SPECIAL REPORT: China Consumer Confidence Hits New Low in September as Fast Deteriorating Subprime Mortgage Crisis Lowers Future Expectations

SHANGHAI, /Xinhua-PRNewswire/ -- Xinhua Finance eziData China Consumer Confidence Index (CCCI) has been updated with the survey results showing that China Consumer Confidence Index declined 1.9 points to 91 in September after a slight rebound in August, led by a fall in consumer sentiment on future expectations.

(Dr. Richard Curtin, Research Professor and Director of the Consumer Sentiment Surveys at the University of Michigan's Institute of Social Research, top right photo.)

This shows high concerns on the part of the Chinese consumers about the future of the business conditions in China at a time when the subprime mortgage crisis in the US is evolving into a global financial crisis.

Consumer sentiment on current conditions inched up 0.1 point to 90.2, supported by stable general prices which were manifested in a relatively stable consumer satisfaction with current prices (only slightly lower than the month before). Shanhai night skyline, middle left photo.)

However, consumer sentiment on future expectations plunged 3 points to 91.4, creating a new low as well as the largest month-on-month fall in survey history since April 2007.

The sharp fall in consumers' future expectations was mainly due to the fast deterioration of the subprime mortgage crisis --- such as the take-over of Freddie Mac and Fannie Mae by the US government, as well as the bankruptcy of Lehman Brothers -- which made consumers in China worry about the future of China's business conditions.

Under the support of the Xinhua Finance family, Xinhua Finance eziData China Consumer Confidence Index is produced monthly by eziData, a local provider of China consumer data, and in association with Dr. Richard Curtin (top right photo). Dr. Curtin is Research Professor and Director of the Consumer Sentiment Surveys at the University of Michigan's Institute of Social Research.

The survey this month was conducted through 1,520 telephone interviews from September 1 to 15, 2008. April 2007 survey results are set as the benchmark value of 100. The September survey was completed on September 15.

After that, the US government released a program of US$ 700 billion to save the market, and the central government of China also issued a series of policies in the same effort. (Shanghai harbor, middle right photo)

According to eziData analysts, this is very likely to cause a strong rebound in consumer confidence in October.

However, the mid-long term trend in consumer confidence will be subject to the future trend in the subprime mortgage crisis as well as that in the stock market and real estate market in China.

Consumer Voices:"I really shouldn't buy a house and a car at the same time. The mortgage could kill you. And the prices are rising so fast that I could hardly meet my expenses with my income."

"The appreciation of RMB has undermined export with raised costs. Company performance is getting poor. And now the US is coming with the subprime mortgage crisis. I guess the economic growth will slow down."

"The house price rose so much last year, and only lowered a little this year. Who knows if it will go down again? I'd better wait and see."

The index is based on a monthly survey of around 1,500 Chinese households via stratified random sampling in 50 representative cities across East, Middle and West China using the same methodology as is used by the University of Michigan.

All data is collected via computer assisted telephone interviewing (CATI). Index of April 2007 survey is set as the benchmark (100).

Through its subsidiary Xinhua Finance Media Limited (NASDAQ:XFML), XFL leverages its content across multiple distribution channels in China including television, radio, newspaper, magazine and outdoor media.

Founded in November 1999, XFL is headquartered in Shanghai, with offices and news bureaus spanning 11 countries worldwide.

For more information, please visit http://www.xinhuafinance.com/.

About eziData: eziData is a local provider of China consumer data, serving both financial and consumer market participants. It aims to serve global and local business professionals with decision-making tools that relate to consumption in China and conform to international standards.

eziData's comprehensive portfolio of high-quality consumer data products, which includes a structured real-time databank, delivers a broader and more insightful view of the market.

For more information, please visit http://www.ezidata.com/.

For more information, please contact: Xinhua Finance China: Ms Joy Tsang, Tel: +86-21-6113-5999, or +86-136-2179-1577 Email: joy.tsang@xinhuafinance.com

Mr. Scott Zhang Tel: +86-21-6113-5996, Email: scott.zhang@xinhuafinance.com

HFF closes sale of Massachusetts self storage property

HOUSTON, TX – The Houston-based self storage group of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of Secure Self Storage, (bottom right map) a 71,025 rentable-square-foot property in New Bedford, Massachusetts.

