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Bulgarian property funds freeze projects of over EUR 2bln

Posted on 02 October 2008

From Emportal.co.yu: The US mortgage meltdown and the subsequent global financial fallout have stalled building projects worth over EUR 2 billion in Bulgaria. The crisis is hitting everywhere with all of its might, business climate is changing and no sector will escape unscathed, commented Rosen Plevneliev, manager of property developer Lindner Immobilien Management.

He said next year will be a tough time for businesses but 2010 may see light at the end of the tunnel. Entrepreneurs are wondering whether to go ahead or pull out of projects, according to Tihomir Tsakov, owner of local real estate agency Aristo. Under pressure by shareholders, property funds have started selling out assets….. Full Article: Source


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