Nakheel, the Dubai developer restructuring $10.8bn in debt, has confirmed it is no longer selling real estate units in the emirate.
The state-backed company, which overstretched itself building islands in the shape of palms and other ambitious projects, said its focus is instead on offering swap options to existing investors.
“Nakheel has stopped selling properties currently, and is focusing on consolidations and swaps options,” a spokesperson said in an emailed statement.
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