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					Influence & Impact of International

 Investors in the US and Foreign

 Commercial Real Estate Markets

          Moderator: Gail L. Mead,
               CCIM, CIPS
               RMVS/VALX
             Manfred is a Native German
         CEO of Manhelm International, LLC,
an international real estate investment and consulting
                  firm with offices in:

   USA-Canada-Ireland-UK-Germany-South Africa
       Colorado, Texas, Arizona and Florida
               www.manhelm.com
                 Globalization


• The movement of countries, companies, goods
  and people toward a single market environment
• The world is flat and getting smaller and
  smaller
• Buy low sell high on local, national and global
  level now
• Global opportunity is coming to us here in Texas
  and all across the US
Foreign-born living in the USA
                                     43.4m
    40
    35
    30
    25      38%                            West
    20                         28%         Midwest
    15                                     Northeast
                        23%                South
    10
     5            11%
     0
                  Percentage
                                      US Census Bureau 2000
Growth of foreign-born in US

• Population in (1990)    248,709,873
• Population in (2000)    281,421,906
                                              13%
• Foreign Born (1990)
                          19,767,316
• Foreign Born (2000)
                          31,107,889

• An increase of 11,341,000
                                        57%
Percentage Distribution of Foreign-born
living in USA



 •   Latin America      52%
 •   Asia               26%
 •   Europe             16%
 •   North America       2%
 •   Africa & Oceania    3%
Growth of foreign-born in Texas

• Population in TX (1990)         16,986,510
• Population in TX (2002)         20,051,820

• Foreign Born (1990)                           18%
                             1,524,436
• Foreign Born (2002)
                             2,995,000

• An increase of 1,470,564
                                          96%
    Percentage Distribution of Foreign-born living in
    Texas



•   Latin America           74.9%
•   Asia                    16.1%
•   Europe                   5.3%
•   North America            1.3%
•   Africa & Oceania         2.4%
   Foreign Investment in the USA
• According to NAR and other Economists
• 60% of all real estate clients in the next 10 years
  will be immigrants, 1st generation children of
  immigrants and international clients.
• You can not afford to overlook 40-60% of your
  potential future business!!
   Cultural Implications on Investments and
             Purchases in the USA
• The buying power of Hispanics, African Americans,
  Asians and Middle Easterners is growing rapidly.
• They currently spend over $2 trillion annually.
  According to the University of Georgia's Selig
  Center for Economic Growth.
• $200 billion spent by the large influx of South
  Asians from India and Pakistan, Korea and Vietnam
• 20 cents of every dollar expended in this country is
  spent by minorities.
Percentage Change in Buying Power

                  Percentage Change in Buying Power

                 50
                 40
    Percentage




                 30                                      2004
                 20                                      2009
                 10
                 0
                      White   Black   Hispanic   Asian
     Overseas
Real Estate Investors
 Set Sights on U.S.
   Foreign Investment in the USA

• 2 out of 5 Real Estate transactions involve
  some international or cultural component
• $1 out of $3 in US RE loans has foreign origin
• $3.4 out of $10 in residential loans
• $3.3 out of $10 in commercial loans
  Real Estate Investments World Wide
                   (2006 AFIRE Annual Survey)


• First Bullet Point
   – Second Bullet Point
      • Third Bullet Point
    F D I Foreign Direct Investment in
      US Real Estate 2004 - 2006
• $ 49 Billion of foreign direct investment in
  commercial real estate in the US in 2004.
• $ 52 Billion of foreign direct investment in
  commercial real estate in the US in 2005.
• $ 56 Billion of foreign direct investment in
  commercial real estate in the US in 2006.
• $ 62 Billion on residential real estate purchases in 2005.
• $ 68 Billion on residential real estate purchases in 2006
      Why Invest in the United States?
      Second Homes and Commercial
•   Security and Life Style   • Diversification
•   Quality Properties!       • Owner’s rights
•   Hedge for the future      • Private Property
•   Currency exchange         • Rights
•   Residency and             • Technology
•   Citizenship               • Transparency
•   Solid returns             • and Value
Most Stable and Secure Investments
           (2006 AFIRE Annual Survey)
Capital Appreciation
   (2004 AFIRE Annual Survey)
Currency Exchange
       Why Invest in the U.S.?

