the<br />
Vietnamese commercial sector despite weak indicators (shown above) makes the probability of<br />
recovery in vacancy rates and rental rates weak in the next few years.<br />
Vietnam<br />
Market
� Urbanization:<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
CHINA<br />
� There has been a shift in population of<br />
urbanization over the past decade and<br />
this is predicted to continue<br />
� The country has emphasized the<br />
development of<br />
infrastructure, connecting its 100 major<br />
cities<br />
� Developers purchasing land near future<br />
high traffic transportation hubs<br />
� 100 million people expected to gravitate<br />
towards metropolitan areas over the next<br />
15 to 20 years<br />
� These factors have driven up the demand<br />
for real estate<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
� New Loan Lending<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
CHINA (CONTINUED)<br />
� Government has been promoting flow of<br />
cheap credit to residential and<br />
commercial real estate developers<br />
� New loan lending by banks hit 7.95<br />
trillion yuan, above the government‟s<br />
target of 7.5 trillion yuan.<br />
� This has been fueling the supply of real<br />
estate within the country<br />
� Lending stimulated residential property<br />
sales to 6.1 percent of the country‟s GDP<br />
in 2010, which is the same level as the<br />
peak in the US in 2005 and only 2%<br />
away from Japan‟s peak in the housing<br />
boom in 1970 (Bloomberg News, 2011).<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
� Foreign Direct Investment<br />
� China has been liberalizing financial markets and<br />
increasing trade with the rest of the world<br />
� FDI exceeded$105 mm in 2010, compared to $90mm in<br />
2009<br />
Executive<br />
Summary<br />
$150<br />
$100<br />
$50<br />
$0<br />
Source: World Bank<br />
Real Estate<br />
Overview<br />
CHINA (CONTINUED)<br />
FDI ($bn)<br />
2006 2007 2008 2009 2010<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
� Attempts to slow growth<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
CHINA (CONTINUED)<br />
� Minimum down payment on 2 nd homes raised from 50% to 60%<br />
� Interest rates raised 25 basis points to 5.81% in December<br />
2010 and another 25 basis points in February to 6.06%<br />
� Introduction of a property tax on new home purchases in<br />
Shanghai of 0.6% as of January 2011<br />
� On February 24 th , The PBOC raised reserve requirements for<br />
banks by 50 basis points for the second time this year<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
CHINA VS. VIETNAM<br />
� Both countries are experiencing urbanization, high<br />
inflation and face corruption in the business environment<br />
� Infrastructure development in China connected the 100 of<br />
the largest cities; developers purchased real estate in high<br />
traffic transportation hubs. Vietnam lacks the<br />
infrastructure development<br />
� Vietnam‟s supply structure is more centrally controlled<br />
� Vietnam requires foreign investors to form joint<br />
ventures, limiting potential ownership<br />
Due to these restrictions, Vietnam not facing the same<br />
bubble threat as China<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
Strengths<br />
Weaknesses<br />
Opportunities<br />
Threats<br />
Executive<br />
Summary<br />
Source: <strong>Business</strong> Monitor International<br />
VIETNAMESE REAL ESTATE INDUSTRY<br />
SWOT ANALYSIS<br />
Focus on urbanization<br />
Foreign Direct Investment<br />
increases<br />
Dependence on raw<br />
material imports<br />
Lack of managers &<br />
skilled workers<br />
Lower cost of construction<br />
materials<br />
Labor shift from farm �<br />
inexpensive labor<br />
Growth slowdown &<br />
financial crisis<br />
Real Estate<br />
Overview<br />
Investor fear<br />
U.S.<br />
Market<br />
Corruption/bribery persist<br />
China<br />
Market<br />
Infrastructure Projects<br />
Fast growing economy �<br />
decreasing poverty<br />
Weak infrastructure and<br />
vulnerable economy<br />
Easing inflation � Gov‟t<br />
accelerate growth<br />
Privatization of stateowned<br />
enterprises<br />
Tighter lending conditions<br />
Gov‟t inability to stabilize<br />
