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City news, 24.03.2006 15:04

Construction begins of 'Baltic Pearl' project

baltic_pearl Construction started yesterday at the Baltic Pearl mega-complex project in Russia's St Petersburg, Shanghai's largest overseas investment project.

The project, with projected total investment of US$1.346 billion, was granted an eight-year loan of US$500 million by the Export-Import Bank of China.

This year marks the "Year of Russia" in China, with Russia to hold the "Year of China" next year, in which the Baltic Pearl project will play an important role.

Shanghai Industrial Investment (Holdings) Co Ltd, one of the investors in the project, will commence the construction of tens of thousands of square meters of residential and commercial facilities and plazas in St Petersburg this year. By next year, part of the residential element of the Baltic Pearl complex is expected to be completed and the various activities of the "Year of China" will be held there.

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(c) 2000