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HUF 800 mln property of failed developer offered for sale

Liquidator PK-Econo has made a call for offers for an HUF 800 million property in the Hungarian spa town of Hévíz, business daily Napi Gazdaság said on Thursday.

The property was purchased from the local council in 2007 by Váci-Föveny Investment in 2007. The buyer planned to build a hotel and water park on the site but went under liquidation last year after European Union and state funding for spa developments dried up.

Váci-Föveny Investment racked up losses of losses of HUF 161 million in 2008 and HUF 427 million in 2009, data from Opten show.

The deadline for submitting offers for the property is June 27.