According to a confidential information of one of the members of the board of directors of a major belgian Bank, the crash of the shares of FORTIS is only the tip of the ice berg.
The vote of the Flemish parliament to separate BHV (= first step of the Flemish government to transform Brussels into the capital of Flanders) has disastrous consequences of foreign capital investors in Flanders. Foreign and especially American investors want political stability.
In the following months it is expected that no additional investments will be made in Flanders. Other investment decisions will be reviewed.
Rumors say that Dow Corning intend to leave Belgium for Paris; Glaxo-Smith-Kline is revising its decision to expand; Dupont is expected to review its investments in the port of Antwerp.
Many foreigners from the new member states have arrived in Brussels to work in the European institutions or in European lobby companies. These well paid foreigners are expected to buy flats and houses in the next months and years. The vote of the Flemish parliament is perceived by them as an unacceptable nationalistic act. For them the Flemish are the bad guys, and the French speaking are the victims. They will not want to live in regions and cities governed by nationalists. They don’t want to be associated with such political convictions. They will invest in Brussels and Wallonia.
According to the market analysts of the major bank conglomerate, the real estate market in Flanders will fall by 10 to 25% in the next few months. They strongly recommend that owners do not panic and sell, else the market could collapse in summer 2008.
About the splitting of Belgium, please read and watch this: Link