Brazil's real estate sector continues to provide lots of action. If you recall from past reports at BBB, Brazil's government has a huge US$41 billion housing program aimed at low-income families. The companies that are best able to take advantage of this fast-growing segment are the ones with the best performance recently. Today Reuters reports that "Brazilian real estate developer PDG Realty agreed on Monday to take over rival Agre in an all-stock transaction valued at 2.43 billion reais (US$1.4 billion), creating the nation's largest builder."
Meanwhile, yesterday's largest builder, Cyrela, "...was added to Itau Unibanco Holding SA’s recommended list of stocks on the outlook for the housing market," according to Businessweek. "Improving economic growth estimates and 'general strength in real estate markets, aided by attractive valuations, will probably push the stock higher,' wrote Itau analysts including Carlos Constantini in a note to clients. Cyrela has lost 12 percent since January 1 after more than doubling in 2009."
RIO DE JANEIRO
This story from Bloomberg talks about Rio's governer and mayor, who are trying to change the city's image as fun-in-the-sun paradise to a boring business destination where one can't even play soccer or purchase a caipirinha on the beach. I particularly enjoyed the title, "Brazil's 'Big Prostitute' Banning Grilled Shrimp on Rio Beaches", although after reading the story, I still don't understand who the prostitute is, or just how big she might be.
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