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Credit crisis hits Moscow developers

Posted on 08 October 2008

From NZ Herald: Moscow’s decade-long building boom is falling victim to the global credit crunch as record high interest rates squeeze developers in the world’s third most expensive property market.

“Loan rates have climbed to ridiculous heights and the terms are very short,” said Dmitry Lutsenko, a board member at Mirax Group, the Moscow-based company building the Federation Tower, which will be Europe’s tallest skyscraper when completed. Mirax cancelled plans to develop 10 million sq m of commercial and residential space after interest rates on some loans rose to as high as 25 per cent….. Full Article: Source


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