HFF represented the seller, The Veritas Group, LLC, a New York City-based real estate investment company that develops, acquires and manages self storage facilities in the Northeast and Mid-Atlantic regions of the U.S. and eastern Canada.

The buyer was an affiliate of Storage Opportunity Partners LLC, a firm headquartered in Farmington Hills, Michigan and Newton Highlands, Massachusetts that specializes in the acquisition, development, management and disposition of self storage facilities.

Located 45 minutes south of Boston at 376 Hathaway Road in New Bedford, at the interchange of Interstate 195 and State Route 140, the 517-unit, Class A facility was constructed in 2003.

“This facility offers a strong fit for Storage Opportunity Partners’ real estate portfolio. It is located at the intersection of two major thoroughfares that provide outstanding visibility and access to the property,” said Steve Mellon,(top right photo) HFF managing director.

“We are extremely pleased to complete this transaction, especially given the challenging economic conditions we are all experiencing,” said David Levenfeld, (bottom left photo) principal and co-founder of Storage Opportunity Partners.

“We are highly optimistic about achieving operating synergies by adding this facility into our portfolio of properties in Eastern Massachusetts.”

CONTACTS:

Aaron Swerdlin, HFF Senior Managing Director, 713 852 3537, aswerdlin@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Arbor Closes $4.45M Fannie Mae DUS® Loan on La Casa Illusion Apartments in Phoenix, AZ

UNIONDALE, NY, Sept. 23, 2008 – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the funding of a $4,450,000 loan under the Fannie Mae DUS® product line to refinance the 60-unit complex known as La Casa Illusion Apartments (bottom left map) in Phoenix, AZ.

The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.26 percent.

The loan was originated by Ronen Abergel, (top right photo) Director, in Arbor’s full-service New York, NY lending office. “Initially, this deal was slated as a condo conversion but the Sponsor switched to a rental operation,” said Abergel.

“In order to expeditiously get the Sponsor out of his high-interest hard money loan, we began due diligence during the property’s lease-up stage so that we could close immediately upon stabilization and by extension, prevent further deterioration of the Sponsor’s equity.”

Contact: Ingrid Principe, Tel: (516) 506-4298, iprincipe@arbor.com

Brookfield Residential Property Services Acquires GMAC Home Services LLC

Acquisition represents important expansion into US market

TORONTO, Sept. 23 /PRNewswire/ -- Brookfield Residential Property Services ("BRPS"), a division of Brookfield Asset Management Inc. ("Brookfield"), announced today that it has entered into an agreement to purchase GMAC Home Services LLC, a recognized leader in global relocation, real estate franchising and brokerage and home financing services, from GMAC Residential Holding Company LLC and Residential Capital LLC.

The transaction is expected to close in the fourth quarter 2008.

"The purchase of GMAC Home Services by Brookfield allows us to join a globally recognized and respected real estate and relocation services organization," said John Bearden, (top right photo) President and CEO, GMAC Home Services.

"This move will enhance the ability of two world-class organizations to pursue opportunities on a global scale. Given that both organizations have similar industry expertise and strong commitments to client service, we expect to quickly achieve the full potential represented by this transaction."

"Brookfield is a leading provider of residential property services in Canada," stated Chairman George Myhal.

"Notwithstanding the recent market turmoil, this acquisition represents an important opportunity for us to expand in the U.S. market for residential property services and we believe we are well-positioned to grow our market share once this difficult period of adjustment is behind us."

In Canada, Brookfield provides executive relocation services, home appraisals and property brokerage services under the Royal LePage, La Capitale, Johnston & Daniel and Centract brand names.

The GMAC Home Services' business units that are part of this acquisition include: GMAC Global Relocation Services, GMAC Real Estate and GMAC Home Services Mortgage. (Brookfield Asset Management stock chart for Jan. 23, 2008, middle right)

"This transaction will combine GMAC Home Services' global operations with our businesses, to create a platform for long-term North American and international growth," said Graham Badun, Managing Partner and CEO of BRPS.