• Euro vs. U.S. Dollar      1 = 1.37 US$
• Pound vs. Dollar          1 = 2.01 US$
• Invest in Canada, eh?
• US Dollar vs. Canadian Dollar US$1 = 1.02
• as of 09/01/2007
• Visit www.xe.com for exchange rates
       Why Invest in the U.S.?

• Euro vs. U.S. Dollar      1 = 1.45 US$
• Pound vs. Dollar          1 = 2.03 US$
• Invest in Canada, eh?
• US Dollar vs. Canadian Dollar US$1.03 = 1.00
• as of 10/19/2007
• Visit www.xe.com for exchange rates
     Currency Exchange Sites
• Currency Exchange:
• http://www.xe.com
• Currency Converter:
  http://www.gocurrency.com/
• Currency Trading:    http://www.fxcm.com
• Currency Trends:
  http://www.oanda.com/convert/classic?user
  =onlineconversion&lang=en
Who are the Buyers?
   (2006 AFIRE Annual Survey)
       Who are the Buyers?

•Australian Funds
Limited domestic investment opportunities
Seek stable, annuity-style returns
Prefer JV with US operating companies
Strong Development Activities in Texas,
Colorado, looking to expand to other areas
of the US.
       Who are the Buyers?

DB RREEF, an Australian real estate trust
bought 11 industrial buildings totaling just
over one million square feet in San Antonio
and Schertz in August 2007.
They plan to build 14 new buildings
 in the next 2 years totaling an additional
 2 Million square feet.
        Who are the Buyers?

•   German Funds
  Legislative changes increased the amount
  Germans can invest outside the EU.
  They seek secure investments, long term
  leases, AAA anchor tenants
• German Banks, Investment Fonds, High
   Net worth Individuals and Groups.
      Who are the Buyers?


• British Funds
Due to the currency play: dollar still cheap
compared to the British pound, almost 2:1
investors feel they are getting more
for their money.
Traditional Investors in the USA.
        Who are the Buyers?

•   Irish Investment Groups
•   Irish Banks
•   High Networth Individuals and
•   Investment Groups.
•   Several Groups looking to invest
    $140-600,000,000
     Who are the Buyers?
• Israeli Funds
  Government recently relaxed restrictions
  that now permit Israeli funds to invest up
  to 20% of their assets overseas
  compared to 5% previously
  Main interest in USA and Germany Seek
  value-added opportunities, particularly
  in the New York, Florida, California,
  Colorado, Georgia and German Markets
    Who are the Buyers?
• U.A.E. and Saudi Arabia
  Want to diversify their Economies.
   Less dependence on Oil Income.
   Oil was 85-95% of income
   10-15 years ago
   Now down to 35-45 %
   Main interest in Europe, and USA
    Who are the Buyers?
• U.A.E. and Saudi Arabia
  Seek income producing and long term
   steady appreciating assets.
   Opportunities, particularly in Colorado,
   New York, Florida, California, Texas,
   Georgia.
No Hotel purchases
        Who are the Buyers?
• U.A.E. and the Kingdom of Saudi Arabia
KSA Investing $2-6 Billion over the next 5 years.
Dubai group bought $1 billion portfolio in
 March 2005
Dubai made $100 million investment in
 Colorado in 2006
Dubai planning to invest $1-3 Billion Annually
Sultan of Brunei was looking at the DTC Tech
 Center in 2006.
What are Investors Buying?
       (2006 AFIRE Annual Survey)
Where are Investors Buying?
       (2006 AFIRE Annual Survey)
Where are Investors Buying?
       (2006 AFIRE Annual Survey)
Where are Investors Buying?
       (2006 AFIRE Annual Survey)
Where are Investors Buying Now ?

Looking at 2nd Tier Markets now!
Atlanta
Denver, Boulder, Colorado Springs,
Mountain Resorts, Tech Centers,
Memphis
Orlando
San Diego
South and West Coast of Florida
Texas Cities, Houston, Austin, Dallas,
San Antonio.
       What does this Mean?
   Opportunities and deals for you!


Investors like primary & secondary markets
Some will invest in 3d tier and smaller markets
if good risk/return ratio
$3.5 billion earmarked for U.S. at
Expo Real/Munich October 2005
$4.2 Billion at Expo Real/Munich 2006
International Investment in U.S.
          Real Estate


   Question: Can You benefit?

      Answer: Absolutely
      What’s In It For You?
Make more money from your current Clients

Why “re-educate” a new broker?

