Spain's Zombie Developments

By Bloomberg Photos - 2013-03-26T10:56:24Z

Photograph by Markel Redondo/Panos

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Marina d'Or

More than half of the country's 67,000 developers can be categorized as "zombies," with liabilities that exceed their assets and only enough income to repay the interest on their loans.

Spanish property developer Reyal Urbis sought protection from creditors last month in the second-largest filing of its type ever in Spain after accumulating 3.6 billion euros of debt. Banks including Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA lost interest in refinancing the company, which employs 420 people and had losses of 910 million euros, in 2012.

Left, the Marina d’Or Holiday Resort, which comprises 10,000 apartments, five hotels, a casino, an indoor ice skating rink and 4,400 acres of golfing facilities, is yet to be completed.