"GMAC Home Services offers its award winning services through locations in forty seven states, Europe and Asia. This acquisition is evidence of our belief in the long-term opportunities for growth in the U.S. residential property services market."

Following the acquisition, BRPS will have one of the largest relocation companies in the world and its REALTOR(R) network will be almost 30,000 strong, based out of 1,500 locations across North America.

For more information, please contact:

Brookfield RPS: Rob Ireland Whetstone Communications , 416-595-9776 x226, rob@whetstonepr.com

Residential Capital LLC: Gina Proia, 917-369-2364, Gina.proia@gmacfs.com

Singaporean Based Real Estate Investor Acquires Fifty Percent of Stein Group International

NEW YORK, NY-- KOP Capital Pte Ltd has acquired a 50% stake in Stein Group International, parent company for one of the fastest growing portfolios of integrated companies in the luxury travel and leisure sector.

This investment, worth US $250 million, marks the local real estate company's foray into the global property arena, reaching across Europe and North America.

With KOP Capital's participation, Stein Group International will extend its brands into Asia by 2010, including Singapore, China, Indonesia and Thailand.

Under Stein Group International's "Stein Hotels and Resorts" brand, there are 15 hotels, 12 operating and three under development in seven European countries.

(Casa Angelina, Amalfi Coast, Praiano, Positano, Italy, a Stein Group property, top left photo)

In 2005, "Luxury Lifestyle Hotels and Resorts", a unique reservation system for over 125 small luxury hotels in Europe, was created.

LUX magazine was subsequently established by Stein as an in-room reading material to showcase elements of the luxury lifestyle.

"Singapore and Asia play very strategic roles in propelling KOP Capital towards the global property space. We recognise the growth of global wealth and affluent individuals around the world, and coupled with our understanding of this segment, we can elevate luxury living to a new stratum by establishing the "Stein" brands in Asia.

" In two years, guests will be able to enjoy the exceptional level of service and quality in Asia, be it during their stay in Stein Hotels and Resorts, or Stein Restaurants," said Ms Ong Chih Ching, Founder and Group CEO of KOP Capital.

(The College Hotel, Amsterdam, a Stein Group property, middle right photo)

Established by Mr David Stein, (top right photo) Founder and Chairman, and headquartered in Barcelona, Stein Group International has been focusing on the development and operation of a collection of small, luxury hotels located in the Northern Mediterranean and in selected European capitals.

Stein said, "We are very excited about working with KOP Capital in establishing and expanding Stein Group International's brands in Asia. Singapore is now the region's tourism hub and one of the top choices for living in the world.

"We are certain that KOP Capital will be a dynamic partner based on their strong understanding of the Asian real estate market and the audience segment.

"We are confident that Stein Group International will be able to build upon the strong track records of both organisations to deliver world-class quality living that our consumers are looking for."

(Villa Mangiacane, Tuscany, a Steing Group property, bottom left photo)

CONTACT:

David Fardon, Phone: +3493 452 1430, Email: dfardon@steinhotels.com

Stein Hotels And Resorts

http://www.steinhotels.com/Rambla Catalunya 89Barcelona, 08008, Spain, Tollfree: 877 783 4600, Phone: +34 93 452 14 30, Fax: +34 93 452 14 31

Email: info@steinhotels.com

SPECIAL REPORT: Capital Changes Expected to Have Huge Impact on Senior Housing Industry

TAMPA, FL--Allen McMurtry, (top right photo) president, CLW Health Care Services Group, reports on the highlights from the National Investment Center’s annual conference held in Chicago earlier this month. McMurtry says the NIC conference "consistently reflects the pulse of the Senior Housing industry."

Where are the deals? Where is the debt?

