Brazil real estate companies to build one million homes by 2011?
A Brazilian property expert has confirmed that the country’s government is planning to build up to one million new homes by 2011.
Bloomberg reported that Carlos Trostli, chief executive of homebuilder Construtora Tenda, praised the Brazilian government’s planning.
He added: "The beauty of the government program is that for the first time it has set a goal. It will be very difficult for someone to come and stop a program that is generating jobs and increasing fiscal revenue."
His comments come on the back of plans announced by president Luiz Inacio Lula da Silva in March, who said that the government would spend up to 34 billion reais (£11.5 billion) on housing.
Mr Trostli also confirmed that Construtora Tenda will not be selling bonds or shares this year like other Brazil real estate businesses had done.
Brookfield Incorporacoes, Rossi Residencial and PDG Realty Empreendimentos e Participacoes have all announced recently that they are planning to sell shares after the benchmark Bovespa index increased 60 per cent this year.
