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Real Estate Briefing - Archive | April, 2013

Sales of new homes in U.S. climb 1.5pct to 417,000 rate

Posted on 24 April 2013 by Laxman  |  Email |Print

Sales of new U.S. homes advanced in March as near record-low mortgage rates helped the industry complete the strongest quarter since 2008, putting the economy on firmer footing.
Purchases of single-family properties climbed 1.5 percent last month to a 417,000 annual pace, Commerce Department figures showed today in Washington. The median estimate of 76 economists surveyed by Bloomberg called for March sales to rise to 416,000………………………………………..Full Article: Source

The housing market: Not your analyst’s oldsmobile?

Posted on 24 April 2013 by Laxman  |  Email |Print

Housing’s long-awaited recovery has him recalling his younger days. About “18 months ago, the industry was nothing much to look at: dilapidated foreclosures were flooding the market, home equity had suffered the worst retrenchment in a generation, and housing starts and sentiment were far below historic troughs levels. But after stabilizing in 2012, both new and existing home prices are now accelerating much more rapidly than in the 1990s cycle.”
Mr. Kim tells Developments that his dad gave him the vehicle and the engine cracked after it was driven too hard………………………………………..Full Article: Source

Home prices rose 7.1pct in year through February, FHFA says

Posted on 24 April 2013 by Laxman  |  Email |Print

U.S. house prices rose 7.1 percent in the year through February, the biggest gain since 2006, indicating a solidifying recovery as buyers compete for properties amid tight inventory.
Prices climbed 0.7 percent on a seasonally adjusted basis from January, the Federal Housing Finance Agency said in a report today from Washington. That matched the average estimate of 16 economists, according to data compiled by Bloomberg………………………………………..Full Article: Source

U.S. lasting housing recovery spurs overall economic growth

Posted on 24 April 2013 by Laxman  |  Email |Print

U.S. house prices rose 7.1 percent in the year through February, said the Federal Housing Finance Agency (FHFA) on Tuesday, indicating an increasingly confirmed recovery as many other housing indicators also suggest that the rebound in homebuilding activity is on firm footing.
The overall U.S. economic activity, however, signal some moderation in the first quarter of this year, partly due to the impact of government spending cuts under the sequester………………………………………..Full Article: Source

Trulia: Housing market inching closer to ‘normal’

Posted on 24 April 2013 by Laxman  |  Email |Print

The housing market continued to trudge towards a recovery in March, with rising construction starts and falling foreclosure and delinquency rates bringing market conditions closer to those of a balanced one, according to Trulia’s Housing Barometer.
The barometer summarizes three key housing market indicators — construction starts, existing home sales, and the delinquency-plus-foreclosure rate — looking at how current conditions compare to those recorded at the depths of the housing crisis and those recorded before the housing bubble………………………………………..Full Article: Source

JLL: Strong start to the year for European retail real estate investment activity

Posted on 24 April 2013 by Laxman  |  Email |Print

This was driven by growth in shopping center investment, which rose by 85% year-on-year to almost €4.0bn, demonstrating the on-going demand for this type of product.
The UK was the most liquid market, accounting for close to 40% of European retail investment activity. While this was due in part to a number of good quality centers coming onto the market, appetite for best secondary also improved as a combination of the continued lack of prime stock and competitive pricing began to push investors up the risk curve………………………………………..Full Article: Source

New EU mortgage rules aim to stop property bubbles

Posted on 24 April 2013 by Laxman  |  Email |Print

The European Parliament has agreed a common set of rules on mortgage lending aimed at avoiding the housing bubble that helped create the current financial crisis.
The new rules governing the €6.5 trillion mortgage market will tighten controls across the sector and make it easier for lenders to decide whether a borrower will be able to repay their debts or not………………………………………..Full Article: Source

UK leads jump in European retail investment

Posted on 24 April 2013 by Laxman  |  Email |Print

Retail real estate investment in Europe totaled €5.1 billion during the first quarter, a 60 percent increase from a year earlier, with the U.K. accounting for almost 40 percent of all activity, according to new data from Jones Lang LaSalle.
The activity was dominated by shopping center investment, a trend seen in other major global markets. In Europe, shopping center investment increased 85 percent from last year to almost €4.0 billion, JLL reports………………………………………..Full Article: Source

Investing in student property in the UK set to bring 9.2pct annual return

Posted on 24 April 2013 by Laxman  |  Email |Print

The student accommodation property investment sector in the UK is predicted to see 9.2% annual returns over the next 12 months due to continued demand.This reflects an increase of 0.4% on London returns to 9.1%, due to rising rents in an acutely structurally undersupplied market, says the latest report from property firm Knight Frank.
Average rents are forecast to rise 3% in London and 2.75% in the regions from September 2013, according to its latest forecast for the student accommodation sector………………………………………..Full Article: Source

Does build-to-let offer a secure future for the private rented sector?

