A Chinese company to erect a housing block in Primorye

HunchzhenPromstroy, a Chinese construction corporation, intends to build a housing block in the territory of the Primorye Territory.

A Chinese company to erect a housing block in Primorye

HunchzhenPromstroy, a Chinese construction corporation, intends to build a housing block in the territory of the Primorye Territory.

On the 16^th of August, representatives of LLC HunchzhenPromstroy Construction Corporation and CLSC Novy Gorod executed an agreement contemplating that they would jointly implement the housing block construction project in the city of Vladivostok.

A signing ceremony took place in Changchun following a meeting held between Vladimir Miklushevsky, the Governor of the Far East Region, and representatives of the corporation.

Indicative agreements were reached between the delegates of Primorye and Si Lianchzhen as early as in the past month when a Chinese delegation officially visited the Russian Far East.

The Primorye Territory's Investment Agency helped the Chinese businessmen find a partner in Primorye.

According to Elena Yaskevich, a Deputy Director of the Territorial Investment Agency, the housing block is expected to be erected in the "Green Corner" area of Vladivostok.

"The parties intend to create a joint venture to embark on the project. It is expected that the JV's authorized capital will be RUB 333 million," she emphasized.

"The construction of the new housing block in Primorye may be considered as the first step made by the company to enter the Russian market", Mr. Lianchzhen noted in his turn.

Governor Vladimir Miklushevsky of Primorye is quoted as saying that the implementation of the project will denote a new development stage of the region.

"The Primorye Territory's Administration is interested in reducing the price of one square meter of residential space. We want to afford Primorye natives the opportunity to buy high quality and still not expensive real estate", the Governor summarized.