Turkish Kizilbuk’s Shares Drop as Demolition Dispute Hits Resort

Turkish property developer Kizilbuk’s shares slumped in Istanbul trading on Monday after reports emerged that a ministry office is seeking the demolition of its luxury property project in the resort town of Marmaris.

The opposition-led municipality, responsible for carrying out the order, said it needs a court ruling before taking action. The stock fell as much as 8.2%, its biggest drop since Jan. 10, and was down 5.5% at 5.29 liras as of 12:40 p.m. Parent company Sinpas REIT slid as much as 5.8%.