Posted on 24 April 2013 by Laxman  |  Email |Print

After many years of talk, there is finally some action in the build-to-let market. Prudential’s recent modest return to the housing sector after a 30-year hiatus is hugely symbolic; it welcomes a former mainstay back in the door and illustrates they have the confidence to invest once more in housing.
There was a time when almost everyone rented their home. From the end of the first world war until the proliferation of home ownership in the 1980s, most people rented either from the government or from a large institution such as Prudential………………………………………..Full Article: Source

German Q1 investment figures hit five-year high

Posted on 24 April 2013 by Laxman  |  Email |Print

Total investment volumes in the German commercial property market have risen 21% year-on-year, according to first quarter figures releasedby property advisor Savills.
The German market saw total investment hit €6.65 bn during the first three months of 2013 - representing the highest first quarter levels for five years. The strong first quarter showing was fuelled by a number of significant portfolio deals, including the purchase of an IVG open-ended special fund for some €500 mln and Dundee’s purchase of a portfolio of eleven office properties for € 420 mln from SEB………………………………………..Full Article: Source

Spain property-sale efforts face a snag

Posted on 24 April 2013 by Laxman  |  Email |Print

Facing a bank eviction, Pepi Cáceres began to pack up her family’s belongings to move when they were spared at the last minute by a decree by the leftist leadership of Andalusia, Spain’s largest autonomous region.
Defying the conservative central government in Madrid, Andalusia this month implemented measures that will temporarily stop evictions and penalize banks and real-estate firms for holding hundreds of thousands of vacant properties. It favors people hurt by Spain’s recession over of the interests of the country’s lenders, including many that have received government bailouts………………………………………..Full Article: Source

Dubai’s real estate sector posts 16th straight month of steady recovery in March, Deutsche Bank says

Posted on 24 April 2013 by Laxman  |  Email |Print

Signalling a return of investor confidence, Dubai property prices and rents recorded their sixteenth consecutive monthly increase in March, Deutsche Bank said in a press release on April 22. The global investment bank cited figures from its latest research report showing that apartment prices were up by 1.5 percent, while the cost for villas in the emirate increased by 1.6 percent from February to March. Rental values showed similar trends, with apartments up one percent and rental rates for villas rising 0.7 percent month on month.
According to the report, price gains were recorded across most areas of the emirate, with Jumeirah Island leading the way with a nine percent increase. Palm Jumeirah villas were featured at the bottom of the table with a negative six percent change in prices………………………………………..Full Article: Source

Is there a Chinese housing bubble?

Posted on 24 April 2013 by Laxman  |  Email |Print

Shanghaiist is pleased to present this exclusive excerpt from Landed China: Key Local Knowledge You Need When Buying Property, by Christopher Dillon. Christopher is an award-winning author who has previously written about buying property in Hong Kong and Japan.
As this book went to press, many people were debating whether China was in the middle of a real estate bubble. The answer to that question is complex and a lot is riding on it………………………………………..Full Article: Source

HK: Real-estate agents forced to diversify to survive

Posted on 24 April 2013 by Laxman  |  Email |Print

Real-estate agents in Hong Kong are diversifying their business portfolios in a bid to survive and thrive in a slowing property market.
International consultant Savills, which until now has focused on broking big-ticket property transactions in Hong Kong as well as introducing overseas properties to Hong Kong buyers, is expanding its sales force to enter the mass housing market in the city………………………………………..Full Article: Source

Korea’s household debt-to-income ratio hits 9-year high in 2012

Posted on 24 April 2013 by Laxman  |  Email |Print

The ratio of South Korea’s household debt against disposable income rose to the highest level in nine years in 2012 as debt grew at a faster pace than income amid the economic slowdown, central bank data showed Wednesday.
The ratio of households’ debt against their disposable income came in at 136 percent in 2012, slightly up from 134 percent in the previous year, according to data by the Bank of Korea (BOK)………………………………………..Full Article: Source

