Our association participated in the EPRA annual conference held in Stockholm on September 3-4, 2008. Among the guest speakers was Anatole Kaletsky, a columnist for The Times of London and the founding partner of GaveKal Capital, who shared his views on how the real estate crisis in the United States has spread to European countries. Wolfgang Grulke, known for his colorful and unconventional approach, presented on the interconnected effects of finance, real estate values, liquidity, and oil factors in our world. The conference addressed the development of real estate investment trusts (REITs) globally, their portfolio structures, the world economy, and future expectations. Sectoral reports and presentations were shared with the participants.