When will shared construction be banned? Cancellation of shared construction: When can we expect housing prices to rise? Unfinished big and small
Construction organizations will be able to receive money from equity holders for the apartments they have bought only after the houses are handed over. As of July 1, amendments to the federal law"On participation in shared construction...". The main change in it is the appearance of escrow accounts. Banks will store on them until the end of construction the money received from the sale of apartments. And issue interest-bearing loans to builders for a specific house project.
Thus, the buyer of the apartment concludes an agreement with the developer for the purchase of an apartment in a new building.
"This agreement will be registered with Rosreestr," Nikolay Alekseenko explained the new system, general manager rating agency building complex. - Wherein cash will not go to the developer, but will be placed in the bank on a special account.
The developer will receive them only after the completion of construction. So the funds of equity holders will be protected from embezzlement. It is assumed that with the transition to a new financial model developers will invest more in construction own funds. Their minimum volume is prescribed by the new law. Developers are required to reserve 10 percent of their own funds before construction begins. This may be the profit received from the implementation of already implemented projects.
And the more funds the developer invests in the business, the less bank loans he will need. The cheaper, which means that his apartments on the market will be more competitive.
It is borrowed money that will then become the main source of financing after the abandonment of shared construction in Russia.
So that money during construction is not diverted to other purposes, a ban has been established on conducting projects not related to housing construction, the introduction of mandatory banking support for projects and tightening control over the spending of funds by the developer.
Not all developers will immediately switch to escrow accounts from July 1. V without fail this mechanism is being introduced for those facilities for which an agreement for participation in shared construction with the first shareholder will be submitted for state registration after July 1, 2019.
Features of the application of legislation experts "RG" under the heading "Legal advice". You can ask them questions
"Escrow accounts will remain a rarity in the near future," said Maria Litinetskaya, managing partner of Metrium. In addition, due to the large number of projects that have already been put on the market, buyers will be able to find an apartment that can be bought without using escrow accounts for at least another two years, says Alexander Khrustalev, head of NDV Group.
Another thing is that for the buyer of an escrow account it is just more profitable than the current shared construction procedure. Market participants say that the new financial scheme guarantees buyers unprecedented security of transactions in the real estate market with housing under construction. In fact, several insurance mechanisms are provided at once, which are launched depending on the situation that has arisen.
“If the bank has problems, for example, the revocation of a license, the DIA guarantees the shareholders the return of amounts up to 10 million rubles,” says Nikolay Alekseenko. “If the developer cannot complete the construction, the money will be returned to the buyer or the bank will accredit a new developer who complete the project."
The changes will not only guarantee a refund, but also speed up this process. Until the end of the year, changes related to the procedure for the bankruptcy of developers may be made.
"The procedure for withdrawing an object for completion will be accelerated," Alexander Khrustalev notes. Now bankruptcy can last for several years, people do not receive their money, unfinished buildings are not transferred to new construction organizations for completion. The new mechanism could ensure the return of funds or the transfer of houses to new construction organizations within three to five months, Khrustalev believes.
In addition, the State Duma adopted amendments that will make it possible to get away from the "boiler" principle in construction. It is one of the main reasons for the appearance of long-term construction and will prevent the misuse of funds construction organizations which will contribute to their financial stability. The norm "one building permit - one company" has also undergone a change. Developers can now use multiple building permits if the properties being sold are part of the same project.
He told reporters about the president's instruction - to work out the possibility of transitioning through banking support from equity construction to project finance. He did not talk about any specific dates.
The minister spoke about the need to abandon shared construction in the summer. “Of course, we must strive to someday get away from shared construction, move to banking support, but this is not today and not tomorrow, while our task is to protect the people who participate in shared construction as much as possible, ”Men noted.
Developers still mostly use loans to implement their projects, market participants comment. But the funds of equity holders are much cheaper for them.
“Here the question is not about the project financing mechanism itself, but about the rate at which banks lend to developers. bank funds for developers today, a much more expensive resource than the money of equity holders, ”says the general director of the development company Ingrad.
There are players on the market who build housing without attracting bank financing, but they are in the minority, says , financial director development group "City-XXI century". These are either the largest companies or companies affiliated with banking or government agencies, or companies that carefully calculate the level of credit burden and build mainly with their own funds.
