CRACK in Spanish property market

LoadingFavourite

This topic contains 3 replies, has 2 voices, and was last updated by Profile photo of Anonymous Anonymous 9 years, 3 months ago.

  • Author
    Posts
  • #53083
    Profile photo of Anonymous
    Anonymous
    Participant

    Property developer ASTROC has told that they had about 65,7 million euros in losses this year meanwhile they had a profit of 61 the last year.

    Here is the new:

    http://www.invertia.com/noticias/noticia.asp?idNoticia=1797991

    The market is crashing at full speed and it is not very intelligent to ask for credits in the actual market conditions. The BCE is dropping money on the market because the banks cant find the money they need for mortgages.

    Please be carefull specially in the spanish property market because you can lose a lot of money.

  • #74011
    Profile photo of Anonymous
    Anonymous
    Participant

    The ex-Manager of Astroc has been accused of scam and fraud on the National Audience of Spain.

    http://elmundo.es/mundodinero/2007/08/13/economia/1187016940.html

    He is supposed to doing things so the stock market prices of his company grow in a spectacular way (600% or somethin similar) but suddenly it fell again very quickly so a lot of people has lost their money in the stock market.

    This is the kind of property developer you can find here in Spain and makes me feel shamed of being a spaniard.

  • #74013
    Profile photo of Anonymous
    Anonymous
    Participant

    Dear Peterparra,
    What he has done it nothing new this kind of stock market manupilation has been going on in more advace financial markets for many years. insider dealing, Junk bonds an example.

    What you should be ashamed about it is the lack of suprvision by the financial authorities, this is vital if Spain wants a healty and liquid stock market and inspire confidence in its market.

    To be very frank if Spain cannot supervise its lawyers a reltively easy thing to do what chance a very fast moving/volume trading stock market.

    This is one of the reason that Spain has not been the beneficiary to act as a financial center for the latin world. Just imagine the Petro dollers coming from Venazuela alone.

  • #74189
    Profile photo of Anonymous
    Anonymous
    Participant

    An article about ASTROC at Bloomberg:

    http://www.bloomberg.com/apps/news?pid=20601109&sid=aTtIHezGXVeE&refer=home

    here you can see all the story behind.

You must be logged in to reply to this topic.