Header Ad Module



No announcement yet.

Dubai: Job losses at troubled homebuilder

  • Filter
  • Time
  • Show
Clear All
new posts

  • Dubai: Job losses at troubled homebuilder

    More about "Dubai Disneyland" getting into trouble...

    DUBAI - One of the largest privately held US homebuilders said it is looking at all options to meet its funding needs and has reportedly shed jobs to cope with the economic slump.

    The developments cast doubt on the fate of John Laing Homes, whose US$1.05 billion acquisition by Dubai-based Emaar Properties near the height of the housing bubble marked the Middle Eastern developer's entry into the US market.

    In a statement on Monday, John Laing said it "is currently reviewing all potential options to meet its capital requirements" and would release details on any decision "in a timely and appropriate manner".

    The disclosure follows a report in Abu Dhabi's National newspaper that the builder has cut an undisclosed number of jobs, particularly in California and Colorado. The paper quoted a spokeswoman who added that the builder may stop sales on certain projects and shut some of its offices.

    Emaar bought John Laing in June 2006. The US real estate market was already slowing by then, and home prices had begun falling in certain parts of the country. Defaults linked to sub-prime and other risky mortgages were only just picking up steam.



    Free business resources - www.BusinessBlogsHub.com