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Downturn to clean up construction sector of casual entrepreneurs

Mar 04, 2010
By Linas Jegelevicius

TYING UP LOOSE ENDS: The larger construction companies, in search of revenue, are now vigorously looking to foreign markets.
KLAIPEDA - Towering glassy Lithuanian-size skyscrapers and popped up eye-catchingly bright maisonettes and houses on the outskirts purport to show the glory of the recent construction boom. However, with the real estate bubble having burst in the aftermath of the overheated economy, the construction looms soulless. Developers and real estate agents scramble in search of tenants nevertheless, with strict bank lending policies, rising unemployment and overall thrift, they are just not to be fou ...

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