Governor of Chelyabinsk Region Petr Sumin decided to raise the authorized capital of South Ural Housing Construction and Mortgage Corporation by 500 million RUR; the announcement to this extent was made at the Top Priority National Projects Council’s meeting on October 21, 2008.

This means the corporation’s authorized capital will thus reach 2.6 billion RUR.

The spokesperson for the Governor reports the money is to be spent on the implementation of two major housing projects. Firstly, a portion of the sum will be used to buy out the mortgages from the banks. Secondly, the completion of the housing which the local people have already invested in will be financed. This means that those who’ve bought an apartment in an apartment building under construction will definitely be able to move in soon. First Deputy Governor Vladimir Dyatlov insists that there should be no abandoned housing or deceived investors.