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ADVECS Real Estate Corporation

World Renown Economist Hernando de Soto presents at FIABCI 63rd World Congress in St. Petersburg, Russia

16.05.2012

World Renown Economist Hernando de Soto presents at FIABCI 63rd World Congress in St. Petersburg, Russia

Official website of the 63 FIABCI World Congress, 16.05.2012

World Renown Economist Hernando de Soto Presents at FIABCI 63rd World Congress in St. Petersburg, RussiaFIABCI, the International Real Estate Federation, is hosting its 2012 World Congress in St. Petersburg, Russia. The FIABCI 63rd World Congress has attracted over 800 global leaders from the real estate and other related industries. The international event features an exciting program filled with an abundance of cutting edge and timely information and provides numerous opportunities for business development and networking.

Following an Exciting Opening Ceremony program, the Keynote Speaker, world-renowned Economist Hernando de Soto, President of the Institute for Liberty and Democray, presented his views and thoughts to a room overflowing with close to 1,000 World Congress participants. His pioneering work on behalf of property rights for the poor have led to global acclaim and recognition. de Soto is known for his revolutionary thinking and his focus on the relationship between property rights and economic development. de Soto’s speech, “Property Rights and Political Rights: The Way Forward,” focused on the concept that the lack of formal property rights is the source of poverty in many countries. This, in turn, has caused a direct effect on the global economic environment that presently exists. His informative speech included many key points about the recent economic crisis including:

  • Property Distortion: The world began to change about four years ago. The 2008 financial crisis pushed the US and European economies into the worst recession in 80 years. Conflicts over control of mineral rich territories increased in emerging markets, and a series of revolutions took place throughout the Arab Middle East and North Africa with millions of people marching in the streets. Those who observe these astonishing events taking place in both rich and poor countries, and which on the face of it appear to be different crises, will notice that behind all of them is a property distortion: developed countries had created too much asset-less paper, while developing countries had too many paperless assets.
  • The Arab Spring in Support of Property Rights: The Arab Spring was essentially generated as a movement in favor of property rights. It began when Tunisian street vendor Mohammed Bouazizi lit himself on fire when authorities expropriated his goods and his right to settle in one spot on 17 December 2010. Within the next 60 days, 49 others across the culturally and politically diverse Middle East self immolated —all of them had recently been expropriated. The Arab Spring is just as much about property as it is about politics.
  • The Economic Crisis: The Economic Crisis is correctly defined as a “credit crunch.” Private credit has stalled not because there is less money in the economy (i.e. bills and coins) but because there is less knowledge about property. For more than 100 years property recordation had supplied investors with a treasure house of useful economic facts — digital records, for example - to massify financing for cheap mortgages, the data contained in balance sheets to tell us who owns the assets, the equity and the liabilities, balance of payments knowledge to signal which countries were on the path to default. And then, suddenly, in a few days in 2008, the global markets realized that the knowledge that they had always depended on had deteriorated to the point where no one knew exactly who owned or owed what or who held the risk; and then credit and capital literally vanished.
  • Avatar and Property Rights: The film Avatar is science fiction about Western miners taking land and resources from locals. During the past few years, there is an increasing number of property and business related conflicts taking place in remote areas of the South American Amazon, Africa, and India. These disputes are principally over control of oil, gas, and mining activities and large tracts of agricultural land. These disputes take place between local, poor or indigenous communities with informal or customary rights to their land and businesses and formal investment companies eager to exploit the value of those traditional lands and the natural resources available there. This won’t get solved until those concerned realize that this is not about indigenous against Western cultures, but rather about ill-defined property rights.
  • Humanity’s greatest achievements have resulted from good property rights. This is because property documentation not only records the ownership of things but it relates people and things to each other — creating such countless and increasingly valuable combinations and collaborations that produced such wonders as flight navigation systems, the Internet, and global satellite positioning available for the family car.
  • Property Documentation = Factory: A property documentation system is literally a “factory” — a place where facts are assembled in ways that help entrepreneurs combine assets, skills, technologies, and finance into complex and increasingly valuable products. Entrepreneurs need to know not only who owns what but also how these ownership rights relate to other interests, potential claims, and eventual benefits. If a property document refers to the ownership of a house, it must also be able to document that the house is the underlying asset that furnishes the guarantee for a sub-prime mortgage; was originally financed by someone who covered his risk by selling an interest to a third party; is the address at which mortgages can be foreclosed, where debts, rates and taxes are collected, where certain deliveries are made; is also the liable terminal from which energy, water, sewage, telephone, cable TV, and Internet services can be controlled and where procedures will be initiated when bills have not been paid.

“We are honored Hernando de Soto joins us at our FIABCI World Congress as our Keynote Speaker for such an important real estate event. His lively discussion about real estate, politics and its impact in today’s financial environment provided new insight into real estate property rights. It is important for everyone to have an opportunity to interact with experts and experience a variety of perspectives for addressing common challenges. Programs such as the one with our Key Note Speaker are some of the ways FIABCI facilitates this conversation,” said Alexander Romanenko, FIABCI’s current World President and chairman of the Organizing Committee for the 63rd World Congress.

In addition to de Soto, presenters scheduled during the FIABCI World Congress will include; Ronald Phipps, 2012 Immediate Past President of the National Association of Realtors and Jason Hu, Mayor of Taichung, Taiwan. The World Congress will also includes outstanding international activities as well as recreational and study tours including Study Tours to the Central Naval Museum following its renovation and to Etalon Group’s ready built and construction projects.

The government of St. Petersburg, Russia supports the FIABCI World Congress. Among the many sponsors of the event Intarsia Group of Companies; Etalon Group of Companies; the holding-company Miel; ADVECS Real Estate Corporation and GC "Bulletin of Real Estate" Inc.


To hear Hernando de Soto’s Key Note Speech, visit: www.eng.fiabci63.com

For more information, visit www.fiabci63.org

Source: www.eng.fiabci63.com

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