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Chinese Contractors Invest $2 Billion into Sochi-2014

Chinese companies have agreed to invest in the Sochi 2014 project. According to a source in the Russian-Chinese Center of Economic Investment Cooperation, the Chinese are showing readiness to fund at lest 10 hotels in Sochi totaling 13,000 guestrooms. This big hospitality construction may go for $2 billion. The biggest must, the Chinese say, is partnership with Russian companies on condition that they will buy back the properties after the Olympic Games are over.

The project is authorized by Russian Regional Development Ministry. Russian officials are relying on Beijing Olympics 2008 experience. During the negotiations, Chinese partners officially confirmed their desire to work on the project.

Chinese investors have expressed great interest in cheap hotels in Sochi. They have agreed to discuss seven three-star budget hotels with 8,600 guestrooms, a 3,100-room four-star luxury hotel and a 1,300-room five-star resort in Sochi. The total room capacity the Chinese are ready to invest in amounts to 13,000 rooms. The total size of investment in the local hotel business by Chinese amounts to $2 billion.

08.04.2010

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