Listen I said ages ago on here that buying property anywhere was a bad idea, but in a foreign country with the £pound about to fall off a cliff, airline price going through the roof, people losing their jobs, & the property market in freefall - you'd have to be crazy.
Since then we've got the entire Worlds banking system on the verge of collapse, Governments having to pour £10's of £Billions into the system just to stop it imploding, & it's still not certain if that's going to work, & borrowing money is just about impossible.
How completely obvious is it that some third rate property development firm with unfinished projects, with "investors" who suddenly can't borrow the money to pay for the appartments, & who are probably already up to their necks in hock & can't get any more credit to finish their projects, are going to go bust sooner rather than later.
Having a business in a declining market is bad enough. Having a business where you suddenly haven't got any customers is even worse. Having a business where you haven't even got a finished product to sell or the money to finish them is the worst of all.
Trying to dig yourself out of the mess in an Egyptian property deal thats gone sour will be bad enough, if it then transpires that he didn't own the property, or that funds have disappeared into various spurious companies, or any other manner of dodgy possibilities is going to leave anyone dumb enough to be involved with some pretty nasty headaches & a lot of heartache.
Make no mistake, PHW will go bust, & they will be bust very, very soon - if there is more turmoil in the financial sectors then I wouldn't give them another month. I bet they definitely don't last another 2 months.
IMHO the sh1t is about to well & truly hit the fan.
Good Luck.
Since then we've got the entire Worlds banking system on the verge of collapse, Governments having to pour £10's of £Billions into the system just to stop it imploding, & it's still not certain if that's going to work, & borrowing money is just about impossible.
How completely obvious is it that some third rate property development firm with unfinished projects, with "investors" who suddenly can't borrow the money to pay for the appartments, & who are probably already up to their necks in hock & can't get any more credit to finish their projects, are going to go bust sooner rather than later.
Having a business in a declining market is bad enough. Having a business where you suddenly haven't got any customers is even worse. Having a business where you haven't even got a finished product to sell or the money to finish them is the worst of all.
Trying to dig yourself out of the mess in an Egyptian property deal thats gone sour will be bad enough, if it then transpires that he didn't own the property, or that funds have disappeared into various spurious companies, or any other manner of dodgy possibilities is going to leave anyone dumb enough to be involved with some pretty nasty headaches & a lot of heartache.
Make no mistake, PHW will go bust, & they will be bust very, very soon - if there is more turmoil in the financial sectors then I wouldn't give them another month. I bet they definitely don't last another 2 months.
IMHO the sh1t is about to well & truly hit the fan.
Good Luck.
