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Russia can get Chinese investment for housing economy class housing

Vnesheconombank (VEB) plans to attract several billion dollars of foreign investment for the construction of comfortable economy-class housing in Russia.

Yesterday in the presence of President Vladimir Putin and Chinese President Xi Jinping, a memorandum of understanding was signed in Beijing between VEB, its subsidiary VEB Asia, the Agency for Housing Mortgage Lending (AHML) and the State Development Bank of China.

"The document will allow attracting Chinese investments and companies to work on the mortgage market - these are commercial housing and non-commercial rental housing. China has extensive experience in housing construction, and of a good level, but economy class. Therefore, we want to attract companies, the Chinese will finance, respectively, we will solve the problem of affordable and comfortable housing, "VEB head Vladimir Dmitriev told reporters yesterday.

At the same time, he negatively answered the question whether this is due to the problems that Russian banks face in borrowing capital in European markets.

"It is definitely not connected with any sanctions, this is due to the fact that we need to solve the problem of affordable and comfortable housing. China has a lot of experience. We just do not have enough resources to ensure the implementation of this program," said the head of VEB. Answering the question of what volumes can be discussed, the head of VEB said: "In equivalent - about several billion dollars. This is the total volume."

Recall that the Moscow authorities are also counting on the money of Chinese investors to build a metro. In addition, in the spring it became known that the Ministry of Construction calls on Chinese construction companies to work within the framework of the Housing for Russian Family program.

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