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Shopping centers in Russia announced the threat of default
The owners of the shopping centers said they were facing default and asked the Russian government for help. Due to the coronavirus pandemic, the attendance of the complexes fell sharply, as did the revenue of the main tenants. Developers who build centers on credit, owe more than one trillion rubles to banks, there will soon be nothing to pay them.
As the Kommersant, The Russian Council of Shopping Centers wrote an appeal to Prime Minister Mikhail Mishustin. Entrepreneurs are asked to subsidize interest rates on loans of at least 4%, restructure loans with state guarantees, defer payment of VAT and income tax for three months with the possibility of extending the vacation until January 31, 2021.
Developers are also counting on the temporary cancellation of payments on taxes on land and property, the effects of exchange rate differences when calculating taxes and the revision of the cadastral value of objects.