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- Wanted: Silver Haired Investors
- Reforms Support US-Japan FDI Growth
- Is Your Web Site Culturally Correct?
- Where in the Pyramid is France?
- India Edges Russia Out in the Retail Market
- New Homes in Mexico Internet Ready
- Meet 'n Fly
- ESL Resource Help Target First-Time Homebuyers
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Malaysia offers an investment program for foreigners, 50-years or older, called "Malaysia-My Second Home" or "Silver Hair." The program targets baby boomers and expats who can provide proof of sufficient personal savings or monthly revenues. The government program has some limitations on price and property types, and properties are not to be resold for three years following the transaction. Not necessarily for bargain hunters, Western-style houses and apartments start at $60-70K, with many are over $100K. A mid-size Southeast Asia country, Malaysia is also mid-ranked in the region economically and socially. Located strategically to key regional markets and with strong trading partners, many feel Malaysia is well positioned for continued economic development. REALTORS® working with retiring investors can learn more about the My Second Home program from the Immigration Dept. of Malaysia.
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The US State Department applauds Japan's commitment to reduce barriers to foreign direct investment as outlined in the United States-Japan 2005 Investment Initiative Report. The report documents the initiative's success in promoting legislation to expand access to merger and acquisition (M&A) techniques for foreign companies in Japan. A July 6 State Dept. media note indicated "Foreign investment is a catalyst for economic growth and innovation in both Japan and the United States that creates jobs, transfers technology, revives corporations, and supplies risk capital." The investment initiative is part of the U.S.-Japan Economic Partnership for Growth to support economic renewal and revitalization in both countries. Foreign direct investment (FDI) in Japan has increased steadily thanks to regulatory reforms in finance, communications, and distribution, and the global rise in M&A. As of the end of 2004, the stock of FDI in Japan totaled 10.1 trillion yen (approximately $97 billion), representing a 50% increase over the 3.5 trillion yen recorded at the end of 2001.
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REALTORS® targeting foreign buyers and sellers should ensure their web sites support their marketing efforts. Multinational companies maintain multiple versions of their sites, adjusting more than just the language. eBay's English speaking Chinese site includes original content such as horoscopes, and offers categories not typically found on its other sites, such as Fung Shui. And while IKEA's product line is universal, its presentation is not. Visitors to the Italian site may find much sexier models, as is the local norm, as compared to its Saudi Arabia site, which uses very conservative images. Even firms with limited resources can make small changes that make a big difference, such as adding a link to a currency converter on pages with property ads, displaying dimensions in metric terms, or using a color scheme this is appealing (or at least not offensive) to a targeted market. Need some guidance? NAR's Information Central makes available the book, "The Culturally Customized Web Site: Customizing Web Sites for the Global Marketplace." Check it out today.
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Cultural misunderstandings can be embarrassing, but worse, can result in a deal falling through and lost income. For example, a US broker working with a German or Pakistani client, is likely to be able to get right down to business fairly quickly and easily, typical of American business style. But if that client is from Brazil, China, or Spain, be prepared to build a relationship before moving forward to action. So, how do you know which countries are more action- or relationship-oriented? One resource is Thomas D. Zweifel's book, "Culture Clash: Managing the Global High-Performance Team." Zweifel offers a "Global Results Pyramid" model of categorizing countries in four stages of project management: relationship, vision, strategy and action. Read more about Zweifel's book and/or order directly from his company, Swiss Consulting Group. Also available from a variety of online book sellers, including Amazon.com. Word of caution: models can over-generalize. Carefully test out assumptions before acting on them.
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India displaced Russia to move from second place to first in the 2005 Global Retail Development Index released by AT Kearney. The Index is a study of retail investment attractiveness among 30 emerging markets across the globe. Improved investment climate and a more liberal foreign direct investment regime have made India the top destination for global retail giants like Wal-Mart, Benetton and Tesco, which are looking to expand overseas. Other market destinations for retail expansion included in the top 10 are Ukraine, China, Slovenia, Latvia, Croatia, Vietnam, Turkey and Slovakia.
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The Mexican government's home financing agency, Infonavit, is now only underwriting the construction of homes that include broadband Internet access. Infonavit signed an agreement last month with Microsoft Corp., Intel Corp. and others to promote the construction of homes with broadband Internet access and to prompt developers to offer Internet-ready homes affordable prices. Infonavit is Mexico's largest mortgage lender, with a portfolio of around US$40 billion. It granted 306,000 mortgages last year and plans to fund 375,000 this year and 435,000 in 2006. The Federal Telecommunications Commission estimates that Mexico had about 14 million Internet users in 2004, of whom about 8 million had home computers. Mexico has around 22 million households and 105 million inhabitants, including an estimated 1 millions U.S. citizens who own property and reside in Mexico.
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REALTORS® working with foreign clients or customers may need to meet face-to-face at locations other than the property. Airports can be a logical meeting place, especially if a meeting is arranged en route to another destination or the parties wish to fly in and out on the same day. To ensure a smooth running meeting, do your research ahead of time. www.121airports.com offers an extensive list of airports worldwide with descriptions of service and amenities, parking information, and more.
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Professionals working with prospective homeowners for whom English is a second language may find themselves needing help in conveying information about the homebuying process. The Fannie Mae Foundation
has developed an education program called "How to Buy a Home in the United States" for use in a classroom setting with adult students of English as a Second Language (ESL). The program teaches about the home-buying process, presenting homeownership information in basic terms and demonstrating that homeownership is tangible. Targeted for intermediate and advanced learners of ESL. Ideal for sponsorship by a local REALTOR® Association or firm. Learn more about the program or order a FREE instructor guide and up to 20 student guides of How to Buy a Home in the United States.
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Report compiled by NAR International Operations, narglobe@realtors.org.
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