Moroccan Homebuilders Singing for Sales as Cash Dries Up - Bloomberg:
"Khaled is crooning about love again. This time the Algerian-born singer is telling Moroccan TV viewers of his affection for a new apartment by local real estate developer Douja Promotion Groupe Addoha SA, rather than a girl who doesn’t care.
In another TV ad, Bollywood film star Shah Rukh Khan is singing the praises of a home from Espaces Saada, a smaller builder.
Behind the catchy tunes and lavish sets, the developers don’t have much to sing about. Alliances Developpement Immobilier SA, Morocco’s second-biggest builder, and Addoha, its largest, are both asking investors to accept shares instead of dividends this month -- a first for Moroccan homebuilders -- as tighter credit hurts demand for low-cost housing and prompts the companies to hoard cash in anticipation of a lengthy slowdown."
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