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Real Estate Briefing - Archive | May, 2012

US: Huge mortgage debts keep the housing market tumbling

Posted on 31 May 2012 by Laxman  |  Email |Print

Experts have been calling for the bottom of the housing market each year since the crash, and prices continue to tumble. Why? In an overwhelming number of cases, homeowners owe more on their mortgages than their houses are actually worth.
According to real estate site Zillow, almost 16 million homeowners owe more on their mortgage than the underlying collateral is worth. At the same time, the LA Times reports that 90% of these underwater homeowners are current on their mortgage payments………………………………………..Full Article: Source

Housing market crawls back

Posted on 31 May 2012 by Laxman  |  Email |Print

Housing prices across the U.S. fell in March, but not as much as in earlier months, according to a report Tuesday that offered fresh evidence of a real-estate market on the mend.
Compared with February, prices fell just 0.03% in March, and after adjusting for seasonal factors, they rose 0.09%, according to the S&P/Case-Shiller 20-city home-price index. “This is the first flat report we’ve had in quite some time,” said David M. Blitzer, chairman of the Index Committee at S&P Indices. Still, “while there has been improvement in some regions, housing prices have not turned” everywhere, he said………………………………………..Full Article: Source

Pending sales of U.S. homes decrease by most in a year

Posted on 31 May 2012 by Laxman  |  Email |Print

The number of Americans signing contracts to buy previously owned homes fell in April by the most in a year, indicating the U.S. housing recovery remains uneven.
The index of pending home resales dropped 5.5 percent following a revised 3.8 percent gain the prior month, figures from the National Association of Realtors showed today in Washington. The median forecast of 42 economists surveyed by Bloomberg News called for no change in the measure………………………………………..Full Article: Source

Small firms suffer in states hardest hit by housing meltdown

Posted on 31 May 2012 by Laxman  |  Email |Print

Small businesses in states that were hit hardest by the collapse of the housing market — including Nevada, New Mexico and Florida — are having an especially hard time getting access to the capital they need to grow and hire.
“Many small business owners look to home equity as a potential source of financing,” says Dr. John Paglia, director of the Pepperdine Private Capital Markets Project and Associate Professor of Finance at the University’s Graziadio School of Business and Management………………………………………..Full Article: Source

What $1 million will get home buyers around the U.S.

Posted on 31 May 2012 by Laxman  |  Email |Print

How much can you get for $1 million in today’s real estate market? The answer, of course, varies depending on where you’re looking to buy.
In the wake of the U.S. housing crisis, consumer confidence and home values fell sharply, while prices in some cities are less than half of what they were in 2007. In many local markets, however, such as in New York, San Francisco, Anchorage, Alaska, and Omaha, Neb., people on the front lines are optimistic about a recovery in sales volumes, prices and buyer confidence………………………………………..Full Article: Source

Canadian home prices still rising in most big cities

Posted on 31 May 2012 by Laxman  |  Email |Print

Canadian home prices rose in April for the second straight month, with prices up from March in nine of 11 metropolitan markets, the Teranet-National Bank Composite House Price Index showed on Wednesday, although the pace of growth continued to slow on a yearly basis.
The index, which measures price changes for repeat sales of single-family homes, showed overall prices climbed 0.8% in April from a month earlier and a 0.5% gain in March, following a period of three declines in four months. The index was up 5.9% in April from a year earlier after a 6.0% rise in March, extending the slowing trend in recent months………………………………………..Full Article: Source

Brazil’s housing market could see possible trouble ahead

Posted on 31 May 2012 by Laxman  |  Email |Print

Brazil’s burgeoning middle class is moving up in the world, into fancier high-rises. The discovery of vast oil deposits off the coast has flooded the city with renters carrying fistfuls of petrodollars. And property owners already are hiking rents in anticipation of Rio’s upcoming mega-events, the 2014 soccer World Cup and 2016 Olympics.
Property prices in some neighborhoods have risen six-fold in the past decade and now rival those in world capitals such as New York or Paris………………………………………..Full Article: Source

European weighting in GPR global index plunges

Posted on 31 May 2012 by Laxman  |  Email |Print

The cumulative weight of European property stocks in the global listed property sector - as represented in the GPR 250 Index - has plunged to 14% from 21% in the past four years, according to Global Property Research.
From 1 January 2008 to 31 December 2011, the number of European stocks included in the GPR 250 Index fell to 54 from 70. This decrease is largely due to the exclusion of less liquid stocks, GPR said………………………………………..Full Article: Source

