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AFI Development and and Chinese contractor Everbright International Construction Engineering Corporation (EICEC) plan to create a "China City" in Moscow through a joint venture that they will own in equal shares, reports "TradingMarkets", citing a number of media sources. The market will be located in north Moscow and is designed to serve 80,000-100,000 merchants. Total trading value could exceed $100 billion per year. "TradingMarkets" cites sources familiar with the project that the China General Chamber of Commerce in Russia will be invited to participate in layout and design of this project.
"TradingMarkets" adds that AFI Development and EICEC will set up a joint venture in Cyprus by the end of this month. EICEC will provide up to $350 million in cash for the venture, while AFI Development will provide a 37-hectare site and buildings.
Some sources believe that the Chinese market will generate $6 billion in revenue, which AFI Development and EICEC will share
AFI Development rose 3.1 percent in early trading on London's Alternative Investment Market (AIM) to $1.65. Africa-Israel rose 5.4 percent to NIS 75.45.
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