Brazil's PDG Realty to sell $77 mln in debt
RIO DE JANEIRO, March 30
RIO DE JANEIRO, March 30 (Reuters) - PDG Realty, Brazil's biggest homebuilder, said on Friday it will sell 140 million reais ($77 million) in debentures non-convertible for shares to finance investment and boost the company's cash position.
Homebuilders in Latin America's top economy are expected to post hefty profits for the fourth quarter as lower interest rates, moderating inflation and easing fears of a global economic slowdown helped brighten the outlook.
Brazil's house prices are expected to rise more than 10 percent this year on heavy government spending, according to a Reuters poll of banks, research groups and business groups.
Brazil is one of the few bright spots in the depressed global housing market still reeling from the 2008-2009 global financial meltdown. ($1 = 1.8243 Brazilian reals) (Reporting by Fabio Couto; Writing by Alonso Soto; editing by Carol Bishopric)