Foreign investors have slammed a recent proposal by the Italian government to scrap longstanding tax benefits for foreign institutions investing in Italian property funds. The changes, which were put forward last week, may be enforced by the year-end as part of Italy's 2010 Budget Law.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
