Bartering has become the latest method of trading PropertyFund (FP) shares, as some of the investors wishing to buy sharesare short on cash.
Since the fund is not listed on the Stock Exchange,transactions with FP shares are concluded via the CentralDepository, based on agreement between the buyer and the seller.Buyers and sellers "meet" via ads.
Real estate property and second-hand cars, markets that haveboth been significantly affected by the crisis, are most oftentraded against FP shares. Whilst in the past year the value of realestate properties and of cars has plummeted, the same cannot besaid about FP shares, which rose 150% in 2009, according tobrokerage firm Intercapital Invest.
"When I posted the buy ad on the forum, I thought maybe one ofthe shareholders of the Fund has a grandson or daughter for whomthey wanted to buy an apartment. I put the apartment up for saleseveral months ago, but have not been able to sell it, so I decidedto try and trade it in for shares in the Property Fund (...)," saysTiberiu Georgescu, who offers an apartment in Ramnicu-Valcea inexchange for 500,000 FP shares.
A large share of the over 3,100 individual shareholders whotogether hold 40% of the FP capital are elderly people, targeted byexpropriations by the communist regime, or their youngerrelatives.
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