Web-Exclusive Interview
By Joseph Contreras
Newsweek
Updated: 12:23 p.m. ET May 10, 2007
May 10, 2007 - The slump in the global housing market is changing business around the world. But it’s not all bad news. Just ask Jorge Pérez. The 57-year-old chairman and chief executive of the Related Group, one of the top U.S. condominium and rental-apartment builders, made his estimated $1.8 billion fortune largely in south Florida’s real-estate boom. When that bubble began to burst in 2005, his Miami-based company’s annual revenues fell sharply, from a peak of more than $3.2 billion to $1.4 billion in 2006. So Pérez is now setting his sights south of the border—and across the ocean. He will soon break ground on three luxury hotel-condominium development projects valued at more than $1 billion in the Mexican resort cities of Puerto Vallarta, Acapulco and Zihuatanejo. NEWSWEEK’s Joseph Contreras asked Pérez for his thoughts on the global housing market. Excerpts:
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