Prominent investor Richard LeFrak,head of The LeFrak Organization,who is ranked number 212 on the Forbes list of billionaires,is a man of many business insights.For instance,he notes that the Chinese are going from a rural to an urban setting,and that's a tremendous change in the population.We wish the people well.The Chinese government has its own agenda,in Mr.Lefrak's view:to stay in power.
Mr.LeFrak says it's a good time to own a bank with a clean balance sheet.They've been investing money in certain banks,such as Bank United in Florida and Metro Bank in London.The London bank is friendly,open seven days a week.They will open 12 branches in the next two years.It's meant to be a nice place to hang out.
The Lefrak Organization has a property in Panama City,Florida.They're struggling because,what with the oil spill,no one wants to commit to travel.It's having a serious effect on the market now.They went from 80% pre-book to 30% pre-book for Memorial Day.This is the high season for that part of the world.
Mr.Lefrak has an easy,unaffected manner on his business television appearances.His family business,The Lefrak Organization,founded in 1901,builds and owns a vast amount of real estate in the New York,Los Angeles and London metro areas.It focuses on residential and office property,but its affiliates also own substantial hotel and retail assets.LFO has an investment management division as well,combining traditional merchant banking with value-based equity and fixed income investing strategies.Since 1971,LFO has been a major investor in oil and gas holdings.
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