China Vanke may get historical buildings on Moskvoretskaya embankment

China Vanke may get historical buildings on Moskvoretskaya embankment
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One of the largest Chinese developers, China Vanke, plans to acquire a 75-percent stake in Gorkapstroy-garant, which owns a complex of historic buildings on Moskvoretskaya embankment in Moscow, the Kommersant newspaper reported on Tuesday.

The complex of buildings, the main part of which had been previously occupied by the Military Academy of the Strategic Missile Force, is located near the Kremlin. In late October 2017, Moscow authorities put up the asset on auction. It was purchased by the company owned by Gorkapstroy for 10 billion rubles. The complex consists of 33 buildings, nine of which are cultural heritage sites. They include the educational house founded in 1764.

In July, a former top manager of Glavstroy Artur Markaryan became the owner of Gorkapstroy-garant. According to Kommersant, negotiations on selling the stake to the Chinese company are at an advanced stage. China Vanke intends to take over the financing of the planned reconstruction of the complex. Within the reconstruction project, a hotel complex with apartments, shops, and restaurants is planned to be established. The total cost of the project, including that of buying buildings and land, is estimated at 40 billion rubles.