Brazil builder Cyrela sees stronger sales, tighter credit
SAO PAULO, June 30 (Reuters) - Cyrela Brazil Realty SA , Brazil's biggest listed homebuilder, said gross sales rose in April and May compared with the first quarter, and expects finished inventory to peak at the end of the year.
According to a presentation filed with Brazil's securities industry watchdog on Tuesday, Cyrela said sales cancellations remained stable over the past year despite a deteriorating economic environment.
Credit conditions are turning more restrictive for real estate developers, primarily because state-controlled lender Caixa Economica Federal is prioritizing projects that it itself financed while shying away from new project launches. Caixa is Brazil's largest mortgage lender.
Cyrela shares were up 0.7 percent to 9.95 reais in late morning trading in Sao Paulo. (Reporting by Cesar Bianconi; Writing by Asher Levine; Editing by W Simon)
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