Developers sidelined in Moscow's planned US$50b programme to resettle residents

Moscow

RUSSIAN developers who had hoped to be able to co-invest in Moscow's planned US$50 billion programme to resettle almost a million residents will only be involved as contractors, the city's deputy mayor told Reuters.

Residential property developers, which include firms such as PIK, LSR and Etalon, have been hit hard by Russia's economic downturn, with some struggling to sell apartments they have built and burdened with debt.