•75% or less loan to value will be common for the next three years
• Relationship lending will remain strong
• The CMBS market essentially does not exist today - - it could take 3 years for this market to
return
• A focus on operations is the only salvation for financing
• Smaller loan sizes are cheaper
• Mezzanine debt will be very important
• Syndication is the new securitization
• Recourse loans are becoming standard
• Near term fear - quantity of highly leveraged loans maturing in the next few years. Much of the debt is floating rate until maturity.

What is going to happen when this demand for recapitalization comes to market?

• The cost of equity and debt are almost the same
• Capital changes have a huge impact on such a small sector like Senior Housing

CAPITAL MARKETS

• It is the age of the health care REIT
• How will the new REIT laws affect public perception?

.Will the public perceive the REITs as riskier investments since they will now be able to play a more active role in operations through asset management?

REITS

• The Senior Housing industry needs to be more transparent - - putting forth clear and consistent
information so that outsiders can grasp industry fundamentals
• The industry should emphasize the health not the care in health care
• Market penetration potential is the upside story (not demographics)
• Higher penetration rates can be acceptable if the overall market acceptance of the product
is high - - i.e. Philadelphia marketplace
• Throw away appraisals completed in the last couple years - - these values are no longer applicable
in today’s market.

Institutional Investors noted the following:

- 6.75% - 7.5% cap rate with conservative underwriting (IL institutional stabilized properties)
- 175-200 basis point premium over multi-family (IL institutional stabilized properties)
- 12.5%-13% cap rates for Skilled Nursing

((The Pavilion at Crossing Pointe, Orlando, bottom left photo)

VALUES

• Construction financing - - some markets are requiring 40% equity going-in. Rates are good,
but terms are not.
• Numerous land acquisition opportunities not available two years ago
• One company noted that land costs are 12% - 15% of total project costs.

CONTACT:

Allen McMurtry, CLW Health Care Services Group, 4301 Anchor Plaza Parkway, Suite 400,
Tampa, FL 33634, (813)-349-8349, http://www.clwhcsg.com/

CBRE Announces $9.3M Sale of 550 Reo in Tampa, FL

TAMPA, FL – Sept. 23, 2008 – CB Richard Ellis' (CBRE's) Investment Properties Group is pleased to announce the sale of 550 N Reo Street, (top right photo) a three-story, 76,397-square-foot, Class "B" office building in Westshore.

The property sold for $9,300,000 and comprised of the 4.15-acre building site, and an additional 1.25 acres of land.

CBRE's Dale Peterson, (top left photo) Senior Vice President and Paul W. Carr, (bottom right photo) Associate, brokered the sale of the building on behalf of the seller, American Ventures Realty.

"The Westshore office market continues to be the most desirable submarket in the Tampa Bay area in terms of investor demand," says Dale Peterson, "This sale demonstrates that deals can and will continue to transact, particularly for well located assets, despite the challenges we face in the current capital markets environment."

Constructed in 1985, 550 Reo is prominently located within the Westshore Business District along North Reo Street immediately south of Cypress Street.

550 Reo was purchased by Arthur Hill & Co and was approximately 93% percent leased at the time of sale. Tenants include the headquarters location for Global Data Management Services, a telecom network management company, Accent Property Management dba Centers of Westshore, an executive suite operator, and Lockheed Martin.

Contact:
Lauren Crawford, Communications Specialist, 813 273 8482

HFF arranges $6.6M construction loan for development of Manhattan-area office building

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged a $6.6 million construction loan for the development of 855 Lehigh Avenue (middle left map), a 36,800-square-foot Class A office building in Union, New Jersey.

HFF senior managing director Anthony Cuccia (top right photo) worked on behalf of the borrower, an affiliate of M&M Construction, to secure the 30-month, adjustable-rate loan through Columbia Bank.

Upon completion, 855 Lehigh Avenue will have two stories of Class A office space that is nearly 65% pre-leased to the United States Government’s General Services Administration and will also serve as the new headquarters of M & M Construction, a major general contracting firm in Union County.

The 1.9-acre site has a light industrial building that will be demolished for construction of the new facility. The property’s location at 855 Lehigh Avenue is close to the Garden State Parkway and Interstate 78 approximately 12.5 miles west of Midtown Manhattan in Union, New Jersey.

