Word: asia
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Dates: during 2000-2009
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...That isn't what markets vulnerable to American troubles want to hear, particularly the export-dependent economies of Asia, where concerns about a possible recession are compounded by doubts that the evolving, $2.2 trillion U.S. plan to bail out its finance and banking system will prove effective. For those reasons, some see flightiness reigning in stock markets for the foreseeable future. "I expect volatility to continue for some time as long as confidence hasn't been restored," says Matthew Kwok, head of research at Hong Kong's Tanrich Securities. "Sentiments are quite pessimistic...
...sitting at a computer all day, hasn't imagined owning a personal slice of paradise, lush with bougainvillea and frangipani, perhaps a sea breeze carrying the scent of exotic herbs and barbecued delights? Southeast Asia abounds with such dream locales, but two destinations trump all others: Bali and the southern Thai island of Phuket. It is on these two chunks of land, a mere 2,400 square miles (6,200 sq km) combined, that thousands of expatriates have bought tropical vacation homes. Indeed, a global real estate slump notwithstanding, Bali and Phuket's residential sectors are still booming, in part...
...there only one heaven on earth? As the holiday-home market has taken off in Asia, Phuket and Bali have nurtured a healthy rivalry with each other, trading off the honor of being listed as Asia's best island in travel magazines. Phuket aficionados talk loftily of the Thai island's superior beaches and cheap but professional hospitals, while Bali fans boast of the island's volcanoes and great surfing spots. Nevertheless, the business of vacation villas isn't a zero-sum game, largely because the members of the international jet set who dig Phuket are a breed apart from...
...Oceans Apart Despite the seeming similarities - balmy islands in Southeast Asia with international airports, abundant marine life and plenty of cafés serving espresso and freshly baked croissants - Bali and Phuket offer vastly different real estate experiences. First off, Bali is much cheaper than Phuket. Because the Indonesian island is so much larger than its Thai counterpart, Bali offers a wider diversity in terms of topography: verdant rice paddies, soaring volcanoes and several distinctive urban centers. The Indonesian island cherishes its deep cultural roots, with traditions interwoven into daily life, not manufactured for some cheesy ethnic show...
...Asia's premier island escapes did not always profit from their coastal charms. Phuket came into its heyday in the 19th century when Chinese tin miners exploited its mineral-rich hills. Later, fortunes were made in rubber trees. The island's main city was originally inland from the Andaman Sea to distance itself from possible devastation by tsunamis or typhoons. So, too, in Bali, where the rich cultural legacy of the Hindu Majapahit culture drew bohemian Western visitors in the 1930s who were mystified as to why most Balinese turned their backs on the lovely beaches, even forsaking fish from...