Sentido Comun – Homex, the housing construction firm that failed to pay debts two years ago, reached an agreement with the Institute of National Housing Fund for Workers (Infonavit), the agency that grants Mexico’s highest number of mortgages, to re-engage in mortgage finance programs.
Sentido Comun – The Ministry of Finance announced new tax incentives for companies involved in housing construction geared at reducing building costs and decreasing home prices.
Milenio – The Vidanta Group is investing $200 million to create the first theme park in Mexico for Cirque du Soleil in Nuevo Vallarta, Jalisco. “It will be like Disneyland,” said Norma Preciado, Cirque du Soleil’s commercial manager in Mexico.
Sentido Comun – Holcim Mexico estimates that the domestic cement market could grow between 3 and 5 percent this year.
Sentido Comun – Spanish infrastructure constructions company Ferrovial is said to be interested in participating in the tender to build the new international airport in Mexico City.
Reuters – Mexican construction Vesta is holding a global equity offering today, Thursday, expecting to gain about $227 million. The resources will be used to boost growth.
The Dragon Mart, a trade mart being built in the southeastern Mexican state of Quintana Roo with Chinese investment, has been ordered to shut down due to environmental damage caused by the project.
The project, located in the El Tucan district of the city of Benito Juarez, was ordered to close down following a visit by federal environmental inspectors who determined that developers had failed to comply with orders recently issued by officials, the director of the Profepa environmental protection agency, Guillermo Haro, said in a press conference.
Developer Real Estate Dragon Mart was building the trade mart in a jungle area that is home to wildlife and a coastal ecosystem that are “all protected” by environmental laws, Haro said.
The project “has affected the area’s biodiversity” and the “productive capacity of the forest lands,” the Profepa chief said.
The developers of the Dragon Mart project planned to build 722 residential units and 20 warehouses, as well as 3,000 spaces for businesses, on 204 hectares (503 acres).
Dragon Mart was designed to be an exhibition center for merchandise from China, providing an opportunity for companies from the Asian nation to make contacts in Mexico and Central America.
El Economista – Homebuilders Urbi and Homex have taken further steps to strengthen and regain some projects. A Mexicali court approved Urbi’s bankruptcy, and Homex gained a $34.2 million credit line.
El Economista – According to estimates by the National Chamber of Industry of Iron and Steel (Canacero), steel use in construction of public works will increase 5.2 percent and 7.1 percent in auto manufacturing in 2015.
Sentido Comun – President Enrique Peña Nieto announced several measures to accelerate the construction and sale of homes in the country, including tax incentives for development companies and subsidies for mortgage loans.
The government wants to trigger investments of nearly 370 billion pesos ($25 billion) this year to build at least half a million homes, that could benefit 2.5 million or more Mexicans.