“This project represents the best example of redevelopment through the re-use of a former abandoned industrial site into a new Class A office building,” said Cuccia.

CONTACTS:

Anthony M. Cuccia, HFF Senior Managing Director, 973 549 2000, tcuccia@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Slowdown in Consumer Spending to Impact Indianapolis Retail Sector

INDIANAPOLIS, IN — Retail market fundamentals in Indianapolis are expected to soften this year as a result of ongoing economic uncertainty and elevated construction activity, according to a third-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

While the local labor market is projected to expand modestly, the slumping national economy and rising food and energy costs have decreased consumer spending, which will likely ease retailer demand through the second half of the year and contribute to a rise in vacancy.

“Out-of-state buyers with extended holding strategies remain the key players in the market and have increased their interest in local multi-tenant assets during the past year, leading to relatively steady cap rates in the low- to mid-8 percent range,” says John Riser, (top right photo) vice president investments in the Indianapolis office of Marcus & Millichap.

Following are some of the most significant aspects of the Indianapolis Retail Research Report:

· Indianapolis-area payrolls are expected to expand by a modest 0.3 percent in 2008 with the creation of 2,800 positions.

· Deliveries are expected to ramp up this year to 2.5 million square feet of retail space, 44 percent above the metro’s five-year annual average.

· Vacancy is forecast to increase 150 basis points to 12.8 percent.

· Asking rents are projected to finish the year at $15.11 per square foot, up 0.5 percent.

· Effective rents will retreat 0.7 percent to $13.41 per square foot this year.

For a copy of the complete Indianapolis Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Retail Vacancy Expected to Increase by Year's End in Riverside-San Bernardino, CA Market

ONTARIO, CA— Operating conditions in the Inland Empire will soften further in 2008 due to persistent job losses and ongoing weakness in the housing market, according to a third-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

In the coming quarters, weakness in the economy and decreased consumer spending will continue to weigh on space demand.

“The metro’s influx of new, large-scale centers will likely attract REITs, while individual buyers will still target the safety of properties located near major transportation corridors closer to the western portions of Riverside and San Bernardino counties,” says Doug McCauley, (top right photo) regional manager of the Ontario office of Marcus & Millichap.

Following are some of the most significant aspects of the Riverside-San Bernardino Retail Research Report:

· Builders are forecast to deliver 6 million square feet of new retail product to the market this year, up slightly from 5.8 million square feet in 2007.

· Vacancy is projected to end the year at 15.2 percent, an increase of 360 basis points.

· Asking rents are expected to finish 2008 at $22.24 per square foot, a nominal decline from last year.

· Effective rents will end the year at $19.69 per square foot, a 2.8 percent decline.

· Investors targeting single-tenant assets have focused on restaurants with strong national tenants. Restaurants have accounted for nearly 20 percent of all acquisitions in the last year.

For a copy of the complete Riverside-San Bernardino Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Tight Conditions Sustain Interest in EAst Bay Retail Assets

OAKLAND, CA — Historically high occupancy levels in the East Bay retail sector have been tested by wavering economic conditions during the last year, according to a third-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

In 2008, area owners will likely forego significant rent gains in order to retain tenants and keep the metrowide vacancy rate among the lowest in the nation.

“Investor interest in the Oakland retail market will persist, although trading will likely be more reserved through the end of the year as lenders approach deals with intensified scrutiny,” says Jerry Smith, regional manager of the Oakland office of Marcus & Millichap.

Following are some of the most significant aspects of the Oakland Retail Research Report:

· Developers are forecast to bring approximately 1 million square feet of retail space online in 2008, up from 860,000 square feet last year.

· Vacancy is projected to rise 140 basis points to a still-tight 3.4 percent.

· Asking rents are predicted to increase 0.5 percent to $29.24 per square foot.

· Effective rents will dip 1.2 percent to $26.40 per square foot.

· Local employers are forecast to eliminate 210,000 jobs this year for a 2 percent contraction.

For a copy of the complete Oakland Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716