services office of the municipal government of shanghai in 2012, the “ 1st financial cooperation meeting between shanghai and macao ” took place in shanghai in 2013. during the meeting, consensus on various issues was reached and expected results were achieved, including the proper use of macao as a trade and commerce platform between mainland china and portuguese - speaking countries ( pscs ). as far as we recognise, the msar financial sector has entered into a stage where opportunities are abundant. in the current situation, i believe that the local financial sector should look at it from a broader perspective, think more innovatively, make full use of various policy initiatives, try actively and seize the opportunities. on the basis of maintaining a reasonably prudent balance between business development and risk management, the local financial sector could reach new highs in the future, while making greater contribution to appropriate economic diversification. bis central bankers ’ speeches finally, on behalf of the amcm, i wish the msar continuous prosperity and stability, macao ’ s financial sector steady development, everyone a prosperous year of the horse, good health and a happy family! thank you very much! bis central bankers ’ speeches

has written an article that describes how formerly thriving subdivisions outside of larger metropolitan areas, once known as “ boomburbs, ” are now suffering some of the highest rates of foreclosure and subsequent reo inventories. these communities are often so new that they do not have the community development infrastructure to address the impact of the large volume of reo properties. while reo properties in these relatively strong markets are more attractive to investors, the nature of these communities may change dramatically with little opportunity for local government to direct – or even prepare for – those changes. to make matters even more challenging, potential reo inventories may be larger than the current inventory numbers indicate. the brooking institution ’ s alan mallach provides us with an article that focuses on the growing number of properties that are delinquent or in the foreclosure process, but have not yet entered the market as reo. this “ shadow inventory ” threatens to continue the downward pressure on housing prices and further destabilizes communities. on a more positive note, however, mallach contends that the neighborhood impact of reo properties can be mitigated if subsequent owners have a long - term interest. he points out that the community impact of an reo property purchased by an individual homebuyer is barely noticeable. moreover, purchases by investors that plan to buy and hold the property for the long term can have positive outcomes for neighborhoods. finally, mallach asserts that local governments are not powerless to limit the destructive impact of speculative investors. rather, he argues that they can influence investor behavior through the use of regulatory tools, such as licensing and inspections, to promote stability. the challenges faced by communities with large inventories of reo and vacant property will not be resolved overnight. what began as a problem rooted in poorly underwritten loans has been exacerbated by high unemployment and slow economic growth. as delinquencies and foreclosures continue to grow, they will hinder the ability of communities to heal and ultimately to thrive. so it only makes sense that we focus our research, data analysis, outreach, and community development expertise on better understanding the market dynamics of the communities impacted by foreclosures and identify solutions to help speed their recovery. lessons learned this summit brings together people who have been on the front lines of addressing vacant and abandoned properties throughout this crisis – local government officials, community development practitioners, lenders, servicers, and researchers – to share their experiences for the