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Only a fraction of shopping centers could be completed

Only about one-fourth of the planned shopping centre construction in Hungary is expected to be completed in the next two years as the financial crisis has made liquidity scarce and the economic downturn has reduced consumption, business daily Napi Gazdaság reported on Thursday.

Just 90,000 square meters of a planned 350,000 square meters of shopping center space in the country is set to be completed in the next couple of years, the paper said, citing data from the National Association of Hungarian Shopping Centers.

With the exception of the Corvin Átrium and the Köki Terminal in Budapest, no other projects are getting financing, Erika Pál, of Jones Lang LaSalle, the brokerage for both properties, told the paper. The €210 million Corvin Átrium, being built in an area of the capital undergoing a massive rehabilitation, is about half-way completed and is expected to open in 2010. The 56,000-square-metre Köki Terminal will open in the east of the capital in 2011, she said. (MTI-ECONEWS)