UK: Housing market pick-up belies broader weakness

Posted on 31 May 2012 by Laxman  |  Email |Print

Property market showed signs of a small bounce-back in April, with Bank of England data showing mortgage approvals rising to their highest since January, but broader lending figures suggested the overall economy remained weak.
Britain’s economy is struggling to emerge from its second recession since the financial crisis with confidence hurt by the turmoil in the euro zone, and BoE policymaker Paul Fisher warned on Wednesday that it was impossible to rule out a break-up of the currency bloc………………………………………..Full Article: Source

Euro collapse could halve luxury London home prices

Posted on 31 May 2012 by Laxman  |  Email |Print

Prices of the best central London homes could halve if the euro zone breaks up, as the safe-haven appeal of sterling disappears and weaker European currencies give rise to bargains elsewhere, research showed.
An ensuing collapse in global equity prices would also force buyers to seek cheaper alternatives, the report from British developer Development Securities said………………………………………..Full Article: Source

Iceland real estate bubble looms four years after last crisis

Posted on 31 May 2012 by Laxman  |  Email |Print

Iceland’s crisis-management policies are creating the island’s next property bubble less than four years after its banking meltdown threw the economy into its worst recession.
Prices for new homes touched a record last quarter, having surged 40.1% since the final three months of 2010, according to estimates by the National Registry of Iceland in Reykjavik. Average house prices have risen 11.3% since the market bottomed at the end of 2009, according to central bank data at the end of the first quarter………………………………………..Full Article: Source

Recovery on the Budapest real estate market is still to come

Posted on 31 May 2012 by Laxman  |  Email |Print

Jones Lang LaSalle has published its Budapest City Report Q1 2012 focusing on the latest real estate trends of the Budapest real estate market. The publication reports stagnating real estate markets including office, retail and industrial leasing markets due to the continued economic uncertainty.
Furthermore, despite there being a number of assets for sale in Budapest there were no open market transactions in this period………………………………………..Full Article: Source

Affordable housing ’still performing best’ in South Africa

Posted on 31 May 2012 by Laxman  |  Email |Print

South Africa’s affordable housing market experienced the greatest price growth during 2011, closely followed by homes classed as middle income.
Property strategist at the country’s First National Bank (FNB) Jonathan Loos explained the middle-income segment has performed strongly, with values climbing by 4.8 per cent in the first three months of the year, compared to increases of 3.3 per cent in the third quarter of 2011………………………………………..Full Article: Source

Hong Kong sells luxury site for more than analysts’ estimates

Posted on 31 May 2012 by Laxman  |  Email |Print

Hong Kong’s government sold a housing site in the Island South district for more than analysts estimated, easing concerns that the city’s home prices may fall on increased housing supply and the threat of a global slowdown.
Cheerwide Investment Ltd. paid HK$6 billion ($773 million) for the 248,000 square-foot site on Deep Water Bay Drive, the government said. The buyer is a unit of closely held Nan Fung Development Ltd., according to a report on the Hong Kong Economic Journal’s website that cites unidentified people………………………………………..Full Article: Source

Malaysia: Explain inflated property prices, Lim told

Posted on 31 May 2012 by Laxman  |  Email |Print

Barisan Nasional wants the Pakatan Rakyat government to prove that its policy on development projects was not responsible for escalating property prices Penang.
BN state psy-war bureau chief Loga Balan Mohan said Chief Minister Lim Guan Eng Lim must explain the leap in property prices in state over the past four years………………………………………..Full Article: Source

Some gains in Japan property

Posted on 31 May 2012 by Laxman  |  Email |Print

Land prices in sections of Tokyo and other major Japanese cities continued to rise in the first three months of the year as large commercial developments supported the market, a trend that has drawn fresh interest in the country’s property market from global investors.
Rising prices were seen in bellwether parts of central Tokyo, such as the upmarket Ginza shopping district and the Toyosu waterfront residential area, as well parts of Nagoya and Osaka, a government survey showed Wednesday………………………………………..Full Article: Source

Australia housing escapes peril on undersupply

Posted on 31 May 2012 by Laxman  |  Email |Print

Bureaucratic obstacles are helping prop up Australia’s A$4.5 trillion ($4.4 trillion) housing market and neutralizing the biggest risk to the country’s mortgage bonds.
While affordability measures such as household debt and home cost-to-income multiples exceed peaks seen in the U.S., U.K. and Spain, prices in Australia are showing signs of stabilizing after dropping 7.6 percent from their November 2010 high. That’s because there’s one missing ingredient for a property collapse: oversupply………………………………………..Full Article: Source

How far could Australian housing fall?

