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WORLD'S CITIES RANKED AS HEADQUARTERS LOCATIONS

 WORLD'S CITIES RANKED AS HEADQUARTERS LOCATIONS
 CHICAGO, Sept. 8 -- Singapore was named as the most desirable


international headquarters location in the world, and Warsaw the least desirable in a new survey by PHH Fantus (NYSE: PHH). The survey asked 800 senior level executives of United States corporations to rank 60 cities worldwide.
 Following Singapore, among the 10 leaders were London; New York City; Washington, D.C.; Toronto; Frankfurt; Brussels; Hong Kong; Dallas and Chicago. Following Warsaw at the bottom were Manchester, England; Helsinki; Budapest; Dublin; Athens; Delhi; Stockholm; Barcelona and Hamburg.
 Among the factors considered by the respondents were the tax/regulatory environment, political stability, availability and cost of skilled labor, appeal to employees, access to and frequency of international air service, telecommunications capabilities, cost of office space, and proximity to local markets and U.S. operations.
 Top Ten Most Desirable The Ten Least Desirable
 International HQ Cities International HQ Cities
 1. Singapore 1. Warsaw
 2. London 2. Manchester, England
 3. New York City 3. Helsinki
 4. Washington, D.C. 4. Budapest
 5. Toronto 5. Dublin
 6. Frankfurt 6. Athens
 7. Brussels 7. Delhi
 8. Hong Kong 8. Stockholm
 9. Dallas 9. Barcelona
 10. Chicago 10. Hamburg
 PHH Fantus is the leading international business location consulting firm. It is an operating unit of PHH Corporation, Hunt Valley, Maryland.
 -0- 9/8/92
 /CONTACT: Keith Bisogno, communications manager of PHH Fantus, 203-834-8588/
 (PHH) CO: PHH Fantus ST: Illinois IN: SU:


TM -- NY001 -- 6778 09/08/92 07:31 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Sep 8, 1992
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