Asian investors eye Aust property

Posted on 24 April 2013 by Laxman  |  Email |Print

Asian investors are showing rising interest in Australia’s property market, with Korean investors in particular looking to shift their assets away from that region’s political tensions, according to The Australian Financial Review.
The newspaper cited one international fund manager who said calls from Korean institutions have soared, but added that “they need a lot of hand holding” and “once they turn, they turn quickly”………………………………………..Full Article: Source

Australia: National housing market starts to recover

Posted on 24 April 2013 by Laxman  |  Email |Print

Australia’s housing market appears to be in the midst of a recovery, with prices rising at their strongest level for more than two years in many capital cities.
The new figures come as a senior Reserve Bank of Australia official cautioned on Tuesday that market conditions were shifting to a ”new normal” where price growth would be slower than the country had witnessed over the past 30 years………………………………………..Full Article: Source

Getting into the property market is a tough ask for Gen Y: Mark Armstrong

Posted on 24 April 2013 by Laxman  |  Email |Print

The property market is a slow moving beast and when you are able to pick up on the trends and get on board, it allows you to make better investment decisions.
BIS Shrapnel’s emerging trends in residential market demand report released this week picked up on one of the most powerful trends driving the property market………………………………………..Full Article: Source

US: Existing home sales edge down, prices rise

Posted on 23 April 2013 by Laxman  |  Email |Print

Home resales edged downward in March, pointing to some slowdown in the housing market recovery pace as overall economic activity cools.The National Association of Realtors said on Monday existing home sales slipped 0.6 percent last month to a seasonally adjusted annual rate of 4.92 million units.
Economists polled by Reuters had expected home resales to rise to a 5.01 million-unit rate.”The disappointing pace of home sales provides some evidence that positive momentum in the housing sector is beginning to leak lower,” said Millan Mulraine, a senior economist at TD Securities in New York………………………………………..Full Article: Source

Home prices up 12 pct as investors bet on real estate

Posted on 23 April 2013 by Laxman  |  Email |Print

Prices of existing homes in the US rose 12 percent in March from the same month last year, as the real estate market continues to bounce back, providing much-needed help to the nation’s economy.
A key factor in housing’s recovery is strong demand from major corporate investors, who see profit in the combination of still-depressed real estate prices, near-record-low interest rates, and strong demand for rental housing………………………………………..Full Article: Source

Inside America’s billionaire housing boom

Posted on 23 April 2013 by Laxman  |  Email |Print

Stocks have been sliding. Goldbugs are reeling. China’s growth is slowing. Speculation is flying that France and Germany may face credit downgrades. And the hefty offshore accounts of rich investors, particularly Russians, face seizure in Cyprus as bailout looms.
But one market continues to thrive on the steadfast barrage of economic uncertainty: luxury housing………………………………………..Full Article: Source

Big investment firms jumping into housing market, pushing up prices

Posted on 23 April 2013 by Laxman  |  Email |Print

Investment firms are scooping up homes in distressed real estate markets, like Florida, blocking out individual bidders, experts say.
“There is the possibility that Wall Street and the banks and the affluent 1 percent stand to gain the most from this. Meanwhile, lower-income Americans will lose their opportunity for the American dream of building wealth through owning a home,” said Jack McCable a real estate consultant in Deerfield Beach, Fla………………………………………..Full Article: Source

The future of housing – Less government, more private capital

Posted on 23 April 2013 by Laxman  |  Email |Print

Our nation’s housing finance system is broken. Yes, it looks as if the housing market is slowly beginning to recover from the recession. And, yes, Fannie Mae and Freddie Mac turned a sizable profit last year. But these positive developments cannot mask the fact that far too many Americans still cannot buy or refinance a house.
The solution is not to be lulled into a false sense of complacency, but rather to refashion the system to preserve access to long-term credit for working families.Today, the federal government is effectively the sole credit allocator for housing finance, backing about 90% of new single-family loans…………………………………………Full Article: Source

