Moscow authorities have given PPF Group, controlled by Czech billionaire Petr Kellner, permission to build 1,500 flats in the Russian capital.
Separately, PPF is moving ahead with its mixed-use Comcity project in south-west Moscow, which will include two office buildings and a four-star Novotel hotel.
PPF now has six real estate projects underway or completed in Russia, including the Metropolis Administration Center and the South Gate Industrial Park in Moscow.
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