Today, only a quarter of developers build at their own expense, the Granel Group notes. They also add that a full transition to project financing can lead to the fact that up to 90% of developers can leave the market at the regional level.
“The cost of construction in the regions is approximately 25 thousand rubles. per sq m. Sales on average - 35 thousand rubles. per sq. m. These conditions are financially burdensome for the regions and the business becomes unprofitable, ”says the company.
If we take into account the amendments to the law on shared construction, then only financially stable companies that have profit not only from development will remain on the market, since the profitability of this business decreases more and more every year, adds Andrey Tsvet, Development Director of Granel Group .
We are talking about amendments to the law on shared construction, which will come into force on July 1, 2018. They introduce a ban on obtaining several building permits at once, oblige the general contractor, the technical customer and the developer to have an account in the same bank and make settlements between themselves using escrow accounts.
“After strict requirements are applied to developers, we can talk about other adjustments - the structure of the development market will change, from which small players will leave, who are too tough for the new rules of the game. At the same time, if it is possible to predict a change in the structure of the industry and the consolidation of companies, then it is premature to talk about a decrease in the volume of supply, ”shared . Est-a-Tet Key Partner Manager.
It should be noted that last year the requirements for minimum size authorized capital for developers attracting funds from the public. The size of the authorized capital is calculated individually for each developer, depending on the maximum area of all shared construction projects.
The minimum amount is 2.5 million rubles, with plans to build 1.5 thousand square meters. square meters. Moreover, if the developer is going to build 500 thousand square meters with the involvement of citizens, then his authorized capital must be at least 1.5 billion rubles.
In addition, this summer the President signed into law the Fund for the Protection of the Rights of Shareholders ( compensation fund), which establishes a single contribution rate for developers - 1.2% of the price of each contract with a shareholder. At the same time, the amount of the developer's own funds for the project, which is planned for implementation, must be at least 10% of its cost throughout the entire construction period.
If the president's new initiative is implemented, then the scheme, in fact, will hardly change, since the bank finances the construction, Sobolev drew attention. However, the time period for using bank money is changing.
“The bank will lend money for a longer period - the so-called “long money”. To receive funds from buyers, developers will have to first build the facility. In fact, we are talking about the sale of apartments according to the same scheme, which is currently being implemented. secondary housing", said the expert.
He is confident that we can expect a reduction in the number of companies and further monopolization of the market. An increase in the cost per square meter and an increase in apartment prices due to reduced competition are inevitable in this case.
The fact that the cost of housing will grow and other market participants are sure. Project financing is allocated at 13-20% per annum, which, taking into account the duration of projects, gives from 20% to 60% overpayment on the loan. These amounts, of course, will be reflected in the price per square meter, which will become much more expensive than now, says the managing partner of Metrium Group.
“In order for project financing to work, the loan must be cheap and long-term, but in Russia today there is an acute shortage of just such investments. And in the conditions of the high cost of capital, the need to accelerate its payback increases, so it is unprofitable for developers or banks to get involved in long-term and expensive projects,” she believes.
According to her, macroeconomic stability and predictability are extremely important for long-term investments, primarily in foreign exchange market. It also does not exist today, and the lack of guarantees that the devaluation of 2014 will not happen again is the main obstacle to the introduction of project financing.
With full project financing, there is no need to sell apartments under the DDU, respectively, only newly commissioned buildings will appear on the market. They will, of course, be more expensive than those sold at the excavation stage.
“At the current stage, the transition to project financing should not be taken as a prospect for the near future. There will be an impact on the market only when we see concrete steps towards creating conditions for the development of this construction financing scheme. Now it successfully coexists with the attraction of funds from equity holders and, in my opinion, the situation will not change in the next 5-10 years,” the expert noted.
Pavel Poselenov also believes that it will not be possible to completely switch to project financing in a short time, we can talk about five years or more.
Meanwhile, the problem of deceived equity holders in Russia is acute. The President addressed her more than once in his statements. Today, the regions have provided roadmaps for solving the problems of almost 40,000 deceived citizens.
But according to a number of deputies, the problem is much larger, and we are talking about 150,000 people who invested in the construction of houses and did not receive housing.
Mikhail Men speaks about the lack of proper control over shared construction in the regions. He also notes that it is planned to establish a unified procedure for exercising control in the field of shared construction in all regions of the country and to entrust control powers to state bodies. building supervision subjects of the Russian Federation.