Serve your clients locally,

Regionally, Nationally

and Internationally
       What Can You Do?
        Local Level

Colleges, Universities, in your area
International Student Activities
Sister Cities
Rotary and other Clubs
World Trade Center in your area
Chamber of Commerce
Government agencies
Banks,
    NAR Training Modules (Free)
 NAR has created a series of modules to help you
provide - through your regularly scheduled sales
meetings - an introduction to questions about
International and other global market transaction
elements.
 www.realtor.org/cipshome.nsf/pages/toolkits

Prepackaged Sales Meeting on Transnational
 (Cross-Boarder) Referrals, Metric
 Conversions, Language, etc.
         What Can You Do?
           Local Level

Join Local International Committee

Join or form a local Board
International Committee

Join FIABCI USA Local Council

info@fiabci-usa.com www.fiabci-usa.com
        What Can You Do?
         National Level

• NAR International Meetings
• NAR International Night Out
• IAC, CCIM IREM Meetings/Seminars
• FIABCI-USA National Meetings
• CCIM, IREM, NAR FIABCI Web Sites
      National Conventions

November 11-13, 2007 Las Vegas, NV FIABCI-
USA Fall Networking and Business Meeting
www.fiabci-usa.com
November 11-13, 2007 Las Vegas, NV AREAA
Asian Real Estate Association of America
Convention www.areaa.org.
November 13-16, 2007 Las Vegas, NV NAR
International Convention
www.realtor.org/meetings_and_expo/index.html
       What Can You Do?
       International Level

• Trade Missions
• CIPS International Classes
• India March 2008
• Conferences, Panama, Geneva, etc.
• MIPIM and MIPIM Asia
• EXPO REAL
• FIABCI World Congress
 NAR International Web Sites
•NAR International Conferences
www.realtor.org/cipshome.nsf/pages/intlmeeti
ngs

• NAR Trade Missions
www.realtor.org/cipshome.nsf/pages/Trade_Mi
ssions

• NAR Training Modules (Free)
www.realtor.org/cipshome.nsf/pages/toolkits
     What Can You Do?
    International Level
       Consider joining FIABCI

The World Real Estate Federation

www.fiabci.com www.fiabci-usa.com

        info@fiabci-usa.com

      manhelm@manhelm.com
International Web Sites
•FIABCI World RE Association
  www.fiabci.com
• Search Panorama,
• Events Tab shows world wide
• real estate events and more
• FIABCI - USA
  http://www.fiabci-usa.com
• FIABCI Asia Pacific
• www.fiabci-asiapacific.com
International Conventions

        FIABCI Panama Congress of the
                Americas 2007
       October 30th – November 2nd 2007
           www.fiabcipanama.com/

       FIABCI Education Course Oct. 30th
       TRC designation course Oct. 30th
       Marketing Session Nov. 2nd
       Post Congress Tours Nov. 3d
   International Conventions
• November 28-30, 2007 MIPIM Asia in Hong Kong,
  sponsored by FIABCI and NAR
• a U.S. Pavilion sponsored by NAR. U.S. Pavilion
Exhibitor Information or NAR Member Discounted
Registration form. Learn more about MIPIM Asia at
www.mipimasia.com
  International Conventions
December 4-7, 2007 FIABCI Business Meetings,

Geneva, Switzerland www.fiabci.com

FIABCI University Education Class

Marketing Session

http://www.fiabci.ch/
  International Conventions
59th FIABCI World Real Estate Congress,
29th – 31st May, 2008, Amsterdam, Netherlands
Congress Theme:
Water: threats, opportunities and possibilities
This will be a great not to be missed congress!
fiabci2008@congress.com
www.fiabciamsterdam2008.com
      What Can You Do?
        Get Educated

• International Seminars, Luncheons,
• International Committee Meetings
• CIPS Courses in South Africa, India,
• Dubai, Austria, Germany, Denver and
  around the US.
• NAR, CCIM National Meetings
• FIABCI University Courses,
• Cultural Diversity Course
         What Can You Do?
           Get Educated

•CIPS Courses Nationally and World Wide
• www.realtor.org/international

• FIABCI University, FIREC designation courses
• www.fiabciuniversity.org

•TRC and RSPS designation
Pius K. Leung, CCIM, MRICS, CPM,
           CIPS, D.Fin
     ARGUS Software, Inc.
    Globalization
• The movement of countries, companies,
  organizations and people toward a single market
  environment
• The world is getting smaller and smaller
Where no relationship, no business
Why Invest in the United States?

