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Spain's Largest Property Developer Collapses

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http://business.timesonline.co.uk/tol/busi...icle4339850.ece

The TimesJuly 16, 2008
Spain's largest property developer collapses
Steve Hawkes and Heath Ashton
Fears about the extent of the economic problems facing Spain intensified yesterday when the country's largest property developer filed for bankruptcy.
Martinsa-Fadesa, whose interests span apartment buildings, hotels and golf courses, said that it had been unable to secure a €150 million (£119 million) loan from the banks and creditors that hold its €5 billion of debt.
The move sparked panic
in Spain's financial community, deepening concerns that the Government may be forced to step in to shore up property companies struggling to cope with a collapse in the housing market.

As Tony Soprano would say at a funeral for a departed business colleaugue: "Whaddya gonna do?"

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Guest Mr Parry
http://business.timesonline.co.uk/tol/busi...icle4339850.ece
The TimesJuly 16, 2008
Spain's largest property developer collapses
Steve Hawkes and Heath Ashton
Fears about the extent of the economic problems facing Spain intensified yesterday when the country's largest property developer filed for bankruptcy.
Martinsa-Fadesa, whose interests span apartment buildings, hotels and golf courses, said that it had been unable to secure a €150 million (£119 million) loan from the banks and creditors that hold its €5 billion of debt.
The move sparked panic
in Spain's financial community, deepening concerns that the Government may be forced to step in to shore up property companies struggling to cope with a collapse in the housing market.

As Tony Soprano would say at a funeral for a departed business colleaugue: "Whaddya gonna do?"

When that irritating tw@t from Polaris whatever gonna . . . .

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Spanish property was selling for 15 X local income :o

I'll will consider buying back in when it's down to 3.5 X income and not before.

Airlines are going to be hit with higher taxes so it's only a matter of time before all them old people from the UK that jumped into holiday homes are going to be looking at bailing out as prices drop of the asses, they can not rent them out or even aford to use the place themselves.

Magic :lol:

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  • 396 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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