16 August 2016

    An agreement was signed following a meeting between Primorye Governor Vladimir Miklushevsky and representatives of the Hung-Cheng Promstroy, the Primorye Regional Administration said in a press release.

    A joint venture with charter capital of RUB 333 million is to be established to implement the project to build a residential complex in Vladivostok. Hung-Cheng Promstroy President Si Ling Cheng noted that the construction of the residential complex would mark the company’s first step in entering the Russian market.

    Miklushevsky said the region’s leaders are interested in reducing the cost of a square metre of housing.

    “Our desires for the new complex are the same. We want to build inexpensive and high-quality housing here. The cost of a square metre will be determined following the drafting of the conceptual design for the complex as well as its economy and business class homes”, the governor said.

    Miklushevsky also suggested the Chinese corporation consider the feasibility of taking part in the implementation of the Housing for Russian Families federal programme in the Primorye Region, which involves the construction of economy class housing. Under the programme, the cost of a square metre may exceed RUB 35,000, but the government provides the developer with an additional RUB 4,000 to build utilities. A residential complex built recently in Ussuriysk is an example of the successful implementation of the programme.