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Business news, 10.03.2004 11:58

China to invest in hotel construction in St. Petersburg

China to invest in hotel construction in St. Peterburg Chinese corporations are considering the possibility to invest about $1 billion in construction of hotels in St. Petersburg. The venture was talked about at a joint meeting of the Consul General of the People’s Republic of China in St. Petersburg, Lee Hueilai, with the Legislative Assembly Chairperson, Vadim Tyulpanov. The Chinese corporation “Shanghai Business Company”, headquartered in Hong Kong, is supposed to invest this sum in construction of hotels, shops and other entertainment objects according to the plenipotentiary representative of the Legislative Assembly on International Affairs, Vatanyar Yagya. The Consul General stated that Chinese businesspeople regarded St. Petersburg as a city with a huge economic potential and a minimum risk for investing financial resources. Lee Hueilai remarked he would do his best to further develop mutually beneficial relationships between China and Russia. Each year more than 200 delegations visit St. Petersburg, and over 2 thousand city residents are employed by joint ventures. To date Chinese investors have put nearly $20 million in the construction of different objects in St. Petersburg.

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