Real Estate /
Poland's apartment prices continue to fall [1844]
So a few months ago you were saying no developers were going bust but now that they start to go bust you say they were the wrong kind of developers. Let me guess, Poland is different :)
Housing development is different from civil engineering, unfortunately the Polish media calls everyone builders and does not differentiate between the two. A doctor is not a surgeon although they are both in the medical profession.
I was not referring to this type of construction as the topic is habitation, not public works:-
"Poland has worked hard to try to get its road, hotel and stadium infrastructure ready for the tournament it is co-hosting with Ukraine, but the final push has left a number of leading builders bankrupt or heading for insolvency.
Up to 100 contractors are seeking about 50 million zlotys (9.5 million pounds) for their work on the Gdansk road from general contractor Hydrobudowa, part of the debt-laden PBG group."
"WARSAW (Reuters) - Spain and Croatia fans heading for the Euro 2012 Group C clash on Monday may find the main road to Gdansk's PGE Arena blocked by up to 60 bulldozers and diggers because of a protest over payments due to sub-contractors.
Local authorities stress they will provide alternative routes for trams and buses to the match, which kicks off at 20:45 local time (07:45 p.m. British time), but that may not help foreign car drivers following GPS-recommended routes to the stadium."
In fact PBG's housing operations are not massive, only 8 developments, but neither are they tiny.
Some company's will take on small projects to keep key staff employed, this is not there core business but you already knew that when you posted your stupid comment.