Transilvania Insolvency House (CITR), the liquidator of the developer Red Project Three, which had went bankrupt in 2011, changed the selling strategy of the project, following the failure to find investors to pay EUR 25 million for the project this Spring. Therefore, after several competitive bids organized for the selling of the property with a rentable area of 29,500 sqm, last autumn CITR started the direct negotiation selling procedure, starting the same price. On the local market, this procedure ended recently with the selling of City Mall in Bucharest. (source: