A Stampede On The Pampas

The Argentine pampas possess some of the world's most fertile farmland. In the first quarter of this century, commodities such as beef and wheat made the country one of the world's 10 richest. But by the 1930s, exorbitant export taxes, inadequate infrastructure, and economic and political instability had scared away most investors.

Not anymore. Led by U.S. financier George Soros, deep-pocketed investors are returning to the Argentine heartland, where land sales have quadrupled since 1991, according to Madero Lanusse Belaustegui, a real estate company in Buenos Aires. Encouraged by rising world commodity prices, the buyers believe Argentina will help fill Asia's fast-growing demand for foodstuffs. Lower inflation, reduced taxes on exports, and improved roads and telecommunications are once again making farming a lucrative business.