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At the same time, he also has a charge of 2 billion US dollars assets in Singapore s oldest and largest real estate investment trusts Chiai-Mao Trust (CapitaMall Trust).

CapitaLand commercial industries in Singapore, China, Japan and Malaysia have over 45 shopping malls, is Asia s largest shopping mall owner or manager. The company announced in February, 2005 after-tax profits more than doubled from 2004 to 305.7 million Singapore dollars to 750.5 million Singapore dollars (469 million US dollars).



Panti source graduated from the Massachusetts Institute of Technology (Massachusetts Institute of Technology), received a master s degree in civil engineering. He s capable of a shopping mall included in the Guardian Direct Elevator additional entrance to the rental value increases dramatically, a number of other shopping centers will be transformed into a top-level gardens, and make full use of the ground floor retail space.

He accepted in Singapore, Asian Wall Street Journal reporter KEVIN LIM interview.

WSJ: Your first job? What are the gains?

Panti source A: My first job was in Singapore Hotel Properties Ltd. Serve as project manager, I had just graduated, or a young engineers, a lot of technical problems they do not have. But you can learn, and you can win respect, or even the entire management team.

Also, I gradually realized, you need to know what to do next. I found that not only need to engage in real estate development project management, it is also necessary investment, which is key to the next step.

Q: Do you think that a great manager is the most important quality?

Answer: First of all, you can not have the work of the no , in order to not you can not solve the problem. In the real estate business, you have to shake off the shackles in order to create wealth.

You want to have foresight, because the situation is always changing, today may seem the right thing may not be so after a few months. You have to constantly think about how to do things on the prospects for adequate grasp.



You want to keep accumulating the real estate projects and the core of knowledge. The Guardian has a real estate developer from the traditional Tuitai from enterprises, the current retail, real estate management, leasing, fund management and asset management are all they have to master the content. So you must continue to foster a sense of competition, raising goals, and explore new business platform.

Q: When do you decide whether to build or invest in a shopping mall, do you think need to look at the three most important factors?

A: First, you must be sure of return on investment. Macroeconomic you should start. In Singapore, a very driving force factor is low retail space per capita and the purchasing power of residents very strong. So if you plan properly, basically will not fail.

In China, with the gross domestic product (GDP) of 8% -10% growth in the consumption trend is prevalent. In India, a certain scale of the retail organization of only a few percentage points of overall retail sales, it may have tremendous room for growth. Then, measure their level of assets, according to their own design of a target return portfolio.

This was followed by the exit strategy - and this is very critical, and you must be developed. Because of the shopping malls are often large-scale investments, requires superb management experience, and very few which organization will buy shopping malls. While this may be a good investment, but you must be pressure on the long funds. Only an expert in this field only to the purchase of shopping space shots, but they often also look forward to a return.

Thirdly, you must have good management experience. First and the second year of good returns. But once a landslide retail competition will be unusually fierce.

Q: Fledglings the retailer or restaurant operators give you some suggestions?

A: First, you must have a popular product. Secondly, the business model is also very important to make some real feasibility study. For example, suppose you operate restaurant business, spent a lot of money decoration store, the purchase of equipment.

You dream of the people come here to eat stream. But when the restaurant is open, the situation may not be as you wish. Or on the surface of your business is very good, but the final calculate general ledger, the rate of return may not be high.

I have often warned some people do not just look at the book profits, because you may not amortized equipment costs. Or your lease period is three years, but you have to amortization of five years. Three years later, you do not renewal, this time, you will have two years of unamortized costs.

Q: You have the choice to tenants what skills?

A: The most important is to see how many he can produce sales, and not just how much you paid rent. His business must be sustainable, and will not be quickly bankrupt. We must understand his ideas to see whether he is willing to make efforts to attract passengers.



We will actively search for those affected by consumers, businesses. Singapore to the eastern remote areas Tampines Mall as an example, we found that the demand for mobile phones is very prosperous, although we have accepted the M1 (Mobile One Ltd.), And StarHub (Ltd.), we still decided to accept SingTel Mobile (Singapore Telecom (Singapore Telecommunications Ltd.), a subsidiary).

Shopping Centre customers more, the natural increase in the value of shops.

Q: employees to the new proposals?

A: For every one new employee, I would They say: I hope they fulfill their duties, and contribution to the work of its value, in turn, should ensure that this work can enhance their personal values.

Think of the innumerable ups and downs of Chinese history, see some floating VIP movements, we ask ourselves a question out and answered. Asked is: Who is the most poor people? Answer is: Confucius , the first of the poor is the word Confucius gave Lu Xun. In his Confucius in modern China, the article said:

In 1988, I should be at the invitation of the Swedish Academy in Stockholm University, did a traditional and contemporary Chinese literature, the talks, said in the May 4th Movement in the new culture is probably the most wretched Confucius.

Because with him the target of cultural change, so he found Confucianism. Headed, people-eating culture is the chief representative of his commitment to several thousand years of Chinese culture negative all evil.

During the seminar, I am sure that the May 4th two great discoveries: First, the traditional cultural resources found Guguo not face the challenges of modernization; the discovery of rational, logical culture seriously lacking in China. Address the issue can open new prospects, and thus the May 4th reasonableness of the history and historical feats can not deny.

However, I am also for the Confucius Baobubeng, said that the more than 2,000 years ago, the old president, is a big educator, is a good man, the powerful Batachi to heaven is wrong, but he will enter the revolutionaries nor hell properly, especially regarding what evil is to push him even more wrong.