“This will ensure simultaneous control of the timing and quality of construction and control of the targeted use of funds from equity holders,” the minister is quoted as saying in the materials of the department.
Refusal from shared construction may occur as early as this year instead of July 1, 2019, and the sale of apartments in houses under construction will be completely banned in 2020.
Such conclusions can be drawn based on the information that ended up in the hands of the business press after President Vladimir Putin's meeting with government officials and developers.
The tightening of the position of the authorities is aimed at protecting citizens from unscrupulous developers. However, professional market participants themselves say that the measure could lead to an increase in real estate prices and oligopolization of the construction market.
The vast majority of new buildings in Russia (about 80%) are sold through shared construction agreements (DDU), under which real estate is being built at the expense of investors (shareholders). Since such a scheme carries risks for citizens to lose money and be left without housing, joining the ranks of "deceived equity holders", the authorities decided to change the rules of the game and exclude a large number of investors from the construction project. According to various estimates, the number of buyers, the terms of share contracts with which were not fulfilled, exceeded 100 thousand people across the country, which could not but alert both federal and regional authorities.
The decision to abandon shared construction was made back in 2017, but in order to minimize the risks of a collapse in the market, the process of transition to project financing of the sector was extended for three years. During this time, developers had to learn how to function in the new realities of project financing, master all the nuances of interaction with banks and completely "leave" the funds of citizens and acquire own capital.
According to the adopted amendments to the law on shared construction N 214-FZ, from July 1, 2019, developers will receive funds for sold apartments only after the housing is handed over to buyers. Until that moment, clients' money will be kept in special bank accounts, inaccessible either to the "builder" or to future homeowners. Wherein sum insured, in case of problems, compensated from the Deposit Insurance Fund, is limited to 10 million rubles.
According to the press, at the meeting with the head of state, the developers tried to achieve concessions, but everything turned out exactly the opposite: they will have to hurry with the rejection of shared construction, since the situation on the market is becoming critical.
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Troubled company added fuel to the fire Urban Group, in case of bankruptcy of which the list of affected equity holders will increase by 16 thousand people. At the moment, the company, which has liabilities for 80 billion rubles, announced the termination of real estate sales. The developer was on the verge of bankruptcy due to gross errors and violations in the company's management system. According to media reports, we are talking about the withdrawal of funds through shadow schemes.
“In a shrinking market, where the solvency of buyers is declining, many decisions have to be made faster,” she explained in an interview with Tsargrad. Director of Research at "Market Information" LLC Svetlana Podchalina. “In general, we can say that the situation in the construction market is similar to what happened in the banking sector.”
But the problem of deceived equity holders has always been a priority, and during the pre-election period, the attention of the government to it increased even more, analysts of VTB Capital point out in their commentary. At the same time, the company noted that the introduced rules, in particular the ban on receiving payment for apartments before the completion of construction and the tightening of requirements for a construction company, significantly change " economic fundamentals sector operations.
Only two financing schemes will be available for developers at the moment: own funds and credit. According to Mrs. Podchalina, it must be taken into account that few developers build at their own expense.
"If developers had to finance construction only from their own or loan funds, its value would increase by about 20%," they indicate, in turn, analysts "VTB Capital" . In their opinion, the new rules of the game provide a competitive advantage for large developers "having established ties with banks, and create the prerequisites for large-scale consolidation of the sector."
Experts are sure that the decision of the authorities will cause serious problems for developers and even bankruptcy in the market. First of all, we are talking about small companies. Further oligopolization of the market will affect not only the cost of new buildings, but also the quality of housing being built. Oligopoly eliminates competition, analysts say.
"Small developers are very likely to leave the market, as they will not be able to play by the new rules, primarily due to the lack of funds for construction," says S. Podchalina . “At the same time, banks, in principle, are very reluctant to lend even to large developers with a long and successful history of existence, and even more so to small developers.”
The rise in prices for new housing is contrary to the goals set by the President of Russia in the new May Decree, noted in an interview with BFM board member of Opora Rossii Dmitry Kotrovsky . One of the goals in improving the lives of citizens is the creation of 40 million square meters of affordable housing being commissioned so that 5 million citizens can improve their living conditions. "This absolutely does not correlate with each other," he argues.
