Homebuilders face cost pressure as Russia tightens rules on presales

A new law forcing Russian homebuilders to use bank loans to fund construction rather than relying on cash from selling homes before they are complete will add to costs and encourage industry consolidation, developers said.

Homebuilders, such as PIK, LSR and Etalon, put flats up for sale when ground is barely broken on construction sites and sell most before completion (Read more…)