COMPANIES About two years ago, shares in a Spanish real estate developer called Astroc plunged 70 per cent in a week, marking what is today recognised as the end of Spain’s property boom.
Investors fled the Valencia-based company when it emerged its business model – based on buying, or taking options on, land slated for possible residential rezoning – was threatened by questionable accountancy, law changes, rising interest rates and softening demand for second homes.
