In a critical move to recover from financial distress, Brazil's postal service, Correios, conducted its first auction of properties but only managed to sell 3 of the 12 properties listed. The auction was part of a broader restructuring plan announced at the end of last year, aiming to generate R$ 1.5 billion through the sale of real estate assets. This initiative marks a significant step towards stabilizing the state-owned company amid ongoing economic challenges.

The auction took place online, allowing both individuals and businesses to place bids on properties located across seven different states. However, economists had warned that the estimated values of these properties were inflated, given some showed signs of vandalism and neglect. The limited interest in the auction could reflect broader concerns about the properties' conditions or market valuations, which might impact the government's ability to meet financial targets from these sales.

Despite the disappointing results, Correios did manage to sell units in Campo Grande (MS), Belo Horizonte (MG), and Caturaí (GO), generating some immediate cash flow. If all properties had sold at their minimum values, the total revenue could have exceeded R$ 14.5 million. This auction's outcome raises questions about the feasibility of upcoming sales and the effectiveness of the restructuring plan, as future auctions are expected to follow shortly as part of the effort to address the financial struggles facing the postal service.