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April 24 (Bloomberg) -- Spanish stocks tumbled after a plunge in real-estate developers fueled concern the nation's property boom is imploding and will hurt builders and banks.
Astroc Mediterraneo SA, a developer based in Valencia, led the decline. Grupo Inmocaral SA, Spain's second-largest real- estate company, and Banco Bilbao Vizcaya Argentaria SA, the country's second-biggest bank, also slumped.
``This is the burst of the Spanish real-estate bubble,'' said Alberto Espelosin, a strategist at Zaragoza, Spain-based Ibercaja Gestion, which manages about $7 billion. ``Banks are exposed and have risk.''
``It is not sustainable in the long term, prices are very high,'' Tchenguiz, 50, said in an interview. ``The bubble could burst in the event of a financial shock or terrorism.''