How to profit from the housing recovery

Posted on 23 April 2013 by Laxman  |  Email |Print

The U.S. housing market is on the mend. According to the S&P/Case-Shiller Home Price Index, the average price of U.S. homes hit bottom in January 2012 and rallied 8% through January of this year, the most recent month for which data is available.
Shares of homebuilders, which were brutalized during the 2007-09 bear market, have soared as the housing outlook has improved. On average, the stocks have climbed 260%, or 38% annualized, since the group hit its bear-market low on March 6, 2009 (prices are through April 19 unless otherwise noted)………………………………………..Full Article: Source

U.S. Real estate: 2013′s mortgage trend

Posted on 23 April 2013 by Laxman  |  Email |Print

With the economy recovering from its recent downturn, and the spring season coming on, it’s no surprise that many people are curious as to their current prospects for buying a home.
After a record low in November of 2012, the average mortgage rate has seen a gradual increase to its current rate of 3.51 percent. Coupled with the 0.8 points paid, it would seem that with mortgage rates being lower than what they were at this time last year, now is the time to act………………………………………..Full Article: Source

Calgary industrial real estate market active

Posted on 23 April 2013 by Laxman  |  Email |Print

All signs are indicating that the Calgary industrial real estate market will continue to thrive and grow this year, says a new report by Cushman & Wakefield.
The company said overall vacancy in the sector was 6.6 per cent in the first quarter of this year, up from 6.2 per cent in the first quarter of 2012. Net asking rents have jumped to $8.63 per square foot per year from $7.89 last year………………………………………..Full Article: Source

CEE-based developer says market has ‘probably exceeded expectations’

Posted on 23 April 2013 by Laxman  |  Email |Print

Warsaw was a grey and cold place in the winter of 1992. The air stank from factories still spewing out smoke near the centre of the Polish capital, and memories of Soviet occupation, which had ended only three years earlier, were still fresh. But it was a place with enormous possibilities for those willing to take a chance.
That was what brought 29-year-old Brian Patterson to the city after deciding to decamp from California, where the recession was casting a pall over the property industry………………………………………..Full Article: Source

German Q1 investment figures hit five-year high

Posted on 23 April 2013 by Laxman  |  Email |Print

Total investment volumes in the German commercial property market have risen 21% year-on-year, according to first quarter figures releasedby property advisor Savills.
The German market saw total investment hit €6.65 bn during the first three months of 2013 - representing the highest first quarter levels for five years. The strong first quarter showing was fuelled by a number of significant portfolio deals, including the purchase of an IVG open-ended special fund for some €500 mln and Dundee’s purchase of a portfolio of eleven office properties for € 420 mln from SEB………………………………………..Full Article: Source

Netherlands: Housing market may be picking up, more inquiries made to advisors

Posted on 23 April 2013 by Laxman  |  Email |Print

The Netherlands two biggest mortgage advisory groups are reporting signs that the housing market may be picking up, the Financieele Dagblad reports on Monday.
The paper says the high-street chains Hypotheker and Hypotheekshop have noted the first rise in the number of clients asking for information about buying a house for some time………………………………………..Full Article: Source

Greece offers residence to foreign investors

Posted on 23 April 2013 by Laxman  |  Email |Print

Greece will be offering residence to non-EU investors purchasing or renting property over 250,000 euros ($326,000), in a bid to revive its moribund real estate industry, officials said on Monday.
The initiative, voted into law by parliament last week, comes in response to strong demand from Arab, Chinese and Russian investors, the officials from the interior ministry and property groups told a news conference………………………………………..Full Article: Source

Riyadh needs 30,000 new residential units annually

Posted on 23 April 2013 by Laxman  |  Email |Print

Surplus, undeveloped residential plots around Riyadh are estimated to be 490 square kilometers in total, a new study by the High Commission for the Development of Riyadh (HCDR) shows. The present demand for residential lands in the city can be met by only 30 percent of these plots.
The study measures supply and demand indicators of property development in Riyadh in 2012 and estimated that there would be a total demand for 510,000 homes in the city by 2028. The study calculated that 30,000 residential units would be required annually………………………………………..Full Article: Source

Bahrain’s property market has bottomed out - CBRE

Posted on 23 April 2013 by Laxman  |  Email |Print

Bahrain’s real estate market has bottomed out but continuing political unrest is still holding back an upturn, CB Richard Ellis has said in a new report.
The real estate firm said the residential leasing sector in most areas has now stabilised in terms of their occupancy and rate………………………………………..Full Article: Source

