The Santander announced yesterday that defer the sale of assets its real estate fund, whose investors refunds have been frozen since March 2009 due to lack of supply "reasonable" and the benefits that the changes represent the Government plans for the settlement of such funds.
A theft permitted by the Government to many families in this country.
In a statement to the National Securities Market Commission (CNMV), the Santander noted that the bulk of sales of assets in real estate Banif Santander will take place "throughout the year 2011 and beyond", compared the earlier prediction that this process be accelerated from the second half this year.
bank chaired by Emilio Botin justified the delay because "at present we still observe a lack of liquidity and widespread depression in the housing market in which prices of a large percentage of the bids received were not considered reasonable, or by the manager or by outside consultants. "
To this we must add the changes prepared by the Ministry of Economy, which aims to establish that the manager of any fund in liquidation in any event be responsible for the sale of assets, without a deadline to be undertaken if these operations.
Today, after the first two years, heritage becomes managed by the participants, who can make sales decisions.
All these circumstances have led to real estate fund manager "to reject purchase offers for its price, were not considered of interest to members", the statement said.
The bank noted that "the operations have been closed to date, with prices that reflect the full value of these properties are linked, in general, in offers made by end users of buildings .
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