economy<br />
Vietnam<br />
Market
30,000<br />
25,000<br />
20,000<br />
15,000<br />
10,000<br />
5,000<br />
0<br />
Executive<br />
Summary<br />
VIETNAM – POPULATION GROWTH<br />
Vietnam Urban Population Growth (Thousands)<br />
Based on 2009‟s figures of 26% of nearly 88 million Vietnamese are urban<br />
dwelling. With the majority of the population also quite young, consumer<br />
demand will lead to growth in prices including demand for housing.<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Whole Country<br />
Red River Delta<br />
Northern Midlands and Mountain Areas<br />
North Central Area and Central Coastal<br />
ARea<br />
Central Highlands<br />
South East<br />
Mekong River Delta<br />
Source: (General Statistics Office of Vietnam)<br />
Vietnam<br />
Market
$100,000<br />
$80,000<br />
$60,000<br />
$40,000<br />
$20,000<br />
$-<br />
VIETNAM – FOREIGN DIRECT INVESTMENT<br />
Executive<br />
Summary<br />
FDI Registered Capital by Industry (Last 20 years)<br />
Construction Transport; storage and<br />
communications<br />
Real Estate has seen more FDI inflow aside from<br />
multinational investment in building out<br />
manufacturing capacity<br />
Real Estate<br />
Overview<br />
Mining and quarrying Hotels and restaurants Real estate; renting<br />
activities<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market<br />
Manufacturing<br />
Source: (General Statistics Office of Vietnam)
VIETNAM – GENERAL ECONOMIC GROWTH<br />
Strong <strong>project</strong>ed economic growth coupled with rising inflation, and a recently<br />
devalued currency have created inflation concerns as prices continue to rise.<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
Executive<br />
Summary<br />
VIETNAM – INFLATION & PRICING<br />
Population growth, FDI growth, and a weakening VND have led inflationary<br />
pressure that have materially raised the price of housing over the last year.<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
VIETNAM – INFRASTRUCTURE DEVELOPMENT<br />
� General<br />
� Expectation for $23B USD committed to Infrastructure through 2020<br />
� Less than 40% of <strong>project</strong>ed funds from Government resources<br />
� Transportation<br />
� Vietnam has 93,300 kilometers of highways, 25% are paved<br />
� Plans to develop 6,000km of expressways by 2025<br />
� Power<br />
� Ninh Thuan nuclear plant, a 2,000 megawatt facility<br />
� Bin Thuan coal-fired plant, a 600 megawatt facility<br />
� Construction<br />
� Public Private Partnerships (PPP‟s) by highlighting <strong>project</strong>s most likely to<br />
meet quick approval and provide highest returns to finance providers<br />
Government investment emphasis on continued infrastructure development to<br />
create baseline for continued development of major urban areas<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
Executive<br />
Summary<br />
VIETNAM – REGULATORY ENVIRONMENT<br />
� Circular 16<br />
� Provides increased clarity into approval process and required steps taken to<br />
achieve approval<br />
� Steps clearly outlined requirements for formal house purchasing contracts<br />
� Decree 71<br />
� Above a certain size, every development <strong>project</strong> requires Prime Minister approval.<br />
� Construction timeline by requiring the foundation of the structure to be in place<br />
prior to receiving capital contribution<br />
� Only strict pre-approved forms of funding from pre-approved organizations allowed<br />
to partake in these <strong>project</strong>s<br />
� Law 48<br />
� Cases of tax exemption with a view to promoting investment and developing the<br />
national economy. Will apply to land of investment <strong>project</strong>s in sectors in which<br />
investment is specially encouraged,<br />
Vietnamese regulation is driven toward improving transparency and creating<br />
clarity to help continue driving demand and growing the real estate market<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
Relative Performance<br />
125.0%<br />
100.0%<br />
75.0%<br />
50.0%<br />
25.0%<br />
0.0%<br />
-25.0%<br />
-50.0%<br />
-75.0%<br />
VIETNAM – STOCK MARKET RELATIONSHIPS<br />
Trendlines of Ho Chi Minh stocks, by industry, show similar directional movement<br />
