Feds Make Real Estate Auction Rules

The government intends to impose controls on the modernization and reconstruction by private investors of federal real estate managed by federal state unitary enterprises and the subsequent privatization of those properties. Russian Prime Minister Mikhail Fradkov signed a resolution last week requiring that any transaction with federal real estate worth more than 150 million rubles be competitive and subject to the approval of the government. Capital investments over 500 million rubles in federal real estate will also require the government's permission.