Chinese group to develop EUR 35 mln residential project in the Romanian city of Craiova

A Chinese company will build 35 apartment buildings in Craiova in the next two years, with a EUR 35 million investment, local Mediafax reports. Craiova’s mayor Lia Olguta Vasilescu signed a memorandum of understanding with representatives of Chinese construction group Shanding and those of China’s Development Bank, which will finance the project. This was done during Prime Minister Victor Ponta’s visit to Beijing. Each of the 35 buildings will have ten floors and a penthouse shaped like a pagoda on top and the apartments will be sold for prices between EUR 20,000 and EUR 45,000. A total of 1,800 will be available for sale. The works will start in October this year and will be finalized in one and a half years. The Craiova municipality allotted a seven hectare land for the project. editor@romania-insider.com