According to the expert, only major player will be able to determine the marginality, which will eventually form the final cost of the product. "To keep up with such an opportunity for other market participants, especially those who work in the regions, I do not imagine it possible," concluded mister Kotrovsky .
True, the consumer will not feel all these negative phenomena immediately, for some time the market will exist by inertia.
"In 2018-2020, most likely, there will be an overstocking of the market, as many developers tried to start construction of projects under development according to the old scheme," predicts S. Podchalina. - At the same time, the required volume of demand from buyers is not observed. First of all, such overstocking will affect Moscow and the Moscow region.
According to her, as a result, in the next year and a half, housing prices will not rise.
"In the current situation, it is very difficult to plan even two years, because the market will change, its terrain and landscape will change," the expert believes. "What we get in the future will depend on how it changes and how stable it remains." .
So far, there are no prerequisites for price growth, and first of all, because there are no prerequisites for the growth of domestic solvent demand. As Tsargrad has already reported, while an external audit is underway in the problematic Urban Group, experts are guessing who will pick up the "orphaned" projects. Among those to whom the developer turned for help are Ingrad, PIK and Granel.
However, the expert community has expressed doubts about the interest of developers in rescuing Urban Group. In the absence of demand, the market positions are shaky, and those who want to take on new risks in conditions of instability are at a minimum.
From July 1, 2018 in Russia came into force new law“On Amendments to the Federal Law “On Participation in Shared Construction apartment buildings and other real estate objects and on amendments to some legislative acts Russian Federation”(No. 175-FZ).
The new law in 2018 reforms the existing system of shared housing construction. It has existed since the 2000s and allows individuals to buy real estate (mainly apartments) during construction at a lower price. Taking into account the extremely inflated real estate prices in Russia, especially in Moscow and St. Petersburg, the share scheme allows the population to purchase housing at a relatively affordable price. Developers use the savings of individuals to finance their activities. Most of the housing being built in the country is currently being sold under equity participation agreements.
On the other hand, the current system allows unscrupulous developers to often deceive their investors without bearing any serious responsibility for this. Sudden bankruptcies of companies, the so-called. “long-term construction”, various fraudulent schemes with yet-to-be-existing real estate have long become “common business” in Russia. The number of victims of fraud in this area is, according to some estimates, several million people.
- First of all, it tightens the requirements for developers. They must have experience of successful projects in the past and have a significant equity capital (at least 10% of the planned project costs).
- It also requires the absence of overdue debt obligations and the deduction of about 1% of the cost of each new apartment to the Special Fund for the Protection of Shareholders.
- The area where the construction is carried out must be leased or owned by the relevant company.
- Developers are now prohibited from engaging in non-core activities. They are required to obtain a separate permit for each object.
Changes to current regulations designed to exclude the situation when the developer uses the attracted capital for the construction of other facilities, to pay off their financial obligations or for other purposes.
Another important news is the introduction of state-authorized commercial banks into the construction process. They not only can issue developers soft loans, but also to keep the attracted money of private investors in special reserve accounts. These funds will be transferred only after the completion of the project. If the developer goes bankrupt, all the money is returned to the investors. In fact, the new law proposes a phased replacement of the existing system of shared housing construction with the so-called scheme. "project finance".
It should be emphasized that all projects started before July 1, 2018 will be completed according to the previous rules, i.e. There are no plans to cancel existing share agreements. The proposal to completely ban the sale of unfinished buildings has not yet found support from the authorities. Until July 1, 2019, there will be a transitional period during which developers can independently choose between the old and new rules. The problems of previously deceived equity holders remain unresolved. It is unlikely that the state will provide them with any assistance.
Consequences of change
The introduced legal innovations will significantly correct the "rules of the game" in the real estate market. Among the most obvious changes in shared construction are:
- increasing the security of real estate investments for individuals;
- withdrawal from the market of unscrupulous and simply small construction companies;
- increasing the market share of large state-owned developers and their associated financial institutions;
- reduced competition, monopolization of the real estate market, especially outside of Moscow and St. Petersburg;
- an increase in the construction time for residential complexes due to the need to obtain a separate permit for each object, i.e. the problem of "long-term construction" remains unresolved and may even worsen;
- housing price inflation (according to some experts by 20-30% or more in the near future). This is inevitable, since all the costs of improving the security of investments, preparing the necessary documentation, bank loans and the service will be paid one way or another by the end buyer.
