Breaking: Disgraced Real-Estate Tycoon Rene Benko Gives Up Control Over His Troubled SIGNA Group!
Austrian real estate tycoon Rene Benko was stripped of his power and had to give up the shares in his severely ailing SIGNA, one the largest European real-estate groups. The equation of rising interest rates plus more restrictive lending with a high level of debt could no longer be solved. Like China's Evergrande, SIGNA relied on cheap credit and constantly rising real-estate prices. But these times have gone for good!