Posted on 31 May 2012 by Laxman  |  Email |Print

The revision has intriguing consequences for the Australian market. My Australian data comes from cobbling together Nigel Stapledon’s PhD research into long term real house prices from the late 1800s to the ABS data which began in 1986 – and it too is hardly data of the standard that the physical sciences expect.
But that said, the Australian house price bubble appears even more extreme: three times the long-term average, versus “only” twice the long term average when Alan Greenspan told Congress that there was no bubble in US house prices………………………………………..Full Article: Source

U.S: Housing market better than it looks

Posted on 30 May 2012 by Laxman  |  Email |Print

Home prices rose 0.1% on a seasonally adjusted basis in March, according to new numbers from the S&P/Case-Shiller index. But four cities showed worse results in March than they had in February, with Atlanta notably down 0.4% over the previous month and Detroit down 2.1%. Still, there are reasons to be optimistic.
Year-over-year, prices in real-estate-challenged Atlanta are down a whopping 17.7%, setting a new low for the city………………………………………..Full Article: Source

Slow, but sure signs of life in U.S. housing market

Posted on 30 May 2012 by Laxman  |  Email |Print

Could the U.S. housing market finally be finding a bottom? More and more, while still tentative, the answer looks to be ‘yes.’ Real estate makes up less of the world’s No. 1 economy than it did before the subprime mortgage market collapsed, causing the worst financial crisis and global downturn since the Depression.
Nonetheless, a recovery in housing is enormously important, because as long as home prices are falling or stubbornly low, there’s a limit to consumers’ confidence about their financial well-being, and consequently to the demand that companies need to see before they increase hiring, which leads to more consumer demand, which spurs more hiring, et cetera. You get the point……………………………………….Full Article: Source

U.S. home prices fall 2.6pct in March, S&P/Case-Shiller index shows

Posted on 30 May 2012 by Laxman  |  Email |Print

Home prices ended the first quarter at their lowest point since the U.S. housing crisis began, a closely followed index of home values showed, but analysts found indications of growing stability in the turbulent housing market.
Home prices in 20 major cities fell 2.6% in March compared with the same month a year earlier, according to the Standard & Poor’s/Case-Shiller index. The gauge is down about 35% from its peak before the housing bubble burst in 2006………………………………………..Full Article: Source

Should you ignore housing data?

Posted on 30 May 2012 by Laxman  |  Email |Print

Data released this morning shows U.S. home prices continue to fall – a stark contrast with a realtors report released last week. Which numbers should home buyers and sellers believe?
S&P/Case-Shiller Home Price Indices reported today that U.S. home prices fell nearly 3% for the three months ending March compared to a year prior………………………………………..Full Article: Source

Behind the numbers: Does Case-Shiller show a market bottoming out?

Posted on 30 May 2012 by Laxman  |  Email |Print

Tuesday’s S&P/Case-Shiller home-price indexes show a market in which U.S. home prices are still falling, but not as dramatically as in previous months. This is good news for homeowners and home sellers since it indicates that the market is bottoming out.
It’s also a sign that the housing downturn, now in its fifth year, may be approaching the end………………………………………..Full Article: Source

Why low rates aren’t reviving housing

Posted on 30 May 2012 by Laxman  |  Email |Print

For millions of people, it’s never been cheaper to buy a home. With rock-bottom prices and record-low interest rates on mortgages, you’d think that prospective homeowners would be chomping at the bit to get themselves a piece of the American dream.
What’s happening instead is that home sales figures, while showing some gains of recovery, remain far below what you’d expect under such favorable conditions. Below, I’ll show you some of the culprits behind the phenomenon, but first, let’s take a closer look at why things are the way they are right now………………………………………..Full Article: Source