from all industries. The growth of an individual component is a factor of the<br />
growth of the Vietnamese market overall.<br />
Executive<br />
Summary<br />
Performance Q1 2008 thru Q4 2010 by industry<br />
Q1-'08 Q2-'08 Q3-'08 Q4-'08 Q1-'09 Q2-'09 Q3-'09 Q4-'09 Q1-'10 Q2-'10 Q3-'10 Q4-'10<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market<br />
Automobile & Parts<br />
Banking & Fin Services<br />
Chemicals<br />
Construction Materials<br />
Distribution & Transport<br />
Food & Drink<br />
Elec tric & Electronics Equipment<br />
Electricity<br />
Household Equipment<br />
Industrial Metals & Mining<br />
Oil & Gas Equip, Services, & Distribution<br />
Oil & Gas Production<br />
Construction & Engineering<br />
Paper & Wood Products<br />
Personal Manufacturing (Clothing)<br />
Pharmacy & Biotech<br />
Real Estate<br />
Tourism & Entertainment
Correlation<br />
100.0%<br />
VIETNAM – STOCK MARKET RELATIONSHIPS<br />
80.0%<br />
60.0%<br />
40.0%<br />
20.0%<br />
0.0%<br />
Correlations became pronounced on a quarterly basis. Smoother trends of a quarterby-quarter<br />
comparison highlight the similar directionality of the industries, but<br />
weekly correlations highlight the relative volatility of some industries.<br />
Executive<br />
Summary<br />
Quarterly and Weekly Relative Return Correlations to Real Estate<br />
Stocks<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
Qtrly Weekly<br />
China<br />
Market<br />
Vietnam<br />
Market
Infrastructure & RE Relatedness<br />
VIETNAM – STOCK MARKET RELATIONSHIPS<br />
Unexpectedly low<br />
relative correlation<br />
Executive<br />
Summary<br />
Relative Correlation Compared to<br />
Expected Relatedness Factors<br />
Consumerism Relatedness<br />
Real Estate<br />
Overview<br />
Unexpectedly high<br />
relative correlation<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Electric & Electronics Equipment<br />
Construction & Engineering<br />
Construction Materials<br />
Distribution & Transport<br />
Oil & Gas Equip, Services, & Distribution<br />
Paper & Wood Products<br />
Chemicals<br />
Personal Manufacturing (Clothing)<br />
Household Equipment<br />
Banking & Fin Services<br />
Food & Drink<br />
Electricity<br />
Industrial Metals & Mining<br />
Automobile & Parts<br />
Pharmacy & Biotech<br />
Oil & Gas Production<br />
Vietnam<br />
Market
� Financial Access<br />
Executive<br />
Summary<br />
VIETNAM – KEY TAKEAWAYS<br />
� Vietnamese population‟s banking mindset creates a lack of deposits for bank lending<br />
purposes<br />
� Equity component often derived from gold or cash investment<br />
� Expensive bank debt and high equity requirements limit the number of potential owners<br />
� Infrastructure<br />
� Lack of infrastructure has limited concentrated development efforts<br />
� Government Involvement<br />
� Vietnamese Government is pushing urbanization and growth efforts<br />
� Vietnamese Government efforts to maintain rental rates despite growing vacancy rates<br />
raises concern for forced growth without underlying demand<br />
� Vietnam has a cultural deference to property -rights, making it harder to clear land for<br />
development purposes<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
VIETNAM – MANAGING GROWTH GOING FORWARD<br />
� Financial Access<br />
� New methods of financing <strong>project</strong>s can create sustainable capital inflows<br />
� Infrastructure<br />
� Safest investments in Vietnam may be infrastructure – Public-Private Partnerships with<br />
government ensure demand for <strong>project</strong>s and this long -term “backbone” work is necessary<br />
for overall national development<br />
� Government Involvement<br />
� Government should seek measures to curb speculative construction while encouraging<br />
ownership and use<br />
� Government must be mindful of all the levers it uses (fiscal and monetary policy) so as to<br />
encourage only stable, demand-based growth<br />
� Take lessons from US Savings & Loan crises as well as the latest economic meltdown<br />
– lose monetary policy may lead to short-term explosive growth, but has serious<br />
consequences<br />
� Government needs to move to document and make explicit FDI encouragement to<br />
minimize risks of Vietnamese land use<br />
