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On 14 March 2017,
Igor Chumachenko, Partner of VEGAS LEX, spoke at the Tenth Session
of Cannes Investors
Club, the annual meeting of the property market leaders within the framework of
the MIPIM International Investment Exhibition, and talked about the key
legislative changes in the area of construction and investment activities for 2017-2018.
The headline players of the
Russian property development business and international experts from the USA
and Asia took part in the session. Among the participants were Lyubov
Tsvetkova, Chairman of the Board of the Moscow Investors Association; Olga Arkhangelskaya,
Ernst & Young Partner, Head of the Group for Providing Services to
Companies in the Real Estate, Transport and Infrastructure Sectors and to
Public Companies in CIS; Murad Nazarov, founder and CEO of Murad Buildings (Uzbekistan);
Mehmet Kalyoncu, member of the Board of Directors of Kalyon Construction Group
(Turkey); David Wilson, President of CCIM Institute, member of the Board of
Directors of CCIM, Chairman of the Committee and Board of Directors of CCIM
Fund, Vice President of Lockard Cos (USA); Sergey Ryabokobylko, Managing
Partner, General Director of Cushman & Wakefield Russia.
Nikolay Kazanskiy, President
of the Russian Guild of Property Managers and Developers, Managing Partner of Colliers International in Russia, member of the
Board of Directors of Colliers International EMEA, moderated the event.
Property investments growth
expected in 2018, redevelopment of inefficiently used areas, creation of new
infrastructure facilities within city limits, investors’ interest in strategically
important towns, development of property technologies, construction of key
infrastructure facilities and preparation for the FIFA World Cup became the
hottest topics of the forum.
Partner and Head of Real
Estate, Land & Construction practice of VEGAS LEX, took an active part in
the discussion. The speaker emphasized the basic problems in relationships
between developers and governmental authorities, investors and other
participants of investment and construction activities, and gave
recommendations on how to avoid mistakes and implement construction projects
efficiently from organizational and legal standpoint. The expert highlighted
updates in legislation that are of interest to both developers and investors.
In particular, Mr Chumachenko
dwelt upon the trends in regulation in the area of co-funding of construction and
problems of the planned transition to the project (target) financing of residential
property construction. Besides, he talked about changes in legislation
concerning procurements, town planning activities and land relations, as well
as addressed the key specifics of development of areas, renovation of
residential properties in Moscow, and possible mechanisms of attracting private
investors. The specifics of structuring relations between participants of investment
and construction projects, including relations under a construction contract,
were also addressed.
Cannes Investors Club session was
held with the support of the Russian Guild of Property Managers and Developers
and Moscow Investors Association. Turkey and Uzbekistan were the partner
countries, and VEGAS LEX was the session partner.
For more information on VEGAS LEX’s activities in real
estate, construction and land relations, please click here.