Despite some Spanish developers telling us to the contrary, there really are problems in the Spanish market.
Taylor Wimpey today announces a near £300 million pound write-down of overseas assets in the US and Spain. The Spanish company is still known as Taylor Woodrow ESPAÑA.
On the BBC news website “Continuing material weakness in the group’s US and Spanish markets has resulted in land and work in progress write-downs of £289.7m,” the company said.
From their pre-tax profit for 2006 of £400m, to 2007 pre tax loss of £19m!
The full story http://news.bbc.co.uk/1/hi/business/7280675.stm