Cash flow problems at Tierra Mitica, Benidorm, Costa Blanca

Spanish Property Insight Forums Spanish Property Forums Real Estate Topics, News & Discussion​ Cash flow problems at Tierra Mitica, Benidorm, Costa Blanca

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    • #53618
      Anonymous
      Participant

      Tierra Mitica – a theme park just outside Benidorm on the Costa Blanca – is suffering cash flow problems, again! Unable to pay staff wages, Tierra Mitica has raided a reserve fund that was mean to be left untouched until 2011. The main shareholders of Tierra Mitica are the Generalitat de Valencia, Bancaja, and CAM (savings banks)and, as usual in Spain, property developers and real estate speculation are mixed into a murky story.

      Expect more problems on this front. When you mix property developers, savings banks, and local government in Spain, the resulting business is never world class.

      Mark

    • #78305
      Anonymous
      Participant

      “When you mix property developers, savings banks, and local government in Spain, the resulting business is never world class”.

      Hi Mark, can you please expand on the above. I cannot see how projects like stated can practically take off without the Bank funding, developers and local or provincial giving its blessing.

    • #78306
      katy
      Blocked

      I think it was in trouble before it was taken over some years ago.

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