Under pressure

As the credit crunch drags on, and development projects continue to be postponed or cancelled, and while finance remains hard to find and demand stays deep in the doldrums, it might seem that real estate companies are helpless to act as business dries up. However, in the Czech Republic. a group of players on the market has got together to fight against the dying of the light. 
But what do they hope to achieve (if anything) towards alleviating the situation? Nathan North The new group is made up of local developers Real Estate Karlin Group (REKG), Metrostav Development, Finep, Crestyl real estate, Ungelt Partners, Develon CZ and Lighthouse group, as well as construction companies Metrostav, FCC – První česká projekční a stavební, OHL ŽS and Eurovia CS. Two consultancies, Knight Frank and Jones Lang LaSalle European Services, have also joined the consortium, which was originally