Chinese home prices rise

Posted on 23 April 2013 by Laxman  |  Email |Print

Average home prices in key Chinese cities rose in March, indicating that recent government efforts to control the unruly real-estate market are having little effect.
Despite a move to enforce a tax on home-sale profits, the overall average price for 70 Chinese cities was up from the previous month and from a year earlier, with new homes in major cities showing the largest gains………………………………………..Full Article: Source

Blackstone sees big opportunities in China’s property market

Posted on 23 April 2013 by Laxman  |  Email |Print

The head of Blackstone, the world’s largest alternative investment fund, sees a big opportunity in Chinese real estate.
Stephen Schwarzman, who left Lehmann Brothers to build Blackstone from a six-figure company into the $210 billion behemoth it is today, believes that while there are some troubles in China’s economy there are big gains in distressed real estate………………………………………..Full Article: Source

China Vanke Q1 net profit up 16pct amid market recovery

Posted on 23 April 2013 by Laxman  |  Email |Print

China Vanke, the country’s largest real estate developer posted a 16 per cent rise in first-quarter profit on the back of strong sales.Net income during the Jan-March period rose to 1.61 billion yuan (S$323 million) from 1.4 billion yuan a year earlier, the company said in an exchange filing.
The company posted revenue of 14 billion yuan, up 35 per cent from 10.35 billion yuan a year ago………………………………………..Full Article: Source

Macau: High prices strangling second-hand market: Realtor

Posted on 23 April 2013 by Laxman  |  Email |Print

The second-hand real estate market is being negatively impacted by a mismatch between the prices asked by sellers and bank valuations, Centaline (Macau) Property Agency Ltd writes in its latest market review.
The realtor’s March review says bank valuations of second-hand homes are far from the prices asked by sellers, adding to the buyers’ down payment costs, our sister publication Business Daily reports………………………………………..Full Article: Source

Hong Kong home prices to drop as much as 25pct, Bernstein says

Posted on 23 April 2013 by Laxman  |  Email |Print

Hong Kong home prices will fall as much as 25 percent after the government stepped up measures to curb an asset bubble and as banks raised mortgage rates, according to Sanford C. Bernstein H.K. Ltd.
The number of new apartment sales will “remain largely subdued” with developers shifting their focus to cheaper and smaller units to boost sales, analysts led by Kenneth Tsang wrote……………………………………….Full Article: Source

Korea: Parliament passes tax bill to boost housing market

Posted on 23 April 2013 by Laxman  |  Email |Print

A parliamentary committee on Monday passed a government-proposed bill that calls for the temporary exemption of capital gains taxes on homes, in a move expected to boost housing transactions.
The exemption applies to people who purchase homes worth up to 600 million won (US$536,400) or no bigger than 85 square meters between Monday and the end of December this year. They will be exempt from capital gains taxes if they sell them over the next five years………………………………………..Full Article: Source

NZ: Economist warns of further pressure on housing stock

Posted on 23 April 2013 by Laxman  |  Email |Print

ANZ senior economist Mark Smith warns that the increasing number of people moving to New Zealand will put pressure on the housing market - particularly in Auckland and Canterbury.
Official figures from Statistics New Zealand show 1200 more people permanently moved to the country in March than departed………………………………………..Full Article: Source

US: Snapping up real estate

Posted on 22 April 2013 by Laxman  |  Email |Print

Investing directly in property can be an attractive alternative to low-yielding bonds but isn’t for everyone. Investors should know the real-estate market, be wary of what can go wrong and, because properties can be illiquid, have plenty of cash in reserve, say financial advisers.
For people willing to take the plunge, the U.S. economic recovery and several other factors make real-estate fundamentals relatively favorable now, says Rich Fichtel, a senior financial adviser at Altfest Personal Wealth Management in New York, which manages about $1 billion. For example, leasing is outpacing new construction activity, and vacancy rates are declining, he notes………………………………………..Full Article: Source

As real-estate market rebounds, homebuyers need to be nimble

Posted on 22 April 2013 by Laxman  |  Email |Print

Buoyed by the U.S. economy’s slow but seemingly steady recovery, the residential real-estate market is starting to rebound in many parts of the country — including central Ohio.
Here, demand is up and supply is down. In fact, in some particularly desirable neighborhoods, the transition from buyer’s market to seller’s market is all but complete………………………………………..Full Article: Source

