Six Chinese companies are about to invest $1 billion to form a new residential district in St. Petersburg.

The matter was talked over during the visit of a St. Petersburg working group to the Peoples' Republic of China from March 27 to April 4, 2004.

The project is to be actualized by the Industrial and Investment Holding Company of Shanghai, which has to attract five more enterprises dealing with commerce and tourism.

At the press conference on the results of an official visit to China, Andrey Mikhalenko reported also taking part in talks with a Shanghai construction investment firm on plans, still at an early stage, to create a 150-hectare development in Saint Petersburg. Mikhalenko is chairman of the city's committee on investments and strategic projects. The anchor of the plan would be a factory producing electronic products, including audio and video products for the consumer market. In addition to the plant, the plan calls for the development of a new business area.

'This 'megacomplex' is unprecedented,' Mikhalenko asserted. It will require investments of tens of million of dollars, he said, and will have the support of the Saint Petersburg administration, which will form a working group for the purpose.

Mikhalenko said every effort was being made to get construction started in 2005. Negotiations are now underway, he said, with the Chinese corporation that ranks second in the world, after Samsung, in production of television sets. It also produces air-conditioners, multimedia terminals and security systems.

News source: www.dp.ru
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