http://www.bbc.co.uk/news/world-europe-33578949A group of international investors has won a bankruptcy auction for an abandoned airport in central Spain with a 10,000 (£7,000) offer - 100,000 times less than it cost to build.
The investors were the only bidders for Ciudad Real airport, south of Madrid, completed during Spain's boom years.
But it is not clear if the sale will go ahead as another buyer could still step forward outside of the auction process.
The winning bid was made by a Chinese-led consortium of investors.
The group, Tzaneen International, says it wants to make the airport an entry point into Europe for Chinese companies.
http://elpais.com/elpais/2015/07/17/inenglish/1437141343_057819.htmlIn court papers filed on Friday, the Chinese group explained that it submitted a low bid because it would need to reapply for aviation licenses and spend between €60 million and €100 million to upgrade the facilities.
The court had appraised the airport at €40 million but set a minimum offer of 70 percent of this amount – €28 million – for prospective buyers. It also issued a 20-day grace period for other possible bidders to come up with the €28 million.
I think so. Spain, Portugal & Italy are the ones i hear about after Greece.Isn't Spain broke? Well, not Greece broke but still very broke. Can't imagine there's much economic activity going on...
i don't think you need a "consortium of investers" for an investment of eur10,000
Isn't Spain broke? Well, not Greece broke but still very broke. Can't imagine there's much economic activity going on...
Yes they did.... (8:11) segmentis this the one Top Gear went to?
Also interesting is the Pontiac Silverdome, home of the Detroit Lions, which was built for $55 million, was sold a few years ago for $550,000.
https://en.wikipedia.org/wiki/Silverdome#Sale
PIIGS.I think so. Spain, Portugal & Italy are the ones i hear about after Greece.
You need a consortium of investors to do anything with it. They spent that 10,000 for a white elephant and a huge tax bill, now they're going to need another 100 million to turn it into something more than a ghost airport.
i was thinking they will scrap everything and there will be no airport
from what I read only the airport was sold and not adjacent land.
Being this Europe, there probably is a property tax on that.
I read that they want to make it a cargo airport. I guess we will see, but honestly it looks weak. It's not unheard of chinese companies saying they'll do some crazy stuff, I still have to see if any of those eventually pan out (e.g. the canal in nicaragua).
UK English > American Englishcosted?? I am not a grammer nazi, but
"There is still a possibility that another buyer could meet the minimum price of 28m set by the receiver for the sale to go through before the end of September."
These websites and their inflammatory headlines need to be banned.
from what I read only the airport was sold and not adjacent land.
Being this Europe, there probably is a property tax on that.
I read that they want to make it a cargo airport. I guess we will see, but honestly it looks weak. It's not unheard of chinese companies saying they'll do some crazy stuff, I still have to see if any of those eventually pan out (e.g. the canal in nicaragua).