Most affordable U.S. cities to buy a home

Posted on 30 May 2012 by Laxman  |  Email |Print

Based on home prices, median income and mortgage rates, these 10 cities have the most affordable home prices in the nation, according to the National Association of Home Builders and Wells Fargo.
1. Indianapolis: From its mainly manufacturing roots, the state’s capital has greatly diversified, attracting employers in the health care, pharmaceutical and retail industries. Even tourism has become a big industry here, as sporting events like the famed Indianapolis 500 and the NCAA basketball championships draw crowds each year………………………………………..Full Article: Source

The most traffic-jammed cities in America

Posted on 30 May 2012 by Laxman  |  Email |Print

The good news for commuters is that traffic congestion in the U.S. decreased by an average of 30 percent last year, according to the annual National Traffic Scorecard conducted by traffic and navigation service provider INRIX in Kirkland, Wash.
The bad news is that motorists in some of America’s largest cities wasted nearly 60 hours of their lives during 2010 sitting in rush-hour jams, versus driving at times when the roads were clear………………………………………..Full Article: Source

Home ownership getting less affordable in Canada

Posted on 30 May 2012 by Laxman  |  Email |Print

RBC says home ownership was less affordable in most major Canadian cities during the first quarter, although Calgary and Edmonton bucked the trend.
The latest RBC Economics report on home affordability says its index deteriorated sharply in Vancouver and to a lesser degree in Toronto, Montreal and Ottawa — primarily due to higher real-estate prices………………………………………..Full Article: Source

Canada about to face US-style housing meltdown?

Posted on 30 May 2012 by Laxman  |  Email |Print

Fueled by record low interest rates – earlier this winter, major Canadian banks offered five-year, fixed-term mortgage loans for just under 3 percent (the average for a five-year term is 3.49 percent) – and an economy that was largely unaffected by the 2008 economic crisis, real estate prices in Canada have taken a steep turn upward.
Nationwide, they have nearly doubled in the last 10 years, to an average of about $373,000. In some large cities, such as Toronto and Vancouver, they are up more than 10 percent year over year……………………………………….Full Article: Source

What lies ahead for Canada’s housing market?

Posted on 30 May 2012 by Laxman  |  Email |Print

Canada’s housing market has been booming for years now, with prices soaring to red-hot levels in many parts of the country. But at long last, there are signs that things are cooling off.
In Vancouver, where there is a large disconnect between prices and underlying fundamentals, the housing market has cooled sharply. Toronto is also due for a cool off-period, given the massive runup in prices. So what’s in store for the property market across Canada? Which regions are most vulnerable to a price correction?……………………………………….Full Article: Source

Britons rush to sell European properties

Posted on 30 May 2012 by Laxman  |  Email |Print

Expats or second-home owners in Europe could see property values dramatically slashed if Greece was to exit the euro.
Greek properties would be the hardest hit with prices falling as much as 50 per cent, according to startling estimates made by foreign currency specialists HiFX. It has seen enquires from Britons looking to sell their European homes rise by almost 200 per cent since 2008………………………………………..Full Article: Source

UK: Posh properties at record high prices

Posted on 30 May 2012 by Laxman  |  Email |Print

It seems that if you want to sail through the tough times entirely unscathed, then the secret is to be loaded. That way you don’t have to worry about what the little people are up to, you just buy yourself a few more nice houses - and hang the cost.
There’s nothing that reveals quite how badly we’re not ‘all in this together’ as the sales figures for the UK’s poshest properties………………………………………..Full Article: Source

London market lifted by US optimism

Posted on 30 May 2012 by Laxman  |  Email |Print

Hopes for the economic recovery in the United States have offset the damage caused to banking stocks hit by fears over Spain’s struggling economy.
A survey showed US home prices rising in March for the first time in seven months, suggesting the US property market, which was at the heart of the global financial crisis in 2008, is strengthening………………………………………..Full Article: Source

Iceland property bubble grows with currency controls: Mortgages

Posted on 30 May 2012 by Laxman  |  Email |Print

Iceland’s crisis-management policies are creating the island’s next property bubble less than four years after its banking meltdown threw the economy into its worst recession.
Prices for new homes touched a record last quarter, having surged 40.1 percent since the final three months of 2010, according to estimates by the National Registry of Iceland in Reykjavik………………………………………..Full Article: Source

