| 29.04.2009 - In Dubai, defaults hit developers |
| From WSJ: Developers here are scrambling to prevent a wave of investor defaults as they struggle to survive this city-state's real-estate bust. During a frenzied property boom, many investors bought property on speculation, expecting to be able to quickly flip homes -- sometimes entire floors in buildings -- before construction was finished. But in recent months, prices have cratered, some falling by more than 50%......Full Article: Source |