By Balazs Penz
Nov. 8 (Bloomberg) -- Hungary's financial regulator has suspended trading in the country's real estate to ``protect the savings'' of investors.
Customers won't be able to buy or sell real estate funds for 10 days, during which time managers will be required to provide information to investors and modify their procedures, the Budapest-based regulator known as Pszaf said on its Web site late yesterday.
``To protect the savings of investors, the institutions involved should inform fund owners about the nature of investments to real estate funds and real estate funds of funds, the projection of their value and their risks, thus helping well-founded investment decisions,'' Pszaf said.
Hungary's economy is being hurt by the global financial crisis as investors shun emerging-market assets in favor of safer investments. The country's stocks, bonds and currency have declined since last month and the government was forced to take out an emergency credit line from the International Monetary Fund, the European Union and the World Bank.
The ruling affects 29 Hungarian-run funds, managed by companies including the local units of Credit Suisse Group AG, Erste Bank AG, Intesa Sanpaolo SpA, Bayerische Landesbank, OTP Bank Nyrt., UniCredit SpA and Raiffeisen International Bank AG.
To contact the reporter on this story: Balazs Penz in Budapest at bpenz@bloomberg.net.
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