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Moscow Government Makes Foray Into Residential Real Estate

The Moscow city government has begun to build and sell residential real estate, seemingly returning to policies initiated under controversial former Mayor Yury Luzhkov, a news report said.

Civil Engineering Management, the state enterprise responsible for the construction, has already received about 100 billion rubles ($2.5 billion) in investment from the Moscow city budget since 2011, the company's CEO Andrei Belyuchenko told Vedomosti.

The company has built a total of 1.5 million square meters of real estate, with an additional 700,000 currently under construction, he said.

It plans to build up to 1 million square meters of real estate a year, with 70 percent earmarked for social infrastructure and the rest to be sold as residential property. The apartments are sold at market price via electronic auctions, Belyuchenko said.

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