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AFI Development, EICEC to Create China City in Moscow

Mon. July 27, 2009; Posted: 08:20 AM
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MOSCOW, Jul 27, 2009 (SinoCast Daily Business Beat via COMTEX) -- AFIDL | Quote | Chart | News | PowerRating -- Russian real estate tycoon AFI Development and Everbright International Construction Engineering Corporation (EICEC), one of China's leading integrated project builders, lately announced that it would create a "China City" in Moscow through a joint venture.

Drawing a total investment of USD 700 million, the market located in north Moscow is designed to serve 80,000 to 100,000 merchants, and total trading value will likely beat USD 100 billion per year. In particular, a group of the Chinese chambers of commerce in Russia will be invited to participate in layout and design of this project, said people familiar with the matter.

Before the end of this month, AFI Development and EICEC will establish a 50-50 JV in Cyprus. Upon both parties' cooperation agreement, up to USD 350 million in cash will come from the Chinese shareholder, and AFI Development should inject 37.36 hectares of land and overground buildings into its new JV.

The "China City" will be built into three phases, and it is expected to admit about 2,000 merchants before the 2009-end.

Source: dycj.ynet.com (July 27, 2009)
For full details for AFIDL click here.

    


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