“Putin ordered to make the three-year plan for the replacement of share building credit

– President Vladimir Putin outlined the time horizon of the transition from the equity financing mechanism of housing credit. The head of state instructed the government jointly with the Bank and the seller to adopt a “road map” for the “phased replacement within three years of the people’s funds raised for the creation of apartment buildings and other real estate, Bank loans and other financing forms that minimise risk to civilians”, said Tuesday the press service of the Kremlin.

Date of execution of the orders is 15 December 2017.

Phasing out of shared construction were discussed at the meeting of the President with government members on October 25.

“In good, given the decline in interest rates might push us to think about whether to continue raising money in this way (through the mechanism of equity – if). Keeping in mind that after all builders need to use more of borrowed funds during the construction of houses, and still more citizens correctly and securely buy apartments in newly built houses, not to invest at stage zero construction with unclear consequences,” – said Finance Minister Anton Siluanov after a meeting, answering a question of deputies of the state Duma of the “deceived investors”.

According to the Minister, “if we abandon the shared construction, this decision is not today, of course, is for the future.” At the moment the builders to attract funds of investors, “because there are no shareholders, no construction loans are very expensive,” said Siluanov. However, as the Minister said, the lower interest rates in the economy “all the same, and the reduction of construction costs will be resolved.”

According to the Ministry of construction, which led Siluanov, the number of “deceived investors” at the moment is 36,6 thousand

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