Posted on 07/18/2015 7:28:01 PM PDT by george76
Bidder offers just €10,000 for showpiece in Spanish bankruptcy auction. A Chinese company that was the only bidder for one of Spain's "ghost airports" wants to revive the site as a cargo hub for the Asian market.
Ciudad Real airport, one of the most notorious emblems of Spain's economic crash, cost €1 billion (HK$8.4 billion) to build and was on sale at a knockdown price of €40 million.
Tzaneen International was the sole bidder in the bankruptcy auction, however, and it offered just €10,000.
The facilities of the deserted site, 160km south of Madrid, include a runway long enough to land an Airbus A380, the world's largest passenger plane, along with a terminal that could handle 10 million travellers per year.
It is also in pristine condition because it has barely been used, having opened to international flights in 2010 as the euro-zone crisis raged, only to shut two years later.
(Excerpt) Read more at scmp.com ...
$10,830.00 US Dollars.
Well, quite the garage sale.
Do they run over the border into France?
Jeremy should have bought it and turned into something to annoy the greenie wackos like a race track or drag strip.
“Build it and they will come” works for China because it is a centrally-planned socialist economy turned capitalist dog-eat-dog free-for-all that has 1/7 the per capita GDP of the US. Spain is a developed economy that has all the infrastructure it needs.
The thing is, China has local ownership controls, over investments in China.
Are there similar restrictions, on Chinese operations in Europe or America?
How do we bid on Spanish bankruptcy auctions I’m all in!
>>>>>>Jeremy should have bought it and turned into something to annoy the greenie wackos like a race track or drag strip.
They had a Spain tour show a couple of years ago and did some dragging on that airport’s runway.
Since the Chinese firm was able to bid on the airport, I imagine that in Spain, the controls, if any, don't apply to partially-finished, abandoned airports. Given the many ways in which the Spanish government can stick it to them, regulation-wise, I'd say it's a risky venture and may well turn out to be a money pit. Still, the Chinese are nothing if not gamblers. We'll see how this venture pans out, soon enough.
when you see this and that story in another thread about the BBC and their wasteful spending you realize just how corrupt all our civilized societies are. Everything is set up to transfer wealth from taxpayers for the benefit of a few.
The Chinese definitely stole that thing for a song. The magnitude from cost-to-purchase-price is incredible. Not even close to pennies on the dollar.
hey no doubt but it clearly calls into question original cost.
Probably more than a couple of bucks got “lost” with the politicians involved and their buddies.
We might find them laughing it up in Monaco, Milan or Malta.
Well the Chinese side certainly did well in this investment thus far.
Thanks for your post. :D
I am not anti-Chinese at all, I actually lived in China, but I am (very) much against the one-sided way we are selling out to them.
It is disgusting to me, our entire system is sold out.
Completely so. Best regards.
It should be remembered that Fedex, I believe, scored a similar deal when it bought the former Cubi Point NAS facilities at Subic Bay from the Philippines to serve as their Asia hub.
The acquisition means jobs for Spain as the distribution center ramps up production. All in all, this is a good deal because it turns a failure into a success.
exactly what i meant by my first post.
Yeah, I think so, too.
And it saves them the cost of demo and clearing. Which would be a hefty price tag. And they’ll probably levy ... taxes and fees.
They are politicians, of course.
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