Housing corporation loses €90m on boat

Rotterdam housing corporation Woonbron will have to write off up to €90m on its €200m investment in the boat SS Rotterdam, housing minister Eberhard van der Laan told MPs on Friday.

The SS Rotterdam is being converted into a hotel and conference complex but costs shot up from an initial €6m to €200m within three years.
Van der Laan also announced that he is to step up the supervision of housing corporations following the problems at Woonbron and at Amsterdam corporation Rochdale where the director was sacked for alleged fraud.

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