August 10, 2016 / 3:02 PM / 2 years ago

Brazil's Cyrela grim on home cancellation prospects in H2

SAO PAULO, Aug 10 (Reuters) - Cyrela Brazil Realty SA , Brazil’s largest listed homebuilder, on Wednesday said sales cancellations are not expected to drop before year-end due to high interest rates’ impact on home buyers’ ability to secure mortgages.

Sales cancellation provisions by the company are only expected to drop in the medium term due to the lasting effect of Brazil’s harshest recession in eight decades, management said in a conference call after publishing second-quarter earnings on Tuesday. (Reporting by Ana Mano Editing by W Simon)

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