The hurricane sweeping through Spain’s construction and housing industry claimed a fresh victim yesterday as regulators suspended trading in the shares of Inmobiliaria Colonial, the country’s second biggest property empire. Daily Telegraph, Independent
The move came after Colonial’s share price fell 42% in two days following the abrupt resignation of its chairman, Luis Portillo. The key shareholders on the company’s board stepped down on Tuesday.
It joins a string of Spanish property groups that have either run into severe trouble or gone bankrupt over the past few months. Llanera and Ereaga have both suspended debt payments.