•   Solid returns
•   Investment security
•   Residency and citizenship
•   Diversification
•   Owner’s rights
•   Quality! Quality! Quality!
•   Hedge for the future
•   Movement of funds
•   Technology considerations
•   Currency exchange
Adapting to Cultural Differences

•   Preparation
•   Communication
•   Business practices
•   Role behavior
Preparation

  •   Find out how decision are made
  •   Plan first meeting carefully
  •   Find out about gift-giving practices
  •   Educate yourself
      –   Country
      –   Cultural
      –   Language
      –   Economy
      –   Geography
Communication

•   Refrain from making value judgment about other cultures
•   Minimize your use of slang & jargon
•   Use proper form of address
•   Use a translator
•   Be sensitive to nonverbal behavior
•   Do not assume you are being understood
•   “yes” may mean “understand” not “agree”
•   Follow up with letter or face-to-face contact
•   Avoid excessive eye contact
Business Practices

•   Always make an appointment
•   Don’t impose your method of logic
•   Respect the use of business cards
•   Be prepared to do without lawyers
•   Be prepared business after hours
•   Be prepared to slow down
Role Behavior

•   Show proper respect for authority
•   Do not contradict or criticize in front of others
•   Dress conservatively
•   Be a good guest
•   “when in Rome, don’t do as the Romans don’t
    do”
ASIA:
General Traits

•   Hindu, Buddhist and Confucian Traditions
•   Conflict Resolution by Role Authority
•   Legal Traditions of Civil Law
•   Hierarchical Social Structure
•   Group Priority over Individual Interests
•   Situational Logic Based on Circumstances
•   Non-linear Notions of Time
•   Tendency to Regard Foreigners as Outsiders
EUROPE:
General Traits

• Judeo-Christian Values and Traditions
• Legal Traditions of Civil Law
• Mobile Social Hierarchies that are Influenced by Material
  Status and Family
• Individualism over Group Interests
• Linear Notions of Time
• Logic Based on Reason
• Tendency Toward Openness to Foreigners
NORTH AMERICA:
General Traits

•   Judeo-Christian Traditions
•   Legal Traditions of Common Law
•   A Belief in Using the Law to Resolve Coflict
•   Mobile Social Status Influenced by Material
    Status and Family
NORTH AMERICA:
General Traits
                                          continued

•   Individual or Family Priority over Group Interests
•   Linear Notions of Time
•   Logic Based on Reason
•   Tendency Toward Openness to Foreigners
•   Great Ethnic Diversity
    LATIN AMERICA:
    General Traits


•   Judeo-Christian Traditions
•   Legal Traditions of Civil Law
•   Fixed Social Status and Limited Upward Mobility
•   Non-linear Notions of Time
•   Logic Based on Emotions and Situational Dictates
•   Strong Loyalties to the Family
MIDDLE EAST:
General Traits

 • Legal Traditions of Civil and Religious Law
 • Social Structures Influenced by Family
 • Tendency toward Government Based on Islamic
   Law
 • Non-linear Notions of Time
         International Network

• Individual members in nearly 35 countries
  representing 12% of total CCIM designees
• Chapter in Mexico, Russia, Korea and China
• 500 in Korea; 300 in China; 30+ in Taiwan; 60+
  in Russia and 30+ in Poland
             International Network

• Individual members in nearly 30 countries representing
  8% of IREM's total membership
• Chapter in Brazil, Canada, Japan, Korea, Poland, and
  Russia
• International partner relationships in Brazil, Canada
  (where IREM's first international partnership was created
  with REIC, the Real Estate Institute of Canada, over 20
  years ago), Chile, Japan, Korea, Russia, and Ukraine
Industrial Real Estate Investment in International Markets
Key Drivers and Critical Success Factors




                               Eric Brown, CPM
                             Senior Vice President
                                   ProLogis
Key Trends and Success Factors in
Global Industrial Real Estate
• Key Trends
   –   Acceleration of global trade
   –   Lengthening supply chains
   –   Traffic growth at world seaports
   –   Increased emphasis on sustainable design & construction


• Success Factors
   –   Attract and retain the best people
   –   Customer relationship management
   –   Development capability
   –   Access to capital
   –   Research
   –   Geographic expansion & continued penetration of existing
       markets
      Key Trends –
      World Trade vs. World GDP
                    400.0
                    375.0
                    350.0
 Index: 1988=100%




