Tuesday, November 24, 2009
Dubai Effects US Real Estate
Posted By, Meredith Anderson
By Elinor Comlay and Jonathan Stempel - Analysis
NEW YORK (Reuters) - Dubai's debt woes could further unhinge an already fragile U.S. commercial real estate, as it illustrates the importance of that tiny country to global investors in an increasingly interconnected world.
A state-owned investment conglomerate Dubai World, with $59 billion of liabilities, set off a global stock market selloff this week after it said it wants to restructure its debt, including at its property subsidiary Nakheel.
"This downturn has had more of a global impact," said Tony Ciochetti, chairman of Massachusetts Institute of Technology's Center for Real Estate in Cambridge, Massachusetts.
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