According to the Juan Ripoll Group's website (http://www.grupojr-iae.com/), the tourist residential project Novo Atlantida (on the coast near Fortaleza) would be the bigger of the world, with 32 km 2, 7 golf camps, 30 luxurious hotels. According a article from ElEconomista.es, the inversion is more than 7000 millions of euros.
Intention of investment
Intention of investment
Comment on intention of investment
Hotels, Resorts, Golf
 Intended (Under negotiation)
Comment on negotiation status
In 2008 the project would give start, but yet it is conflict with indigenous that live there.
Comment on implementation status
There is a litigation about this land and the touristic project between the Brasil Real Estate New Proyect Participaçones, which is the formal owner, and the indigenous Tremenbé and Tapeba peoples, who say to be the costumary owners. Two process have confronted: - the purchase of the land at the end of the seventies by a spanish group named Nova Atlantida; - the indigenous territorial claim and process of boundary demarcation opened by the new Constitution in 1988.
In 2009, Afirma changed its name for Quabit Inmobiliaria SA (and its center from Valencia to Madrid), and sold its 55% of participation of the Brasil Real Estate New Proyect Participaçones company. The aim was to restructure its debt due to real estate crisis. Quabit kept the possibility to buy again its shares at the same price for two years ago, or to complete the sale. Juan Ripoll Mari is Spanish but its entreprise is brazilian. He would have purchased the land of the Novo Atlantida project in the seventies. In 2007, according to a article from ElEconomista.es, in 2007, Ripoll was accused to wash dirty money after an investigation by the brazilian COAF (organization for control of financial operations). According to the same article, facing this judicial problems, Afirma took the direction of the project and changed its name to Brasil Real Estate (in place of Nova Atlántida).
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The project Nova Atlantida do not had a consultation to the indigenous community. This project wanted to install in the place and displace to community. As yet the indigenous community continue resisting and the project is stopped.
Import of error check - Reviewer's overview comment: The issue is about the state of the project. Did ex-afirma (now Quabit) finalize the sale of its share in Brazil Real Estate? Has Juan Ripoll Group got all the capital or are there other share-holders? Will indigenous people make recognize their territorial rights or will the state support investors' interests?