� Investment Considerations<br />
� Infrastructure and Affordable Housing are areas of growing demand<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
THANK YOU<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
APPENDIX<br />
U.S.<br />
Market<br />
China<br />
Market<br />
Vietnam<br />
Market
Supply Factors<br />
Availability and Cost of:<br />
Construction Activity<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
SUPPLY<br />
U.S.<br />
Market<br />
APPENDIX<br />
China<br />
Market<br />
Labor<br />
Land<br />
Building<br />
Materials<br />
Vietnam<br />
Market
Demand Factors<br />
•Demographics<br />
•Income & GDP<br />
•Price of Real Estate<br />
•Cost & Availability of Credit<br />
•Consumer Preference<br />
•Investor Preference<br />
•Substitutes & Compliments<br />
•Interest Rates<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
DEMAND<br />
Major Demographic<br />
Variables<br />
Population Size<br />
Population<br />
Growth<br />
U.S.<br />
Market<br />
APPENDIX<br />
China<br />
Market<br />
Demographic Size<br />
Factors<br />
•Family Size<br />
•Age Composition<br />
•Immigration &<br />
Emigration<br />
•Non Family versus<br />
Family Household Trends<br />
•Death Rates<br />
•Divorce Rates &<br />
Marriage Rates<br />
•Lifestyle Preferences<br />
Vietnam<br />
Market
UNIQUE SUPPLY AND DEMAND CHARACTERISTICS<br />
Unique to Real Estate<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
� Product Life Cycle<br />
� Long Usage, Renovation of Existing Stock<br />
� Time to Market<br />
� Construction Lag Times<br />
� Heterogeneity<br />
� No two pieces of real estate are identical<br />
� Asymmetric Information<br />
� Possessors have more information<br />
� High Transaction Costs<br />
� Inhibits free flow of trade – barrier to<br />
entry<br />
� Multiple Uses<br />
� Investment versus Consumer Good<br />
� Immobility<br />
� Location Externality Effects<br />
U.S.<br />
Market<br />
APPENDIX<br />
China<br />
Market<br />
Vietnam<br />
Market
MACROECONOMIC INDICATORS AND THE PRICE OF REAL<br />
Indicator<br />
Gross Domestic Product Positive<br />
Interest Rates Inverse<br />
Exchange Rates Inverse<br />
Gold Positive<br />
Economic Relationships<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
ESTATE<br />
Relationship<br />
(ceteris paribus) Comments<br />
U.S.<br />
Market<br />
APPENDIX<br />
Firms expand and drive up<br />
demand, supply lags to respond<br />
Raises cost of capital, which<br />
raises the discount rate and<br />
lowers NPV of an investment<br />
If currency depreciates, foreign<br />
investors drive up domestic real<br />
estate prices<br />
Gold prices usually move in<br />
tandem with real estate, but are<br />
lagged<br />
China<br />
Market<br />
Vietnam<br />
Market
ECONOMIC EFFECTS OF DECLINING REAL ESTATE<br />
Decline in<br />
Real<br />
Estate<br />
Sales<br />
Executive<br />
Summary<br />
Decline in<br />
Real<br />
Estate<br />
Prices<br />
Economic Relationships<br />
Real Estate<br />
Overview<br />
Reduction<br />
In Home<br />
Values<br />
PRICES<br />
Reduction<br />
In Home<br />
Equity<br />
Loans<br />
U.S.<br />
Market<br />
Further Income<br />
Reduction<br />
APPENDIX<br />
A Decline in Real Estate Sales can lead to a<br />
reduction in consumer spending. The best<br />
way to prevent a spiraling effect is if the<br />
government can reduce interest rates<br />
China<br />
Market<br />
Reduction<br />
in<br />
Consumer<br />
Spending<br />
Vietnam<br />
Market<br />
Increased<br />
Unemployment
Executive<br />
Summary<br />
VIETNAM – RESIDENTIAL PROFILE<br />
� Leasing<br />
� Overall: Lower Rental Rates<br />
(more competitive pricing)<br />
with Higher Occupancies<br />
� Absorption will gradually<br />
recover as demand slowly<br />
grows<br />
� Rental Rates will remain<br />
stable<br />
� For Sale<br />
� Near term available supply<br />
predominantly not in inner<br />
district of HCM<br />
� Glut of new to market lower<br />
quality supply provide<br />
opportunity for affordable<br />
housing buyer<br />
Vietnam Residential market should see slower near term growth versus other asset classes as<br />
absorption of existing supply picks up and higher quality development becomes available<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
