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#2, January 12, 1999
The international terminal, the construction of which has been going on at the Vladivostok Airport since 1993, will be opened no later than in one month's time. In order to construct the new air terminal, a Russian-Japanese joint venture was established by Vladivostok Avia and the Japanese Company To Force Investments In EurAsia. A $3.2 million credit was provided by the Japanese partner. By the end of 1997, the cost of construction had already exceeded $10 million, and $5 million was required to complete the construction. No voluntary investor was found, and Vladivostok Avia established a "special Artyom tax," 100 rubles (though this amount fluctuated) per passenger going through the Vladivostok airport. The tax was completely illegal, but is still being collected to earn the necessary additional money. Russian...
The long-expected December boom in the real-estate market was not a real boom. The volume of transactions increased by only 18%, as compared to 53% in December 1997. The 'small boom' was caused mainly by the willingness of people to register transactions in December rather than in January when a new law on tax control for big personal purchases will come into force. Realtors expect the next two or three months to be a "dead season," and that the market to revive only by April. Russian...
Although the total volume of production decreased by 17% in Primorsky Krai, Ussuriisk, which previously ranked third in Primorye, has increased its production output by 10% in 1998, compared to the previous year. It was done mainly by Ussuriisky Balsam, the local alcohol producer whose liqueurs and vodkas are been distributed all around the country. Another Ussuriisk leader was DalSoy, the soy-processing factory which resumed vegetable oil production this past year. In the neighboring region, Khabarovsky Krai, the volume of industrial production did not decrease but increased by 2%, mainly due to an increase in the production of machine-building, aircraft, fishery and agricultural industries. Russian...
According to the law, the Primorsky Property Foundation is an organization which must take part in the establishment of the "debt market," in order to help local companies to clear their debts. Currently, it has become practically proven that trade with corporate debts may be highly profitable, and many companies try to deal in it - the "calm," "secret" activity which, unlike the banks, has never been reported publicly. However, about 30% - 50% of the total volume of debts of Russian companies are dead debts, and only 50% of debts, or even less, are "tradable." In a "civilized" market, trading on debt could widen commodity circulation and attract new investments. The Russian debt market has special features. Most often debts have been created artificially to hide profit, and no one is really going to pay them. The foundation is going to hold special bid-contests for debts of local companies, working in collaboration with tax police, courts, and official organizations. Russian...
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