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Stop Tinkering and State Integrating
We continue to suffer profound institutional gaps on the local, national
and international levels – especially in the areas of property rights,
access to credit and effective governance. I attended the CIPE Democracy that Delivers for Entrepreneurs
conference in Chicago on April 9-10 and shared views with thought
leaders from Egypt, Kenya, Lebanon, Pakistan, the Philippines and
Venezuela. While it may seem that citizens in such developing economies
suffer more from institutional paralysis, the pain felt by the local
start-up dealing with banks, bureaucracy and back room deals is just as
real and just as prevalent on the south and west sides of Chicago.
Keeping Score: Property Market System Analysis
I am 38,000 feet over Hartford, CT on my way home from St.
Petersburg, Russia and the FIABCI World Congress. This time of year
everyone is asking, "Did you catch the game last night?” Depending on
your city and allegiances this can be a tricky question. Are we talking
about hockey, basketball or baseball (soccer anyone)? At the many bars
that rely on the income of sports fans during these times of year,
everyone wants to know the score. Conversation, catching the bar
tender’s eye and other distractions can be resolved with a quick glance
at one of the many screens to check the score.
Who’s ahead in stabilizing their real estate and capital markets
after the global financial crisis? Who’s attracting more foreign
investment as the European markets continue to struggle. Which countries
will be the next BRICS? Who’s keeping score?
System Shocks and Property Market Institutions: China Property Market Reform
I first traveled to China in 2001 not long after the real estate reforms
of 1999 to help build professional real estate services there. China
was committed to moving to more privatization of its real estate markets
and there was a great desire to replicate – often uncritically – the
success of U.S. property markets. It was quite a different world on my
recent trip to China to attend an expert roundtable held earlier this
month by the Unirule Institute of Economics at Renmin University in Beijing on the findings of the International Property Markets Scorecard.