The project is a pilot investment in Romania, the first signed by a local administration with a Chinese company.


Craiova Mayor Lia Olguta Vasilescu declared on the occasion that this was the largest neighbourhood built in this southeastern Romanian city since 1989, at a very reasonable price for the Romanian market, i.e. 400 euros per square meter plus 5 percent VAT.


The new residences will benefit from a day-care centre, parking spaces, commercial areas and a swimming pool; they will be to quality and up to the legal standards, she mentioned.


The 40 million euro investment is financed by the Chinese, but local workforce is employed and the building materials will be purchased from the local market, Vasilescu added, quoted by Agerpres.


The Municipality of Craiova contributed land it got from the Ministry of Defence, under a memorandum with Shandong Ningjian Construction Group of China, for 23 blocks comprising 1,819 studios, one and two-bedroom flats and penthouses, with a total surface of 182,000 square meters. (source