Wall Street betting billions on single-family homes in distressed markets

Posted on 22 April 2013 by Laxman  |  Email |Print

Big investors are pouring unprecedented amounts of money into real estate hard hit by the housing crash, bringing those moribund markets back to life but raising the prospect of another Wall Street-fueled bubble that won’t be sustainable.
Drawn by the prospect of double-figure profit margins on rents and the resale of homes whose prices plummeted in the crash, hedge funds, Wall Street investors and other institutions are crowding out individual home buyers………………………………………..Full Article: Source

US regulators see mortgage REITs as source of market vulnerability

Posted on 22 April 2013 by Laxman  |  Email |Print

In the latest sign of Washington’s growing concern with market bubbles US financial regulators are setting their eyes on mortgage real estate investment trust companies as a potential risk to the country’s financial system, the Wall Street Journal reported on Thursday. The Financial Stability Oversight Council is expected to cite mortgage REITs as a point of vulnerability in the real estate market in its annual report next week, according to an inside source quoted by The Journal.
Mortgage REITs (mREITs) are publicly traded companies that borrow funds to invest in real-estate debt. Unlike regular real estate investment trust (firms that invest in physical properties), mREITs buy mortgage securities backed by Fannie Mae and Freddie Mac and offer returns to investors of as much as 15 percent………………………………………..Full Article: Source

Should you use rental properties to fund retirement?

Posted on 22 April 2013 by Laxman  |  Email |Print

You may have heard that rental properties can be a great way to generate passive income. Rental properties can provide monthly cash flow, protect against inflation, and usually appreciate over the long term.
Some retirees swear by rental properties instead of the usual stock and bond portfolio because they don’t have to stomach the volatile stock market swings. Owning rental properties can help fund your retirement, but being a landlord isn’t for everyone………………………………………..Full Article: Source

EU seeks to avoid housing bubbles with mortgage law deal

Posted on 22 April 2013 by Laxman  |  Email |Print

European Union negotiators are expected to finalize the bloc’s first common rules on mortgage lending on Monday, in an attempt to avoid a repeat of property bubbles that helped fuel the euro zone’s debt crisis.
The legislation will force lenders in Europe’s 6.5 trillion euro ($8.5 trillion) mortgage market to check the creditworthiness of potential customers and their ability to repay, effectively banning self-certified or “liar” loans………………………………………..Full Article: Source

London luxury property market price growth unsustainable: Grosvenor Group

Posted on 22 April 2013 by Laxman  |  Email |Print

The luxury property boom in London is unsustainable, according to Grosvenor Group, the £5.8 billion investment group. It told Reuters that the rate of luxury home price growth in London looks shaky after years of foreign investment in the safe-haven market.
Luxury home prices there have increased 53% since 2009 compared to 25% in the rest of Greater London, according to Knight Frank………………………………………..Full Article: Source

German cities plan tighter rent controls to curb housing boom

Posted on 22 April 2013 by Laxman  |  Email |Print

Germany’s largest cities are preparing to tighten rent regulations as they take advantage of a new federal law aimed at curbing the housing boom.
State governments that oversee housing rules in Hamburg, Berlin, Munich and other cities plan to make it illegal to raise rents in those locations by more than 15 percent in 3 years, according to government officials………………………………………..Full Article: Source

Germany: Regulator puts Reits into turmoil

Posted on 22 April 2013 by Laxman  |  Email |Print

The $825bn real estate investment trust industry could be thrown into turmoil by a controversial decision by BaFin, the German financial regulator. BaFin has proposed that German Reits should be regulated as investment funds under the EU’s Alternative Investment Fund Managers Directive, due to come into effect in July.
This would bar many equity funds from investing in Reits, unless they are created as “funds of funds”. It would deter investment from countries such as China, which restricts holdings of foreign funds………………………………………..Full Article: Source

Spanish preference for property over startups deepens woe: Tech

Posted on 22 April 2013 by Laxman  |  Email |Print

After finishing his MBA at Columbia University in New York, Luis Sanz decided not to return home to Spain to launch his Web startup, Olapic.
Sanz says he stayed in New York because his homeland lacks an entrepreneurial culture and has virtually no venture capital industry. Last year, he raised $1 million for Olapic, which helps companies collect photos posted by their customers on social-networking sites such as Facebook and Twitter………………………………………..Full Article: Source

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