Baneasa Developments to scale down investments in 2009
24 December 2008
The Baneasa Developments real estate company, part of Baneasa Investments, is to sale down its investment budget for 2009, to EUR 15 million from EUR 40 million initially planned, due to the crisis, Ali Ergun Ergen, the company’s Chief Executive Officer (CEO), said.
The company also considers postponing several investment plans, considering that problems related to accessing loans are expected. However, these projects will be resumed later on, Ergen said.
''Consumption will drop in 2009 and this will lead to a decline in the retail market. Financing for various projects has become very difficult to obtain, so the development of real estate projects will slow,'' Ergen said.
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