Down with the hole that the shop, and China can be saved, it would too simple, too one-sided. In recent years, I reflect on the May 4th wanted: If the New Culture Movement choose not to Confucius as the main targets, and the choice of a centralized conspiracy of epitomize the Romance of the Three Kingdoms and rebels justified and Outlaws of the Marsh Criticism main target, and A Dream of Red Mansions as the banner of humanism, the

Only focus on the May 4th Confucius is said that the most wretched people, I am afraid that there is nothing wrong, but if you focus on the entire 20th century, and even today, it should be with a more accurate concept, which is the most miserable people , Lu Xun s pathetic , the word with the most character.

Confucius is with the wretched Analects and Confucianism, the second part can rule the world Analects , like dough while kneading was a classic , will be a kneading as Unfulfilled Chaff (Mao Zedong There is a poem, Qin Jie Long ringing in the dead soul, it is high-Bikang name); moment is the spiritual opium, the next minute Xinlingjishang.

When kneading dough, put a lot of ferment was especially expansive, not only the Analects of Confucius was as universal truth, (even the only woman and villains difficult to support true), and Confucius has become ultra-Socrates, the first super-Dashen Jesus, what advanced culture in his possession, Mr. Hole has become All Things are prepared to me, Tatu to eat first division.

This time, in addition to Confucius as stepping stone, but also serve as a shield to cover up from the problem wonderful role.

In this pretext, the spirit of independence, freedom of thought on the natural retreat, Cai Yuanpei, Chen Duxiu, Lu Xun and Hu Shi, Wang Guowei, Chen Yinque and so on, on the sideline.

Confucius is indeed a tremendous ideological existence, is a major Chinese community spirit coordinates really deserves our full respect, respect. However, since the 20th century, the problem is not just in a really respected and really respect, or that it is not proper to the dignity of Confucius.

The space Note: This article is a personal view and with strong political inclinations humorous articles, reading attention to the identification, reproduced in the space of a few deletions, for the convenience of reading, editing some pictures, not text with the author. Addition, despite the space think that this may be a worthwhile respect Liu Zaifu, a rare black style of the beautiful works comment, but strong personal views or let us start with the FT CHINA this view - that is the same: This article represents the author himself position.

This gave birth to the tourist influx. 2006, China s 1.39 billion people travel brought about 85 billion US dollars of income, than in 2005 increase of 17 percent. Industry data that growth continues. According to American Express (American Express) data, China s business travel market value of 10 billion US dollars, ranking fourth in the world.

This year s Beijing Olympic Games and 2010 Shanghai World Expo are expected to further increase demand. But last month, China has the statutory holidays for three weeks reduced to two weeks. Hot money into this industry, every competitor is ambitious to expand its market share. Jin Jiang Hotel president XU Zu-rong said. Jin Jiang Hotel under the low-cost hotels built in 1996, is China s first chain of low-cost hotels.

And various luxury hotel, the Chinese hotel industry has been low-cost local brands dominated. While cheap hotels attracted benefits for the Backpackers , but most customers still are not familiar with the brand overseas. Chinese companies may be small but strong action in the foreign competitors do feasibility analysis, they have a

As the industry leading domestic enterprises, foreign investors only through private fund to a piece. October 2006, in the United States IDG venture capital investment companies, such as hotels listed from the Nasdaq gain 109 million US dollars. The company plans within a few years the number of hotels will nearly quadruple to 1,000, and expand to other Asian markets.

China and other similar industries, investment flows may have weak. On the source and real estate are improving the competitiveness of the operating costs, while also lowering the rents and occupancy rates. 2006, low-cost hotel accommodation dropped by 45%, while the occupancy rate fell from 89% to 82.4%, but still higher than the 60% of the hotels industry average occupancy rate.

Shanghai Jinjiang International Hotels (2006. HK: Quote) has such as hotels, motels and 168 Jinjiang Hotel occupy a total of 44 percent of the market share, and is expected to continue to rise. In October last year, such as the home through the acquisition of rival Dingxing (Top Star), an increase of hotel chains will be 26. If home CEO said Sun Jian, a long-term perspective, the acquisition will expand the amount of its occupied 1 / 5.

But other chain can benefit from the market differentiation and wrangling. Lie-Chambers said: China s market has great potential and that this is not a winner-take-all game. And in order to avoid direct competition with major rivals, Chinese Chamber hostels positioning itself in the mid-range stores, and target customers locked in business travelers.

She kept from the remains of the monastery 5 minutes walk the road, we can see a striking castle, surrounded by a moat, can be seen towering vaguely Baluokeda (Baroque tower), just across Lake V ttern circled up from the fog Among. In the storage room inside the castle, with countless layers of cartons in the ordinary telegram, letters and documents.

However, in two kilometers, buried a very different man, Ivar Kreuger (left), he was in the peak period of honorary degrees by far more than with his fellow devout village women - Birgitta, at least in the financial and in the field of international relations can say that. From time to time, on his article can still temptation to Vadstena the curious tourists.

In the 20th century, the first 30 years, he invented the most humble based on the structure of an industry empire, Sweden made safety matches (safety match), a worldwide ignited the excessive speculation, it has created at the present value terms can amount to billions of dollars in wealth and then they completely burned.

John Kenneth Galbraith (right) in 1961 wrote that the sale of telephone fraud, selling non-existent shares of Canada mine salesman, talented and imaginative are not bound by conscience of the mutual fund managers, and even more local of the thieves, they should look Kreuger he is the master of all these scams.

The article, he said last Saturday in Paris means of suicide in this area, in the memory of the people who can think, who has the best career home the tragic destruction. Article then sad to say that, in their efforts to become Kreuger righteous forces in the process of being his era Xiaose destroyed by the (left).

With the disclosure of details of the world of alarm raised their hands, because of the appreciation of assets accounting repeat! The most serious one, would people think that by Benito Mussolini (Benito Mussolini left) government to sell the value of 100 million Kreuger 4 1000 Italy 2 millions of dollars in bonds, and, surprisingly, he single-handedly forged .