                    325.0
                    300.0
                    275.0
                                               World Trade
                    250.0
                    225.0
                    200.0
                    175.0
                    150.0
                    125.0                                                                                                        World GDP
                    100.0
                         88

                                89

                                       90

                                              91

                                                     92

                                                            93

                                                                   94

                                                                          95

                                                                                 96

                                                                                        97

                                                                                               98

                                                                                                      99

                                                                                                             00

                                                                                                                    01

                                                                                                                           02

                                                                                                                                  03

                                                                                                                                         04

                                                                                                                                                05
                       19

                              19

                                     19

                                            19

                                                   19

                                                          19

                                                                 19

                                                                        19

                                                                               19

                                                                                      19

                                                                                             19

                                                                                                    19

                                                                                                           20

                                                                                                                  20

                                                                                                                         20

                                                                                                                                20

                                                                                                                                       20

                                                                                                                                              20
                                        Growth in World Trade and World GDP

Sources: IMF, Haver Analytics, ProLogis
Key Trends –
Lengthening Supply Chains


                                 8


                       13

                       13                5
                                                  8
                                                                26

                   13            5           8             25
                                     6
                                                      25
                  13
                                                 32


                            19
   Key Trends –
   Growth at Top 15 Container Ports




1996
Number of TEUs

   10,000,000+

   5,000,000+
   2,000,000+          Total TEU 68,300,000
  Key Trends –
  Growth at Top 15 Container Ports




2006
Number of TEUs


      20,000,000+



      15,000,000+


      10,000,000+

      5,000,000+       Total TEU 68,300,000
                      Total TEU 188,000,000
Key Trends –
Sustainable Development
ProLogis Parc Amagasaki – Osaka, Japan




 •   A core competency in sustainable development is becoming
     a business imperative
 •   Customers (not just regulators) are demanding
     environmentally advanced facilities
 •   Companies need to be able to measure, quantify and
     reduce their overall carbon footprint
Key Trends – Acquisition/Disposition Markets
 • Cap rates at or near historic lows
    – Expectation of increases in cap rates, but not yet
      experiencing it in Class A industrial market
 • Institutional demand remains very strong
    – Significant inflows from pension funds and need for
      yield is driving institutional capital into direct
      investment in real estate
    – Private market valuations holding up
    – Market cap of all REITs together is only a fraction
      (~19%) of the total capital invested in commercial
      real estate
 • Acquisition market remains challenging for
   large portfolio transactions
    – Pricing remains high and quality portfolios continue
      to attract multiple bidders
KEY TRENDS –
WHO’S BUYING COMMERCIAL REAL PROPERTY


180


160

140

120

100

 80


 60

 40

 20

  0
  Jul-00   Jan-01    Jul-01    Jan-02   Jul-02   Jan-03    Jul-03    Jan-04   Jul-04   Jan-05   Jul-05    Jan-06   Jul-06    Jan-07   Jul-07


                                                 Foreign    Inst'l   Private - Local    Private - Nat'l   REIT/Public       User/Other
  Source: Real Capital Analytics; PPR
    Critical Success Factors – People
•   Recruiting – Leverage
    university programs and
    internal employee referrals to
    attract the best professionals
    in the industry

•   Management – Train
    managers to make sure that
    all associates remain
    engaged in their jobs and
    focused on key
    responsibilities

•   Retention – Create a work
    environment that encourages
    personal growth and job
    satisfaction
•   Culture – Build a corporate culture that unites employees globally
    across all regions and creates a sense of teamwork and common
    purpose
    Critical Success Factors –
    Customer Relationship Management




•   In-house property management is an important differentiator
•   Dedicated account teams for strategically important customers
•   Standard form lease contracts enhance speed-to-market
•   Repeat customers lease over 50% of new development
    annually
 Critical Success Factors –
 Development Capability




• Construction requirements vary by country
• Ability to leverage best practices globally
• Robust global land bank a key competitive advantage
 Critical Success Factors –
 Access to Capital
        Total Assets Owned, Managed and Under Development
                                                  (in billions)                                       $29.9
  $30
                                                                                                  $26.7

  $25
                                                                                          $22.1

  $20
                                                                                  $15.9

