Dubai-based firm buys California home builder for $1 billion

[Kadie]

Dubai-based firm buys California home builder for $1 billion

Friday, June 2, 2006


(06-02) 10:35 PDT Los Angeles (AP) --


A real estate company based in United Arab Emirates acquired California home builder John Laing Homes for $1 billion in cash.

Newport Beach-based John Laing is the second-largest privately held home builder in the United States.

Its acquisition marks the first U.S. venture by Dubai-based Emaar Properties, one of the world's largest developers.

"This agreement will provide Emaar with an important gateway into the U.S. real estate market," Mohamed Ali Alabbar, Emaar's chairman, said in a statement Thursday.

Some analysts suggested the deal, coming at a time when the nation's real estate market is slowing, may signal growing interest by foreign companies in the sector that is expected to see further consolidation after a five-year boom.

more...
http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2006/06/02/financial/f103513D15.DTL

[movonne]

1. Well here we go...we will be owned by Arab countries...and maybe

China..

[987654321]

2. They're buying America with our own money.

Had Jimmy Carter beaten Reagan and Mondale succeeded him, I think the headlines would be very different. It might go something like this:

A family of farmers buy California home builder for $1 billion

A family of fifth generation farmers acquired California home builder John Laing Homes for $1 billion in cash.

Newport Beach-based John Laing is the second-largest privately held home builder in the United States.

Its acquisition marks the first real estate venture by Iowa Farms Inc., a soley family owned business, after years of rapid growth due to the use of ethanol in almost all domestic automobiles. These, like many other family owned farms, benefited greatly by the governments push to rid the country of its reliance on foreign oil, which had both cost more to use and had polluted the environment.

"This agreement will provide Iowa Farms Inc. with an important gateway into the U.S. real estate market, especially in a place like California where the skies are once again clear due to the decrease in pollutants once emitted by gasoline combustion engines," the company's chairman said in a statement Thursday. He added, "Being lifelong farmers from a rural area, we understand the responsibility we now have as developers to limit urban sprawl out of respect for the environment. We also intend to fully utilize the government's program which gives us a financial incentive to install solar panels in every unit we build."