OREANDA-NEWS   On 26 September was announced, that the number of planned projects in Russia was broken down by two developers - Midland Development and Korston Group. Midland Development (subsidiary of Canadian Midland Group) has cut number of shopping centers “Strip Mall”, whih it planned to develop in Russia.

Two years ago Midland Development together with Douglas Consulting announced plans to construct about 80 shopping centers in Moscow and Leningrad region. Later on Douglas Consulting left the project and Midland Development announced plans to construct 200 shopping centers throughout Russia. Now, the number of such shopping centers is broken down to 20.

According to Korston Group CEO Anatoliy Kuznetsov, the company will frozen construction of all the projects in Russia regions because of the lack of financing. The total area of the projects to be frozen – about 1M sqm.

“We have been working with Korston Group for a long time, but in summer we passed decision to stop financing of developers’ projects”, - said insider of “MDM Bank”.