  $15
                                                                          $11.7
                                                                  $10.3
  $10                                                 $7.9 $8.6
                                               $7.2
                                        $5.2
   $5                            $3.1
                          $2.5
                $1.2 $1.8
         $0.4
   $0
        1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Q207


 Property Fund/JV structures allow superior growth with less overall capital
  committed
 Create additional income streams
 Preserve customer relationships
Critical Success Factors –
Thought Leader Positioning
• US warehouse property market
  research reports
   – Construction Pipeline Report
   – Property Market Review – 30 Major US
     Markets
   – Industrial macroeconomic indicators

• White Papers
   – “Impact of EU Expansion on Europe’s
     Warehouse Markets”
   – “Is China’s Economic Success a Threat
     to Mexico?”
• Supply Chain/Logistics Research
  Reports
   – Reports detailing current supply chain
     challenges and trends
   – Prepared by industry experts
Critical Success Factors –
Geographic Expansion




•   Maintain strategic land bank within in each market to support future growth and
    capture opportunities
•   Grow market-level customer relationships through intense emphasis on service
•   Corporate M&A and portfolio acquisitions
•   Continue following customers into new markets & regions
Established Markets – United States
          Unilever Facility – Atlanta, GA




      •   7.6% avg. vacancy in top 30 US markets at 2Q07 (8% at 2Q06)
      •   New construction remains disciplined
           – 1H07 deliveries totaled 1.8 percent of existing inventory


Unilever facility – Atlanta, GA
EU Logistics Network Reconfiguration




        1980s                     1990s                      2000s
   Local distribution     Centralized distribution    Regional distribution
   High-cost logistics    Advent of EU eliminates       Maturing market
networks due to border        trade obstacles
                                                     Reduced transportation
  regulations & tariffs
                          Lower warehousing costs    costs and shorter time
                            but increased time to          to market
                                   market
Established Markets – Western Europe

                                    • 35-40% of European
                                      warehouse facilities are
                                      non-functional for generic
                                      distribution
                                    • Two of the world’s Top 10
                                      ports:
                                        – Rotterdam (No. 8) –
                                           9.7 million TEUs
                                        – Hamburg (No. 10) –
                                           8.9 million TEUs
                                    • 25-30% of European
                                      distribution moves via 3PLs
                                      - $40+ billion industry
ProLogis Park Eemhaven, Rotterdam
    Emerging Markets – Central
    & Eastern Europe




   ProLogis Distribution Park under construction in Poland


• Robust demand driven by low labor costs and
  proximity to Western European consumer markets
• Growing domestic consumption
ProLogis distribution park under construction in Poland
Emerging Markets – Japan




    ProLogis Parc Yokohama - Tokyo


 Multi-story construction driven by high land
  costs
 Japanese companies traditionally managed
  real estate/distribution in-house
 Environment for change created by
  prolonged recession and collapse of real
  estate bubble in 1990
  Emerging Markets – China




                                         ProLogis Park Beijing Airport


                                • Continuous GDP growth in
                                  excess of 8% annually
                                • Huge government
                                  investment in infrastructure
                                • Rapid growth of exports and
                                  imports
                                • Growing domestic
                                  consumption

ProLogis Park Beijing Airport
Chinese Infrastructure Investment




                      Bridge


                                                    Sea Bridge to Yangshan Deepwater Port
          Lingang
         Industrial            Port
            Area


 •   Yangshan Deepwater Port opened in December 2005
 •   Connected to mainland near Shanghai by 20-mile sea bridge
 •   Port will be world’s largest at full buildout
 •   Total capacity of ~ 25 million TEUs (exceeds combined throughput of
     top three US ports - LA/LB, NY/NJ & Oakland)
Staggering Numbers and Opportunity
  •   Over the past five years, China has spent more on transportation
      infrastructure than in the previous five decades of Communist
      Party rule
  •   From 2001 to 2005, expressways grew by 15,350 miles, more
      than doubling the total length to 25,480 miles
  •   China spending $161 billion on national rail system in five-year
      plan ending 2010
  •   Civil Aviation Administration of China (CAAC) planning to build
      44 new airports and expand 52 mid-size airports
  •   Three Gorges Dam project on Yangtze River
        – 1.3 miles wide; 606 feet tall
        – Designed to generate 10 percent of China’s electricity
           (equivalent of 18 nuclear plants)
        – Required relocation of over 1 million people
        – Unofficial cost estimates range from $30 billion to $100
           billion

				
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