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Ciudad Real airport sold at auction for 10,000 Euro's

 
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3rdRock
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PostPosted: Sat Jul 18, 2015 4:11 pm    Post subject: Ciudad Real airport sold at auction for 10,000 Euro's Reply with quote

http://www.bbc.co.uk/news/world-europe-33578949

Quote:
A group of international investors has won a bankruptcy auction for an abandoned airport in central Spain with a 10,000 (7,000) offer - 100,000 times less than it cost to build.

The investors were the only bidders for Ciudad Real airport, south of Madrid, completed during Spain's boom years.

But it is not clear if the sale will go ahead as another buyer could still step forward outside of the auction process.

The winning bid was made by a Chinese-led consortium of investors.

The group, Tzaneen International, says it wants to make the airport an entry point into Europe for Chinese companies.

Not bad, eh? An airport for a little under 7K. Rolling Eyes Laughing
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PS_RalphW



Joined: 24 Nov 2005
Posts: 5266
Location: Cambridge

PostPosted: Sat Jul 18, 2015 6:13 pm    Post subject: Reply with quote

China buys global infrastructure, one piece at a time.

It's a good strategy, but I think this purchase will prove to be a tactical blunder. Who will want an airport in the middle of a desert in the days of peak oil and climate change?
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Catweazle



Joined: 17 Feb 2008
Posts: 2189
Location: Little England, over the hills

PostPosted: Sun Jul 19, 2015 12:06 am    Post subject: Reply with quote

PS_RalphW wrote:
China buys global infrastructure, one piece at a time.

It's a good strategy, but I think this purchase will prove to be a tactical blunder. Who will want an airport in the middle of a desert in the days of peak oil and climate change?


Scrap value is ten times that amount, plus the land.
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adam2
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Joined: 02 Jul 2007
Posts: 6214
Location: North Somerset

PostPosted: Sun Jul 19, 2015 10:06 am    Post subject: Reply with quote

It could be worth a lot not as an airport but as a development site for housing, shopping malls, offices or other purposes.
In the very long term, purchasing land is often profitable.

Have the Chinese investors actually stated that they intend to use it as an airport ? I know that they said something about it being a "gateway to Europe for Chinese firms" but that might mean say an industrial estate largely populated by Chinese firms.
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