Real Estate

Sorry, Cuba not ready for real estate investors: Ross

Cuba not ready for biz?

After a recent trip to Cuba, billionaire real estate developer Stephen Ross said Tuesday the country isn't really open for business as long as the Castro government is in power.

"You hear a lot about Cuba. You hear a lot about what opportunities there might be in Cuba. I didn't find there were lot of great opportunities. It was like going back in time," the chairman and founder of global real estate firm The Related Companies said Tuesday on CNBC's "Squawk Box."

President Barack Obama moved to normalize ties with Cuba at the end of last year, making it easier for American tourists to visit the country. On Friday, the United States dropped Cuba from its list of state sponsors of terrorism.

Ross said he does not expect to see any real change in Cuba so long as the country's leaders remain in power. Fidel Castro and his brother, Raul, have maintained control of the country for more than half a century.

"You need a government that really wants change, that really wants business, and really wants to see growth, and you don't really have any of that feeling at all," Ross said.