Asia Leads Global Recovery

Asian countries are leading recovery of the global property market, primarily through government stimulus plans, India’s Economic Times reports. The strengthening markets include China, Singapore, India and Vietnam. China appears to be the region leader. Its government-dominated, top-down economy is surging after Chinese banks issued more than $1 trillion in loans in the first half of 2009, plus a nearly $600 billion government stimulus program. Singapore, India, Vietnam and a number of other Asian markets are also strengthening.

In past recessions, the United States has led global recovery.  “The economic center of gravity has been shifting for some time, but this recession marks a turning point,” said Neal Soss, chief economist for Credit Suisse in New York. “It’s Asia that’s lifting the world, rather than the U.S., and that’s never happened before.” He adds that vigorous rebounds, particularly in East Asia, suggest U.S. imports and exports will soon improve.

Know Cultural Correctness in Ethnic Markets

Tapping into a growing ethnic market for real estate clients, such as Indian Americans, requires familiarity with the culture of their native country, reports CIO. The Indian American population grew 53 percent to 2.6 million in the seven-year span from 2000 to 2007 and is the fastest growing Asian American community. It is the third largest Asian American ethic group, after Chinese and Filipino Americans. Many of the cultural norms of India are widely practiced by Indian Americans. Realtors® who want to work with ethnic groups will benefit from understanding these norms. Examples include:

  • Don’t assume you can use a person’s first name; it may be considered rude.
  • Don’t refuse hospitality.
  • Don’t expect people to disagree. Indians generally agree to all that you say, so dig deeper to ke sure you are understood and that what you are asking is doable.
  • If you see shoes near the door, assume you should take yours off.
  • Don’t be offended by debate. Indians like to argue and debate every small point in any topic or conversation.

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