French property market remains diverse

Posted on 30 May 2012 by Laxman  |  Email |Print

Many people want to become property owners abroad and France could be a good bet due to the diversity of homes available.
Edward Landau, owner of Le Bonheur, said he sees people buying houses in the European country for many different reasons, especially in rural locations………………………………………..Full Article: Source

Italian properties coming to market

Posted on 30 May 2012 by Laxman  |  Email |Print

Italy is likely to see a wave of commercial property sales this year, as selloffs by the Patrimonio Uno real-estate investment fund move to a higher gear.
Patrimonio Uno is a closed-ended fund that was set up in 2005 to buy 75 assets from the Italian government. The fund’s shareholders include insurers Assicurazioni Generali SpA and Allianz, and French investment bank Natixis SA………………………………………..Full Article: Source

S.Arabia: Occupancy rates of furnished units, hotels over 60pct

Posted on 30 May 2012 by Laxman  |  Email |Print

The annual average room occupancy of Saudi hotels surged to 63 percent in 2011 compared to 59.2 percent in 2010 — an increase of 3.8 percent, whereas occupancy rate of furnished apartment units stood at 68.3 percent compared to 54.2 percent, according to a report by the Tourism Information and Research Center (MAS), an affiliate of the Saudi Commission for Tourism and Antiquities (SCTA).
According to MAS data, the total number of hotels in the Kingdom as classified by the SCTA stood at 951 in 2011………………………………………..Full Article: Source

China may see commercial real estate bubble in some cities - Developers

Posted on 30 May 2012 by Laxman  |  Email |Print

Some Chinese cities will likely see a commercial real estate bubble in the near future as developers move into the sector from the sluggish residential market, property developers said Tuesday.
They said some residential developers have flooded the market with large office and retail property developments since China imposed curbs on the housing market, and a glut could emerge in some cities as early as next year……………………………………….Full Article: Source

China: Residential property sales climb in major cities

Posted on 30 May 2012 by Laxman  |  Email |Print

More than 60 percent of 40 polled cities around China reported mounting sales of residential properties in May, marking the highest sales record since price-control policies were strengthened at the beginning of 2011.
The report by China Index Academy, a property data and consultancy service, said 25 cities witnessed a year-on-year sales growth, with Suzhou in Jiangsu province reporting an increase in sales of nearly three and a half times………………………………………..Full Article: Source

Spring revival for America’s housing market

Posted on 29 May 2012 by Laxman  |  Email |Print

Six years after the housing market began its slide, dragging the U.S. economy into recession, this year’s spring season — traditionally the busiest period for home sales — is shaping up to be the strongest since the crash.
Sales rose more than 10 percent in April from a year earlier and may end the year up by as much as 13 percent, according to the National Association of Realtors………………………………………..Full Article: Source

The US housing market is beginning to recover

Posted on 29 May 2012 by Laxman  |  Email |Print

The US housing’s bubble and its spectacular end left a indelible mark on people’s view of residential property markets. Sadly the idea of a “permanent” US housing market decline has been drummed into the heads of numerous, often well educated and otherwise open-minded people.
Hoards of angry bloggers keep spewing the same line over and over again - housing prices will fall “forever” because of the shadow inventory, etc., etc. People, including many in academia, would deny a housing market improvement even if it stared them in the face………………………………………..Full Article: Source

So what’s stopping the housing recovery?

Posted on 29 May 2012 by Laxman  |  Email |Print

Housing sales have bounced in the last couple of months, but there’s uncertainty about what the bounce actually means. Sales of houses were up nearly 10% in April compared to April of last year.
The crazy thing? Right now, even with insanely low interest rates, the bump is being mostly caused by a jump in cash purchases, according to Fortune: “What’s noteworthy is that almost all of April’s 4.62 million sales were driven by cash buyers and investors looking to turn properties into rentals, which suggests the recovery can continue even if mortgage lending remains tight, according to Capital Economics.”……………………………………….Full Article: Source

CEE property investment tipped to stay at EUR 6bln in 2012 - JLL

Posted on 29 May 2012 by Laxman  |  Email |Print

Central and Eastern Europe, excluding Russia, is expected to attract a similar volume of real estate investment this year compared to the EUR 6.4 bn recorded in 2011, according to Jones Lang LaSalle.
The property adviser told a seminar in London earlier this month that CEE remains attractive to an international business community………………………………………..Full Article: Source

