Polaris World property developer based in the region, is in talks to reduce its debt by handing over some of its property assets to the banks

Murcia newspaper, La Verdad, reports today that the Polaris World property developer based in the region, is in talks to reduce its debt by handing over some of its property assets to the banks it is in debt to.The company is reported to have taken on loans totalling nearly 900 million € over recent years and is reported to now be offering both land and housing to the banks.The newspaper reports that if the talks are successful the company could clear its debt to leave it in a good position for the future. The main banks concerned are Bancaja, CAM, Banco Popular, Banco de Valencia and Cajamurcia.Given the collapse in the British market for homes in the region, Polaris World has recently concentrated its promotions on the Spanish market.