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Chinese corporations to build housing in Russia

June 25, 2014, 18:46 UTC+3 MOSCOW
The program aims to build 25 million square meters of housing for 460,000 Russian families
1 pages in this article
© ITAR-TASS/Alexander Ryumin

MOSCOW, June 25 /ITAR-TASS/. Chinese development corporations may build housing in Russia under the Russian Family Housing program, Construction, Housing and Utilities Minister Mikhail Men said on Wednesday.

“We’ll soon sign a memorandum of intentions with large Chinese construction corporations, which have expressed their desire to participate in the program,” the minister said.

The program aims to build 25 million square meters of housing for 460,000 Russian families in addition to the volume previously planned until the end of 2017. Russian regions have sent applications for the construction of 18.2 million square meters of housing under the program, the minister said.

“We have a very impressive task. We’ll involve all construction capacities,” the minister said, adding, however, that Russian companies were regarded as priority contractors to fulfil the program.

The minister also said that Chinese developers would not be admitted to all the regions participating in the program.

Russian Vice-Premier Igor Shuvalov earlier said that a major Chinese developer had offered to build affordable housing 15% cheaper than Russian construction firms. Corresponding talks were held during a visit of the Russian delegation to China in May 2014, he said.

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