BEIJING, June 5 (Itar-Tass) — Russia’s company Resorts of the North Caucasus and China’s corporations Dalian Wanda Group and China Oceanwide Holdings Group will sign during the visit of Russia’s president to China a trilateral investment agreement on cooperation in construction and management of commercial, hotel and trade complexes and housing construction, Deputy Head of the Foreign Affairs Committee of the Federation Council, COB of the Russian company Akhmed Bilalov said on Tuesday.
The Chinese investors expressed interest in participation in the Russian project, Bilalov said. The investments from China may make from 2.5 to three billion dollars.
Earlier, a delegation of the financial companies visited the sites of the North Caucasus tourism cluster in Dagestan and the Krasnodar Territory. The businessmen were impressed by many sightseeing objects in Derbent – Russia’s oldest city. Dalian Wanda Group and China Oceanwide Holdings Group have big experience in development of tourism projects in China.
Often identified with the legendary Gates of Alexander, Derbent claims to be the oldest city in Russia (8th century BCE). Since ancient times, the value of the area as the gate to the Caucasus has been evident. Derbent has archaeological structures of over 5,000 years old. As a result of this geographic particularity, the city developed between two walls, stretching from the mountains to the sea. These fortifications were continuously employed for a millennium and a half, longer than any other extant fortress in the world. Over years different nations gave the city different names, but all of them were in any way associated with the word 'gate'.