Most analysts recommend that Russians with spare cash buy shared real estate during the beginning of the transition period without waiting for the new rules to fully take effect. Otherwise, private investors can keep their savings, but risk being left without new housing due to a significant increase in prices.
For a long time, buying apartments under a share agreement was almost the only way to save money and buy housing at an affordable price. Developers, thanks to the equity participation scheme in construction, were able to saturate the market with housing, and many people solved their housing problem with the help of DDU. Moreover, state registration DDU ruled out the possibility of re-sales of apartments. So why did Russia decide to change the rules for building and selling housing? The authorities explain that the share scheme resulted not only in new apartments, but also in unfinished residential complexes and bankrupt companies.
If you buy housing at the initial stage of construction, no one can guarantee you that the house will be handed over within the stated time frame, it is possible that your money will be used to complete the construction company's previous project. Shared construction has created conditions for the formation of financial pyramids, which led to the bankruptcy of some developers and the appearance of deceived equity holders.
The reform of shared construction, in fact, has already begun. Recently, Russian President Vladimir Putin, during a direct line with viewers, announced that new DDUs with home buyers will not be concluded from July 2019. Amendments have been made to 214-FZ, some of the amendments have been in effect since January 1, 2018: for example, new rules have been introduced for the bankruptcy of the developer, information transparency is required from the construction company, all data about the developer must be entered in unified system housing construction. But the main amendments to the law on shared construction in 2018 will come into force on July 1. What will change for home buyers? Is it possible to cancel the law on equity participation in construction? Let's talk about everything in detail.
New amendments to the law on shared construction, which come into force on July 1, 2018. Shared construction from July 1, 2018
Changes in legislation are aimed at protecting the rights of equity holders, so the requirements for developers have become much tougher. We list the main amendments to 214-FZ, which come into force on July 1, 2018:
1. Guarantees for buyers of housing under construction will be provided by the Fund for the Protection of Shareholders. The developer must transfer to the fund 1.2% of the cost of each apartment purchased under the DDU. If the developer does not transfer the money, the contract will not be registered.
2. Before proceeding with the construction of a house, the construction company must confirm its financial viability. To do this, the new law provides that the developer must have, in addition to loans, their own funds for construction. According to the new rules for shared construction, the size of the company's own funds is at least 10% of the total construction costs. The construction company should not have debts on credits and loans.
3. According to changes in the Federal Law on shared construction, the developer must have the right of ownership or the right to lease land plot where the construction of a residential complex is planned.
4. The new law requires a separate building permit for the developer of each object (on the principle: one developer - one building permit). In addition, the developer is prohibited from engaging in any other activities (other than construction).
5. The requirements for the professionalism of the developer are becoming more stringent: a construction company must have experience of successful projects (at least 10,000 square meters) behind them.
6. Developers will not be able to use more than 30% of the funds from the cost of housing for advance payments.
7. The amendments provide for project financing of construction. It means that construction companies authorized banks should be involved in projects. That is, in addition to the developer and the buyer of housing, banks accredited by the state will participate in the share. Firstly, the developer will be able to take a targeted loan from the bank. Secondly, the money received for the apartment from the buyer will be kept in the bank on a special account (escrow account). These contributions will be frozen, the developer will be able to receive them only after the completion of housing construction.
Will shared construction be canceled in 2018?
If you were planning to buy an apartment in a new building, then you are probably worried about the question: will DDU be canceled this year? We hasten to reassure you - equity participation agreements will not disappear from the equity market right away.“About the total ban on all DDUs is not there is talk, - explains Maria Litinetskaya, managing partner of Metrium, member of the CBRE partner network. “Projects for which the first DDU was concluded before July 1, 2018 will continue to be implemented according to the old rules.”
The planned cancellation of equity participation in construction in 2018 has led to the fact that developers have been actively obtaining building permits since the beginning of the year. “The stock of projects that will be implemented according to the old rules will be enough for some time to make the transition to the new rules relatively smooth,” says Kirill Ignakhin, CEO of the Level Group (developer of Level Amurskaya residential complex). According to official data, in the first quarter of 2018, 560 building permits were issued in Moscow for total area almost 3.8 million square meters.
How will the transition from shared construction to project financing take place?
