- Prospectus filed pursuant to Rule 424(b)(3) (424B3)

April 26, 2011

Securities Exchange Commission
450 Fifth Street, NW
Washington, DC 20549

Attn.: Document Control

RE: American Depositary Shares
evidenced by the American Depositary
Receipts each representing one Ordinary
Shares of Cyrela Brazil Realty S.A.
Empreendimentos e Participacoes (Form
F6 File No. 333114850)

Ladies and Gentlemen:

Pursuant to Rule 424(b)(3) under the
Securities Act of 1933, as amended, on
behalf of BNY Mellon, as Depositary for
securities against which American
Depositary Receipts are to be issued, we
attach a copy of the new prospectus
(Prospectus) reflecting the change in ratio
for Cyrela Brazil Realty S.A.
Empreendimentos e Participacoes.

As required by Rule 424(e), the upper right
hand corner of the Prospectus cover page
has a reference to Rule 424(b)(3) and to the
file number of the registration statement to
which the Prospectus relates.

Pursuant to Section III B of the General
Instructions to the Form F6 Registration
Statement, the Prospectus consists of the
ADR certificate with the revised ratio for
Cyrela Brazil Realty S.A.
Empreendimentos e Participacoes.

The Prospectus has been revised to reflect
the change in the ratio.

Please contact me with any questions or
comments at 212 8154831.

Perry Palma Gil
BNY Mellon ADR Division

Encl.
CC: Paul Dudek, Esq. (Office of
International Corporate Finance)

101 Barclay Street, New York NY 10286