June 2, 2006
The company's latest push on the accelerator became public Thursday when Dubai's Emaar Properties announced a $1.05 billion all-cash takeover of John Laing.
Emaar Chairman Mohamed Ali Alabbar, couldn't be reached to explain his reasons for buying the homebuilder. Nor would he respond in writing to explain why he's buying a U.S. homebuilder now, with the U.S. housing market starting to slow.
But Stan Ross, chairman of USC's Lusk Center for Real Estate, said foreign investors like the homebuilding sector because houses have a fast turnover time.
"They understand the industry, they like the cash flow and this gives it to them," Ross said.