APPENDIX<br />
China<br />
Market<br />
Vietnam<br />
Market
� Hotel<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
VIETNAM – HOTEL<br />
� Tourism up 38% in August 2010 from last year (approx. 430,000 international<br />
visitors)<br />
� Estimated Annual Number of International Visitors is 5 million<br />
� No new hotels in operation in the third quarter (3 to 5 stars)<br />
U.S.<br />
Market<br />
APPENDIX<br />
China<br />
Market<br />
Vietnam Hotel market<br />
has seen stable REVPAR<br />
which is a positive<br />
indicator given general<br />
slowness of Q3 in<br />
tourism activity<br />
Vietnam<br />
Market
� Office<br />
� Overall: Absorption is growing<br />
while rents are declining<br />
� Grade A office space rents<br />
decreased to US$36.70psm per<br />
month<br />
� Grade B and C office space rents<br />
saw increase in 3 rd quarter 2010<br />
(first since ‟09)<br />
� 63,180 sm of Grade B and C<br />
buildings came on line in the 3 rd<br />
quarter 2010<br />
� Vacancy Rate declined to 13.4%<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
VIETNAM – OFFICE<br />
Vietnam office market vacancy rates have climbed as a result of the longer rent roll<br />
involved in office leases. Yet, continued emphasis on industry sector development<br />
could create quick rebound in $ paid psf<br />
U.S.<br />
Market<br />
APPENDIX<br />
China<br />
Market<br />
Vietnam<br />
Market
Executive<br />
Summary<br />
CHINA REAL ESTATE SWOT ANALYSIS<br />
Opportunities<br />
•Gov‟t promoting low-cost housing<br />
•Money made from stock rise<br />
make funnel to real estate<br />
•Foreign inflows continuing<br />
Real Estate<br />
Overview<br />
Strengths<br />
•Population urbanization<br />
•Gov‟t trying to reduce corruption<br />
•Lending to developers and home<br />
owners easily available<br />
Weaknesses<br />
•Poor labor conditions<br />
•Guanxi – corruption still exists<br />
•Difficult for foreign developers to<br />
compete<br />
U.S.<br />
Market<br />
APPENDIX<br />
China<br />
Market<br />
Threats<br />
•Construction workers protesting<br />
against poor conditions<br />
•No guarantee of foreign money<br />
•Shortage of construction material<br />
Vietnam<br />
Market
China<br />
� Currently in boom years<br />
� Keeping currency<br />
undervalued<br />
� Considered a „state<br />
capitalist‟ – government<br />
controls investing in „pillar<br />
industries‟<br />
� Savings used for capital<br />
investment<br />
� Government does not want<br />
real estate to be considered<br />
a pillar industry<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
CHINA VS. JAPAN<br />
Is China facing a similar real estate bubble to that in<br />
Japan in the 1970s ?<br />
U.S.<br />
Market<br />
APPENDIX<br />
Japan<br />
� Boom years occurred in<br />
the „50s through „70s<br />
� Kept currency<br />
undervalued<br />
� Was considered a „state<br />
capitalist‟ – government<br />
controlled lending<br />
practices<br />
� Large amount of savings<br />
used for capital<br />
investment<br />
China<br />
Market<br />
Vietnam<br />
Market
Picture: Population Density<br />
VIETNAM – POPULATION CONCENTRATION<br />
Executive<br />
Summary<br />
Real Estate<br />
Overview<br />
Though only roughly ¼ of the population was urban<br />
dwelling as of 2009, the Government is focusing<br />
efforts on infrastructure development to encourage<br />
increased urbanization of the population.<br />
We expect this to have strong effects on the demand<br />
for both infrastructure development <strong>project</strong>s (often<br />
Public Private Partnerships) as well as increased<br />
residential and commercial developments at these<br />
central population hubs.<br />
U.S.<br />
Market<br />
APPENDIX<br />
China<br />
Market<br />
Vietnam<br />
Market
Executive<br />
Summary<br />
SOURCES: SHEET 1 OF 4<br />
A New Property Bubbly? (2009 йил June). <strong>Business</strong> Monitor International .<br />
Amadeo, K. (n.d.). How Does Real Estate Affect the U.S. Economy. Retrieved 2011 йил 5-February from<br />
http://useconomy.about.com/od/grossdomesticproduct/f/Real_estate_faq.htm<br />
American Chamber of Commerce in Vietnam. (2011 йил 11-February ). Vietnam devalues currency as inflation bites; Vietnam must tackle inflation:<br />
