Major Hungarian project may be scrapped

Country:  Hungary

10 December 2008

A major residential and commercial project on Csepel island in central Budapest could be scrapped, following the collapse of Spanish developer Martinsa Fadesa earlier this year, according to Interfax CE.

The firm purchased the 82-ha site three year ago, since when little building work has taken place. According to Budapest councillors, negotiations are currently taking place with the developer over the future of the project.

Various reports in Spain over the weekend have brought attention to accounting irregularities at Martinsa-Fadesa before it was forced to seek protection from its creditors back in July.

The administrators’ report values Martinsa-Fadesa’s assets at €7.34bn (£6.4bn), 32% less than a previous valuation by CB Richard Ellis.
 

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