Gu Jia/Shanghai Daily news
On the afternoon of October 6 the first stone was laid of the large
joint-invested "Baltic Pearl" multi-functional community in St. Petersburg,
The Chairperson of the St. Petersburg foreign investment committee
addressed the opening ceremony of this, the biggest project in Chinese
investment history, saying that now was the time for everyone to roll up their
sleeves and do a good job.
Bids for the blue-print of the project began last
May, and the proposals of the five design-teams drawn from seven world-renowned
architectural practices won the favor of the investor, Shanghai overseas
joint-investment company Ltd.
The Mayor of St. Petersburg lauded the final
result of the bid: it (the Baltic Pearl) would be a building worthy of proximity
to the Hermitage Museum or the Russian State Museum.
The investment vehicle
is a joint-venture of five leading Shanghai enterprises, namely Shanghai
Industrial Investment (Holdings), Shanghai Brilliance (Group), Jin Jiang
International, Shanghai European-Asia Development Center and Shanghai Greenland
The "Baltic Pearl" community will boast a resident population of 35
000 within its 1 430 000-square-meter boundaries, and construction is set to
take from six to eight years.