IMF says. Retrieved 2011 йил 16-February from American Chanber of Commerce in Vietnam: Ho Chi Minh City Chapter:<br />
http://www.amchamvietnam.com/?id=4300<br />
Barriaux, M. (2011 йил 18-02). Associated Foreign Press. From China to raise banks' reserve requirement ratio:<br />
http://www.google.com/hostednews/afp/article/ALeqM5iNJvZD1BgO1wORXKz2gdtS26PsIg?docId=CNG.723f734402a43f6ec2ae31bfc78e3d68.501<br />
Bhaskar, Gopalan, Yadav, & Kiesn. (2010 йил 1-January). Commercial Real Estate: A Drag for Some Banks but Maybe Not for U.S. Economy. Retrieved<br />
2010 йил December from All<strong>Business</strong>: http://www.allbusiness.com/banking-finance/banking-lending-credit-services-mortgage/13877885-1.html<br />
Blanchard, B., & Xin, Z. (2010 йил 25-December). China fights inflation with Christmas rate rise. Retrieved 2011 йил January from Reuters:<br />
http://www.reuters.com/article/2010/12/25/us-china-economy-rates-idUSTRE6BO09H20101225<br />
Bloomberg News. (2011 йил 31-January). Chia's Housing Market Nears U.S., Japan Bubble Levels: Chart of the Day. From Bloomberg News:<br />
http://www.bloomberg.com/news/2011-01-31/china-s-housing-market-nears-u-s-japan-bubble-levels-chart-of-the-day.html<br />
Bloomberg News. (2011 йил 8-February ). China Raises Rates to Counter Accelerating Inflation. Retrieved 2011 йил February from Bloomberg News:<br />
http://www.bloomberg.com/news/2011-02-08/china-raises-benchmark-one-year-deposit-lending-rates-by-25-basis-points.html<br />
BMI. (2011). China: Real Estate Report: Q1 2011. <strong>Business</strong> Monitor International.<br />
<strong>Business</strong> China. (2010 йил 9-November). China's FDI to Top $420 bln in 2006-2010. From 21cbh: http://en.21cbh.com/HTML/2010-11-9/China-FDI-<br />
2nd.html<br />
<strong>Business</strong> Monitor International. (2010). New Construction market report: "Vietnam Infrastructure Report Q4 2010". Retrieved 2011 йил 20-February<br />
from http://www.prlog.org/10893793-new-market-study-vietnam-infrastructure-report-q4-2010-has-been-published.html<br />
Cash Flow into Real Estate Market and Gold Hoarding Worrisome. (2010 йил 7-December). Retrieved 2010 йил 15-December from Vietnam Banking<br />
Finance News: http://www.vietfinancenews.com/2010/12/cash-flow-into-real-estate-market-and.html<br />
China Economic Net. (2010 йил 24-December). Real Estate should not be pillar industry. Retrieved 2011 йил February from China Economic Net:<br />
http://en.ce.cn/Industries/Property/201012/24/t20101224_22082943.shtml<br />
ChinaTimes. (2011 йил 27-January ). How China's Local Government Rigs the Land-use Game. From Want ChinaTimes:<br />
http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20110127000167&cid=1102<br />
Decree Eases Road to Home-Ownership. (2007 йил 18-October). Retrieved 2010 йил 1-December from VietnamNet Bridge:<br />
http://english.vietnamnet.vn/social/2007/10/750088/<br />
Decree on Implementation of the Law on Residential Housing of Vietnam. (2010 йил 20-July). Mayer Brown JSM.<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
APPENDIX<br />
China<br />
Market<br />
Vietnam<br />
Market
Executive<br />
Summary<br />
SOURCES: SHEET 2 OF 4<br />
Developers Unhappy over New Fees. (2010 йил 21-August). Retrieved 2010 йил 15-December from Vietnam <strong>Business</strong> News:<br />
http://vietnambusiness.asia/developers-unhappy-over-new-fees/<br />
(October/November 2010). Economic Pulse: A Report on the Asia Pacific Economy and Its Impact on Commercial Real Estata. Cushman & Wakefield.<br />
ERisk. (n.d.). From http://www.erisk.com/learning/casestudies/ussavingsloancrisis.asp<br />
Financial Intermediation Function. (2010). Quaterly Summary of Banking Statistics: Third Quater 2010. New York: Federal Reserve Bank of New York.<br />
FT.com. (n.d.). Inflation Fears as Vietnam Devalues Dong. From http://www.ft.com/cms/s/0/233c8170-35a1-11e0-b67c-<br />
00144feabdc0.html#axzz1E5PjXDpM<br />
Fung, E. (2011). UPDATE: China Real-Estate Tax Seen As Mild But Part of Broader Effort. The Wall Street Journal .<br />
General Statistics Office of Vietnam. (n.d.). Retrieved 2011 йил 10-January from http://www.gso.gov.vn/<br />
<strong>Global</strong> Property Guide. (2010 йил 18-February). China may be at a tipping point - danger signals red! Retrieved 2011 йил January from <strong>Global</strong> Property<br />
