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. Last Updated: 07/27/2016

Real Estate in Brief

PIK Cancels Deal With City

PIK Group terminated a contract with Moscow to sell more than 40,000 square meters of apartments last week.

The developer, which agreed to sell 85,000 square meters in the Moscow suburbs to the city for 4.6 billion rubles ($150 million) in 2008, will now try to sell the apartments itself after not receiving payment, Deputy Mayor Vladimir Resin said, Vedomosti reported.

(Bloomberg)

Collapse in Krasnoyarsk

Four people were killed when a four-story office building collapsed in Krasnoyarsk Monday morning.

The 50-year-old building, which was still occupied despite ongoing renovation, literally "split in two," witnesses told Komsomolskaya Pravda.

The company renovating the building, Stroitekhremont, had not received a construction permit from the city, the newspaper said. (MT)