Blackstone Wins Big State Housing Contract as Government Calls It a 'Vulture Fund'
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Blackstone is a big American company. It buys and manages houses. Blackstone has won a new contract from the Spanish state. The contract is about managing public housing.
At the same time, the Spanish government calls Blackstone a vulture fund. A vulture fund buys things very cheap. Then it sells them for much more money later.
In 2013, Madrid sold many public homes. The mayor at the time was Ana Botella. She sold 1,860 public homes to a vulture fund. People say the price was too low.
Also in 2013, Madrid sold 4,795 public flats. The flats went to big companies. Two of them were Goldman Sachs and Blackstone. People were still living in the flats when they were sold.
Today, there are not enough social housing flats in Madrid. Many people say these old sales are one reason why.
Vocabulary15 words
- contract
- an official agreement to do work
- vulture fund
- a company that buys cheap things to make big money later
- social housing
- homes for people who do not have much money
- public housing
- homes owned by the government
- tenant
- a person who lives in a home but does not own it
- mayor
- the leader of a city
- flat
- a home inside a building with other homes
- government
- the group of people who run a country
- manage
- to control or take care of something
- sell
- to give something to someone for money
- cheap
- costing very little money
- state
- belonging to the government
- company
- a business that sells things or services
- price
- the amount of money something costs
- own
- to have something as yours
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Quiz
Answer key
1. A state housing management contract 2. As a vulture fund 3. Ana Botella
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Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
Blackstone is a big American _____. It buys and manages houses.
Blackstone has won a new _____ from the Spanish state.
The Spanish government calls Blackstone a _____.
A vulture fund buys things very _____.
In 2013, _____ sold many public homes.
The mayor at the time was Ana _____.
She sold 1,860 public homes to a vulture fund.
Madrid sold 4,795 public _____.
Two of the buyers were Goldman Sachs and _____.
Today, there are not enough social _____ flats in Madrid.
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