Reuters - Struggling with slowing home sales and a lack of liquidity, Mexico's top three homebuilders - Homex, Geo and Urbi - might have to seek bankruptcy protection if they fail to reach an agreement with creditors in the short term.Real Estate
Geo will build 100,000 homes by 2015
Reuters - Geo, one of Mexico's leading homebuilders, said on Wednesday it expects to build 100,000 homes annually by 2015. The company, which specializes in building low-cost homes for working class Mexicans, expects to build about 56,000 homes in 2010.
Homex expects 2011 revenue to rise 13% to 19%
Dow Jones - Culican-based Desarrolladora Homex, one of Mexico's biggest housing construction companies, said Tuesday it expects its revenue to increase between 13 percent and 16 percent in 2011. Low-income housing accounted for 86.5 percent of Homex revenue.
Tourism income jumps 10.8% in first nine months
Xinhua - Mexico's tourism income in the first nine months of this year increased 10.8 percent year on year to $7.1 billion. Income from cruise ship visits rose 28.3 percent to $393 million, tourist arrivals rose 6.9 percent to 16.8 million.
news.xinhuanet.com/english2010/business/2010-11/16/c_13608761.htm
Hilton to open 38 hotels in Mexico over 5 years
Dow Jones - Unfazed by increasing security concerns, the Hilton hotel group plans to more than double its number of hotels in Mexico over the next five years to 60 properties from 22, with the Hampton Inn brand leading the growth.
Homebuilder GEO 3rd Q profit slips 3.5 percent
Reuters - Mexican homebuilder Geo said on Wednesday its third-quarter net profit fell 3.5 percent over the year-ago period on higher financing costs. Geo said its net profit for the quarter was 446.5 million pesos ($35.4 million).
Homex posts flat third quarter profits
Reuters - Homex, one of Mexico's leading homebuilders, posted flat third-quarter profit as higher administrative costs and taxes cut into rising revenue. The company said its net profit in the July-September period was 479.7 million pesos ($38 million).
OHL narrows price range for possible IPO
Reuters - The Mexican unit of Spanish construction group Obrascon Huarte Lain (OHL) narrowed the price range for its Mexico share offer, which is aimed at raising some $1.2 billion to fund road projects, the parent company said today.
Saks opens second store in Mexico City
Market Watch - Retailer Saks Inc. has expanded its presence in Mexico City by opening its second licensed Saks Fifth Avenue store. The two-level, approximately 82,500 square foot store is located in Plaza Carso. The first Saks in Mexico is in the Santa Fe Shopping Center.
Spain's OHL looking to list on Bolsa
Reuters - Spanish builder Obrascon Huarte Lain said on Monday it was studying listing a subsidiary of the group on the Mexican stock exchange and hsd hired several financial groups to advise it.
Ara strikes deal to offer lagoons at its housing projects
Sentido Comun - Consorcio Ara, one of the leading homebuilders in Mexico, said it has teamed up with the Chilean company Crystal Lagoons, to build artificial lakes at some of its housing complexes. The company expects to build about 20,000 homes in such developments.
