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Land Valuation Deadline Extended

Source: Bloomberg - Thu 5th Jan 2012
Land Valuation Deadline Extended

Spain has extended the deadline for banks and real estate companies to revalue their undeveloped land by six months, El Economista reported.

Spanish banks and developers have traditionally accounted for undeveloped land according to its potential future value rather than as rural land with little or no value, the newspaper said. The land law, passed by the former Socialist government, had given banks and developers until the end of 2011 to downgrade it to rural land, the newspaper added.

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