|Bid||2.22 x 0|
|Ask||2.23 x 0|
|Day's Range||2.22 - 2.30|
|52 Week Range||1.18 - 4.69|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Two recent bankruptcy protection filings by Brazilian construction companies pose no systemic risk to the country's real estate sector, Gilberto Occhi, chief executive officer at state lender Caixa Econômica ...
Brazilian homebuilder PDG Realty SA said it was seeking protection from creditors by filing on Wednesday to restructure its debt in court, the country's second publicly listed builder to do so in less than six months. PDG's gross debt was 5.4 billion reais ($1.75 billion) at the end of September, according to a quarterly earnings report. The company said its efforts to restructure about 74 percent of its bank debt last year "did not achieve the originally desired effect." PDG said it continues to struggle with weak demand, growing sales cancellations, stalled construction projects and lawsuits from clients and contractors.
PDG Realty SA, the Brazilian homebuilder struggling with a cash crunch, is considering surrendering buildings and land given as collateral to creditors ahead of a potential in-court reorganization, two people directly involved in the plan said. São Paulo-based PDG hired restructuring advisory firm RK Partners in November to come up with a rescue plan. Terms of the plan contemplate giving creditors control of some assets guaranteeing debt issued by about 700 special purpose vehicles created to fund projects, the people said.
Brazil's housing starts rose in November at the fastest pace in five months, an industry group said on Wednesday, partly reflecting an improving economic backdrop and quicker issuance of permits following long delays earlier in the year. The widely followed Abrainc-Fipe index showed a 76.1 percent jump in new housing projects launched in November from a year earlier. In the 12 months ended in November, housing starts rose 10.4 percent, the group known as Abrainc and research institute Fipe said in a report.
Brazilian home prices rose for the tenth straight month in December, giving builders and banks some hope the worst of a multi-year market downturn is finally easing, market data released on Wednesday showed. The monthly FipeZap indicator, which covers 20 major Brazilian cities, edged up 0.13 percent from November, university research center Fipe and online classified ad platform Zap said. Despite the streak of consecutive increases in national prices, the rise in home values has failed to outpace inflation, suggesting gains for sellers in cities like São Paulo and Rio de Janeiro may be a long way off.