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Quabit will Earn 25% Less This Year After Deferring the Development of 650 Homes

The company owned by Rayet and Carlos Slim has suspended the development of 650 units, of which 150 were already underway, due to the Covid crisis whilst it looks into new financial agreements for the autumn.

Félix Abánades presidente de Quabit en su despacho
Félix Abánades, President of Quabit.

Quabit has decided to make an important adjustment to its roadmap in anticipation of the consequences that the coronavirus will have on the Spanish economy.

The property developer, which was forced to revise down his business plan last year due to the slowdown in some of its projects, has decided to ‘quarantine’ the development of around 600 homes that it had planned to build according to its current business plan, after the slowdown in sales during the three-month State of Emergency and the bad omens regarding the evolution of the economy.

Read the full article in Spanish.

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