The demand for housing and commercial developments in Brazil, fueled by over a decade of low credit and financing availability, continued to remain high and poised for economic growth. The current economic cycle favors the residential industry, with emphasis on expanding housing to the middle class, the fast-growing and largest segment of the population. Between 2005 and 2010, this segment, with significant pent up demand for housing, grew over 60% and now represents over 100 million people, or 53% of the population.

Demand for real estate remains unabated. The expanding job market and record low unemployment, at 6.2% in June of 2011, coupled with strong consumer confidence, continue to fuel sales in our industry.