Guide: http://www.globalpropertyguide.com/Asia/China/Rental-Yields<br />
Habitat International Coalition. (2011). China's Land Law: An Overveiw. Finance Asia.<br />
Italian Institute for Foreign Trade. (2009). Vietnam - Infrastructure development in Ho Chi Minh City. Italian Institute for Foreign Trade.<br />
Katz, A. (2008 йил 15-10). Gold's Relationship with Real Estate . Retrieved 2011 йил 21-2 from Seeking Alpha: http://seekingalpha.com/article/99979gold-s-relationship-with-real-estate<br />
Lynn, D. J. (2010). Emerging Market Real Estate Investment: Investing in China, India, and Brazil. New Jersey: John Wiley & Sons, Inc.<br />
Lynn, D., & Wang, T. (2010). Emerging Market Real Estate Investment: Investing in China, India, and Brazil. Hoboken, NJ: John Wiley & Sons, Inc.<br />
(Q3 2010). Market Insights from CBRE's HCMC Quarterly Report . CB Richard Ellis (Vietnam) Co., Ltd.<br />
(Q3 2010). MarketBeat: HCMC Hotel Report. Cushman & Wakefield.<br />
(3Q 2010). MarketBeat: HCMC Residential for Sale Report. Cushman & Wakefield.<br />
(3Q 2010). MarketBeat: HCMC Residential Leasing Report. Cushman & Wakefield.<br />
Mayer-Brown JSM. (2010). Decree on Implementation of the Law on Residential Housing of Vietnam. Mayor Brown LLP.<br />
Mayer-Brown JSM. (2010 йил 19-July). Vietnam: New Law on Non-agricultural Land Use Tax. Retrieved 2010 йил December from Mondaq:<br />
http://www.mondaq.com/article.asp?articleid=105712<br />
Monetary and Capital Markets and Western Hemisphere Departments. (2010). Financial System Stability Assessment. International Monetary Fund.<br />
Muth, R. (1960). "The demand for non-farming housing", in A.C. Harberger, ed., The demand for durable goods. Chicago, United States of America:<br />
University of Chicago Press.<br />
NAIOP. (2010). The Contribution of Office, Industrial and Retail Development and Construction to the U.S. Economy. McGraw_Hill Construction.<br />
Nollen, S. (2010). Monetary Policy. Class Briefing Notes . Georgetown University.<br />
Real Estate Economics. (n.d.). Retrieved 2011 йил 8-February from Wikipedia.org: http://en.wikipedia.org/wiki/Real_estate_economics<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
APPENDIX<br />
China<br />
Market<br />
Vietnam<br />
Market
Executive<br />
Summary<br />
SOURCES: SHEET 3 OF 4<br />
Real Estate Sector Seeks New Rules. (2010 йил 04-June). Retrieved 2010 йил 1-December from Vietbiz24: All Finance & <strong>Business</strong>:<br />
http://www.vietbiz24.com/Real_estate_sector_seeks_new_rules-14404.aspx<br />
(2010). Realty decoded: Investing across borders. Ernst & Young.<br />
Renaud, K. M. (2000). Asia's Financial Crisis and the Role of Real Estate.<br />
Reuters. (2010 йил 20-December). China Taps Brakes, Again, on Soaring Land Prices. Retrieved 2011 йил January from CNBC:<br />
http://www.cnbc.com/id/40745856/<br />
Schuman, M. (2011 йил 14-February ). Is China facing a Japanese future? Retrieved 2011 йил February from Time CNN:<br />
http://curiouscapitalist.blogs.time.com/2011/02/14/is-china-facing-a-japanese-future/<br />
Schweser. (2009). Alternative Asset Valuation (CFA Level II Book 4). Kaplan.<br />
Sirmans, F. a. (n.d.). Reri.org. From The Role of Commercial Real Estate in a Multi-Asset Portfolio: http://www.reri.org/research/abstract_pdf/wp12.pdf<br />
TBKTSG. (2010 йил 17-December). Vietnam Real Estate Prices to Continue to See Rise in the Next 10 Years. Retrieved 2010 йил 15-December from<br />
Vietnam <strong>Business</strong> News: http://vietnambusiness.asia/vietnam-real-estate-prices-to-continue-to-see-rise-in-the-next-10-years-thien/<br />
The Straits Times. (2011 йил 8-January). China land sales up 70% in 2010. Retrieved 2011 йил January from The Straits Times:<br />
http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_622009.html<br />
Trade, I. I. (2009 йил May). Vietnam: Infrastructure Development in Ho Chi Minh City. Retrieved 2011 йил 15-February from<br />
http://www.ice.gov.it/paesi/asia/vietnam/upload/198/0905%20Vietnam%20-<br />
%20Infrastructure%20development%20in%20Ho%20Chi%20Minh%20City.pdf<br />
Tu, D. (2011 йил 26-January). Laws change propery sector. Retrieved 2011 йил 10-February from Uni Bros: http://www.unibros.com/en/news.php/laws_change_property_sector/id=16618/cid=2<br />
