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Banks

Russia's VTB loans $500 mln to developer Don Stroy

MOSCOW, Nov 17 (Reuters) - Russian state bank VTB VTBR.MM, a distributor of the government's multi-billion dollar anti-crisis package, has given property developer Don-Stroy a $500 million loan, the bank said on Monday.

The developer, which has built some of Moscow’s most high-profile luxury housing in recent years, including a tower in the style of Moscow’s Stalin-era “wedding cake” buildings, will use it to finish housing complexes which are near completion.

Of four projects to be completed with the VTB loan money, one is described as de luxe and another is described as business class on Don-Stroy’s website (www.donstroy.com).

It was the first large loan issued to a property developer under Russia’s $200 billion anti-crisis package. VTB was planning to hand out 190 billion roubles ($7 billion) as government aid this month. (Reporting by Yuliya Komleva; Writing by Melissa Akin; Editing by David Holmes)

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