Wendy Zhang/ Shanghai Daily news
Construction started yesterday at the Baltic Pearl mega-complex project in
Russia's St Petersburg, Shanghai's largest overseas investment project.
project, with projected total investment of US$1.346 billion, was granted an
eight-year loan of US$500 million by the Export-Import Bank of China.
year marks the "Year of Russia" in China, with Russia to hold the "Year of
China" next year, in which the Baltic Pearl project will play an important role.
Shanghai Industrial Investment (Holdings) Co Ltd, one of the investors in
the project, will commence the construction of tens of thousands of square
meters of residential and commercial facilities and plazas in St Petersburg this
year. By next year, part of the residential element of the Baltic Pearl complex
is expected to be completed and the various activities of the "Year of China"
will be held there.