Tuan, L. (2010 йил 17-Novermber). Untie Real Estate Market. Retrieved 2010 йил December from Vietnam <strong>Business</strong> Forum:<br />
http://www.vccinews.com/news_detail.asp?news_id=22027<br />
USAID. (2009). Country Health Statistical Report - Vietnam. United States, USAID, Washington.<br />
VCCI. (2011 йил 12-February). Real Estate Market 2011: investors unlikely to cause major changes. Retrieved 2011 йил February from Vietnam <strong>Business</strong><br />
News: http://vietnambusiness.asia/real-estate-market-2011-investors-unlikely-to-cause-major-changes/<br />
Vietnam - Infrastructure, power, and communications. (2000). Retrieved 2011 йил January from Encyclopedia of the Nations:<br />
http://www.nationsencyclopedia.com/economies/Asia-and-the-Pacific/Vietnam-INFRASTRUCTURE-POWER-AND-COMMUNICATIONS.html<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
APPENDIX<br />
China<br />
Market<br />
Vietnam<br />
Market
Executive<br />
Summary<br />
SOURCES: SHEET 4 OF 4<br />
Vietnam Banking Finance News. (2011 йил 15-February). Experts warn of mixed impact of VND devaluation. Retrieved 2011 йил 16-February from<br />
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(2010). Vietnam: 2010 Article IV Consultation - Staff Report and Public Information Notice. International Monetary Fund.<br />
Vietnam: New Law on Non-agricultural Land Use Tax. (2010 йил 19-July). Retrieved 2010 йил 15-December from Mayer Brown JSM:<br />
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VietnamNet Bridge. (2001 йил 18-October). Decree eases road to home-ownership. Retrieved 2010 йил December from Viet Nam News:<br />
http://english.vitnamnet.vn/social/2007/10/750088/<br />
Vietnews. (2011, February 21). Vietnam devaluation negative for banks: Moody's. Retrieved February 23, 2011, from Vietnews:<br />
http://www.dztimes.net/post/business/vietnam-devaluation-negative-for-banks-moody-s.aspx<br />
Vietpartners. (2010). BMI View on FDI Attractiveness of VIetnam in year 2011. Retrieved 2011 йил February from Vietpartners:<br />
http://www.vietpartners.com/statistic-fdi.htm<br />
VNEconomyNews.com. (2011 йил 23-January). Laws change property sector. Retrieved 2011 йил 31-January from Vietnam <strong>Business</strong> & Economy News:<br />
http://www.vneconomynews.com/2011/01/laws-change-property-sector.html<br />
VNS. (2010 йил 21-August). Developers unhappy over new fees. Retrieved 2010 йил December from Vietnam <strong>Business</strong> News:<br />
http://vietnambusiness.asia/developers-unhappy-over-new-fees/<br />
Wachter, S. M. (2004). The Role of Speculation in Real Estate Cycles. Madison, WI: The Center for Urban Land Economics Research.<br />
Wang, H., & Wang, Y. (2011 йил 29-January). Property tax aimed at cooling hot SHanghai residential market. Retrieved 2011 йил February from China<br />
Daily: http://shandong.chinadaily.com.cn/cndy/2011-01/29/content_11936567.htm<br />
Wang, L. a. (2010). Emerging Market Real Estate Investment. In L. a. Wang, Emerging Market Real Estate Investment (pp. 19,20). Hoboken: John Wiley &<br />
Sons.<br />
Wichita Kansas. (n.d.). US bank regulators warn on commercial real estate. Retrieved 2011 йил January from Wichita Kansas: http://wichita.comkansas.com/us-bank-regulators-warn-on-commercial-real-estate.html<br />
Woolsey. (2008 йил 10-07). From Top U.S. Real Estate Markets For Investment: http://www.forbes.com/2008/07/10/american-cities-investmentsforbeslife-cx_mw_0710realestate.html<br />
World Bank. (2010, 12 13). Retrieved 12 18, 2010, from Taking Stock: An Update on Vietnam's Recent Economic Development:<br />
http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/EASTASIAPACIFICEXT/VIETNAMEXTN/0,,contentMDK:22229235~pagePK:1497618~piPK:217<br />
854~theSitePK:387565,00.html<br />
WorldAtlas.com. (2010, 12 15). www.WorldAtlas.com. Retrieved from http://www.worldatlas.com/webimage/countrys/asia/vn.htm<br />
Yuan. (2011, 1 18). Retrieved 2 2011, from 2010 FDI in China Tops US$ 100 Bln: http://english.caing.com/2011-01-18/100218277.html<br />
Real Estate<br />
Overview<br />
U.S.<br />
Market<br />
APPENDIX<br />
China<br />
Market<br />
Vietnam<br />
Market
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