There is already an alternative to shared construction. After the cancellation of shared construction, which, according to the President of the Russian Federation, should take place from July 1, 2019, the real estate market will switch to project financing. It is assumed that in the future, excrow accounts will be used to sell housing under construction. Departure from dolevka will begin in the near future. Developers work according to the old rules until June 30, 2018. But already from 07/01/2018, they can start using the excrow account scheme. Roman Lyabikhov, CEO of Atlant Group, says that in this case, buyers will transfer their funds not directly to the developer, but to the bank that finances the construction of the residential complex. At the time of construction, these funds are reserved in the bank account and transferred to the developer after he hands over the keys to the equity holders. In the event of bankruptcy of the developer, equity holders receive the deposited money back.
New law on shared construction in Russia from 2018. Will they stop signing DDU agreements after July 1, 2018?
New rules do not apply to projects that received a construction permit before the amendments to Federal Law 214 came into force. Thus, if you intend to purchase an apartment under a share agreement in residential complex, the construction of which the developer managed to coordinate according to the old scheme, then the purchase under the DDU will take place. In such projects, DDU can be concluded not only after 07/01/2018, but also further, including in 2019. Changes in relation to DDU will affect only new LCDs. If apartments in a residential complex began to be sold under DDU before July 1, 2018, then in such a project, sales will continue according to this scheme.
“The road map, which was adopted by the government a few months before the president’s statement, prescribed a ban on the conclusion of new agreements after July 1, 2019,” explains Maria Litinetskaya. According to the expert, developers still have about 3-4 years left. Firstly, within the next year, developers can put on sale new projects that are not subject to the ban on sale under the DDU. Secondly, over the next few years, they will be able to observe how the sales of new projects are going, as well as launch their own, “trial” small projects. Therefore, the transition from construction with equity participation to project financing will still be smooth, not abrupt, and the abolition of the DDU will occur gradually.
New law on shared construction in Russia from 2018. What will happen instead of DDU?
What agreements are being prepared to replace equity participation agreements? Olga Barabanova, commercial director of Sezar Group, notes: “At the first stage, there is no question of a complete rejection of the practice of DDU, the process of acquiring real estate from the point of view of the buyer on July 1, 2018 will not change. As for the longer-term prospect of moving away from the practice of shared construction, so far the industry participants have more contradictions and questions than solutions. To date, it has been announced road map“how exactly the reform will be implemented at the level of specific mechanisms is the task that remains to be solved.”
Most likely, the form of the contract, which is used for the sale of housing, will change, since in addition to the developer and the buyer of the apartment, the bank will participate in the transaction. The agreement, at least, will become trilateral and, possibly, will no longer be called DDU, but differently.
What will result in a ban on shared construction
Of course, consumers are most concerned about the question of what threatens the cancellation of share construction, what will be the consequences of the transition from construction with equity participation to project financing, and most importantly, will apartments rise in price after the cancellation of equity construction? Roman Sychev, CEO of Tekta Group (developer of residential complex "Mayakovsky"), believes that the price increase can be very significant - about 20%. “Within the framework of the new system of regulation of the primary housing market, a chain of the following participants is being built: equity holders, a bank, a developer, regulators. If construction financing goes the way attracting credit, project costs will certainly increase. First of all it will be called additional costs associated with the participation of banks in the project. These expenses include interest on target loan and the costs of its maintenance, the costs of banking supervision and control over construction projects. It is possible that the cost of lending will also include the costs of maintaining escrow accounts, so as not to shift them to the buyer, who is obliged to deposit money into such an account. Together, all these factors will affect the cost of the final product,” the expert explains.
So, the consequence of the ban on shared construction will be an increase in prices for new housing. Buyers need to prepare for the fact that apartments in new buildings will rise in price.
New law on shared construction in Russia from 2018. Conclusion
Shared construction will not be banned immediately and not in one day, the transition to project financing will be smooth.
Apartments under DDU will continue to be sold in those residential complexes for which they received building permits before the amendments to FZ-214 come into force.
If apartments in a residential complex began to be sold under DDU before July 1, 2018, then sales in such a project will continue according to this scheme.
After the cancellation of shared construction, apartments are likely to rise in price, experts predict a rise in prices in new buildings up to 20%
materialNew law on shared construction in Russia from 2018
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