U.K. Hometrack house prices jump as London values surge: Economy

Posted on 29 May 2012 by Laxman  |  Email |Print

U.K. house prices rose for a third month in May on gains in London, according to Hometrack Ltd., which said the euro-area debt crisis will weigh on the market and limit further gains.
Values increased 0.2 percent from April as the supply of properties grew at the slowest pace since January, the London- based property research company said. Prices in the U.K. capital jumped 0.6 percent. In Italy, the impact of the debt turmoil continues to undermine business confidence, which fell to the lowest level in almost three years………………………………………..Full Article: Source

London: A tale of two housing markets: north vs south

Posted on 29 May 2012 by Laxman  |  Email |Print

The north-south divide in house prices is widening, according to figures for May. Rising property values in London helped push the latest national Hometrack house price index into positive territory, despite seven out of 10 regions posting falling or static prices.
Prices climbed 0.6 per cent in May in the capital, helping prices nationally to a 0.2 per cent increase. East Anglia and the South East posted positive rises of 0.1 per cent, but prices were flat in the East Midlands, the South West and West Midlands………………………………………..Full Article: Source

Barclays sells German property

Posted on 29 May 2012 by Laxman  |  Email |Print

German real estate group Deutsche Wohnen said it has agreed to buy a real estate portfolio valued at about €1.24bn (£992m) from Barclays.
The deal comprises about 23,500 apartments with a low average vacancy rate of 2.7 per cent, most of which are located in or near cities including Hanover, Berlin and Magdeburg, Deutsche Wohnen said………………………………………..Full Article: Source

Spanish property market slump continues

Posted on 29 May 2012 by Laxman  |  Email |Print

Spanish mortgage approval rates have fallen to their lowest point since the global economic crisis began. Just 42,117 mortgages were handed out in the country in March, official figures revealed this week.
This was down 4.3 per cent on the previous month, with the total value of the home loans awarded down 3.9 per cent. The economic crisis has hammered the Spanish housebuilding industry………………………………………..Full Article: Source

Bulgarian property ‘can be excellent value’

Posted on 29 May 2012 by Laxman  |  Email |Print

The property market in Bulgaria can offer prospective home buyers excellent value for money and a very reasonable cost of living, according to an expert on the Eastern European country.
Paul Watchorn, director at thebulgarianpropertyfinder.co.uk, said the country remains relatively inexpensive compared to the UK, something which is encouraging many people to make international money transfers to Bulgaria with the aim of relocating there………………………………………..Full Article: Source

Israeli real estate market slides in global rankings

Posted on 29 May 2012 by Laxman  |  Email |Print

After years in the top ten of the “Global Property Guide” rankings, Israel’s ranking fell to 27th place out of 36 markets in the first quarter of 2012. The magazine’s quarterly review of changes in property prices shows that home prices in Israel fell 3.2% in the first quarter in nominal terms compared with the corresponding quarter of 2011, and fell 0.6% compared with the preceding quarter.
Property prices in inflation-adjusted terms were 4.9% lower in the first quarter than in the corresponding quarter………………………………………..Full Article: Source

Chinese property developers face liquidity challenges

Posted on 29 May 2012 by Laxman  |  Email |Print

Refinancing risk in China’s property sector has risen due to weak fundamentals and continued tight credit, with 11 of the 29 developers rated by Moody’s now facing liquidity pressure.
The liquidity profiles of China’s property developers deteriorated during the first half of 2012 and, given the subdued state of the property market on the mainland and the government’s continued tight stance on credit for the sector, any improvement is unlikely for the rest of the year………………………………………..Full Article: Source

China: The ongoing housing dilemma

Posted on 29 May 2012 by Laxman  |  Email |Print

Housing regulators in Yangzhou in east China’s Jiangsu Province announced on May 8 the beginning of an incentive policy for new home buyers. Jointly issued by local finance and housing bureaus, the announcement said that financial rewards would be offered to people who buy fully furnished houses smaller than 144 square meters from July 1 this year to June 30, 2013.
For houses no bigger than 90 square meters, home buyers will receive a reward of 0.6 percent of the total price; for houses between 90 and 120 square meters, the reward will be 0.5 percent of the price; and for houses of 120 to 144 square meters, the reward rate will be 0.4 percent………………………………………..Full Article: Source

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