Walde Stops Andermatt Promotion, Tages-Anzeiger Says

(Corrects to say only one company has halted promotions.)

One real estate agency has stopped promoting Egyptian billionaire Samih Sawiris’s development in Andermatt, Switzerland, Tages-Anzeiger said, citing the agent.

Sawiris’s Andermatt Swiss Alps in October took over the running of the showroom in Zurich for the development from Walde & Partner and Ginesta Immobilien, the newspaper said, citing spokeswoman Sandra Hrovat. She said that it’s easier if the company runs the showroom on its own. Tages-Anzeiger cited Gerhard Walde as saying his company no longer promotes sales.

Hrovat told Bloomberg News that more than 50 agents are still promoting sales internationally, and the company is negotiating more contracts.

To contact the reporter on this story: Dermot Doherty in Geneva at ddoherty9@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net

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