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
Construction industry contracts 2.4% in 3rd quarter
El Financiero - The construction industry, in the third quarter showed a decline of 2.4 percent, and industry experts are predicting that the sector will end 2010 in the red again with an overall decrease in construction activity of 1.5 percent.
www.elfinanciero.com.mx/ElFinanciero/Portal/cfpages/contentmgr.cfm
Home builder Sare proposes equity offer
Dow Jones - Mexico housing-construction company Sare Holding said Monday that it's proposing to raise capital through a primary equity offering to increase production in the wake of a debt restructuring. It plans to submit the proposal at an Oct. 20 shareholder meeting.
Infonavit is on track to meet 2010 lending goal
Dow Jones - Mexico's biggest mortgage lender, government housing fund Infonavit, said Wednesday it issued 317,126 mortgages from Jan. 1 to Sept. 26 as it kept on track to meet its minimum goal of 475,000 for 2010. The number is a 16 percent jump over last year's.
Su Casita expects to restructure by year end
Bloomberg - Mexico’s Hipotecaria Su Casita, the mortgage lender that had its credit rating cut three times this year by Standard & Poor’s, might reach a restructuring deal with creditors by the end of the year or the beginning of 2011.
Geo is building three pre-fab house factories
El Semanario - Corporación Geo, Mexico's largest housing developer, plans to consolidate its position as market leader by building three housing factories in addition to one in Tijuana and plans to produce a total of 29,000 pre-fab houses per year.
BBVA Bancomer, Su Casita end alliance talks
Dow Jones - The head of Mexico's largest banking group, BBVA Bancomer, confirmed Monday that his firm has ceased discussions to form a strategic alliance with the country's largest nonbank home-financing company, Hipotecaria Su Casita.
Santander to build 42-story building in Monterrey
Dow Jones - Spanish banking group Banco Santander said Monday it plans to invest $110 million to build a new office tower in Mexico's northern industrial hub of Monterrey, aiming to finish the project by the end of 2013. It will be the tallest building in the city.
CEESP says new budget will cut capital spending
La Jornada - The proposed budget for 2011 will punish capital spending, causing it to decline by 1.8 percent, at a time when more should be done to stimulate investment, the Center for Private Sector Economic Studies (CEESP) said in a report.
Infonavit plans to sell $115 million in mortgage bonds
Dow Jones - Mexico's biggest home lender, federal housing fund Infonavit, plans to sell 1.5 billion pesos ($115 million) of its mortgage bonds, known locally as Cedevis, this week. In a stock exchange filing, Infonavit said the bonds will be denominated in UDIs.
Luxury hotel to open in San Miguel Allende
Los Angeles Times - An ultra-luxury hotel resort, the Rosewood San Miguel de Allende, is set to open in the historic city in central Mexico early next year. Reservations are being accepted for stays beginning Feb. 1. Under a grand-opening package, rates begin at $295 per night.
travel.latimes.com/daily-deal-blog/index.php/mexico-rosewood-hote-7454/
