Luis Portillo has resigned as chairman of Spanish property giant Inmobilaria Colonial after the firm's shares went into freefall just days before market trading for 2007 closed. Colonial shares lost almost 40% in value in the two days to 28 December, prompting the company to issue a statement that Portillo had quit. Mariano Miguel Velasco, CEO of Colonial, will take over as chairman until a successor for Portillo is found, the company said.
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