Russian tycoons make billions amid property market boom

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Russia’s property tycoons are minting vast fortunes after a government move to boost the market during the pandemic helped spur a housing boom.Sergei Gordeev, the controlling shareholder, chairman and chief executive of PIK Group, has seen his net worth more than double this year to $8.9 billion, according to the Bloomberg Billionaires Index, as shares in Russia’s biggest developer surged. Pavel Golubkov and Mikhail Kenin’s stakes in their property firm Samolet Group are each worth more than $1bn after its stock has soared more than fivefold in 2021.Real estate markets across the world have been red-hot during the coronavirus outbreak, supported by low interest rates, reduced supply and demand from people who are stuck at home and buying larger residences or making new investments.Those factors are also at play in Russia, but there is another important reason: President Vladimir Putin’s government introduced a mortgage-subsidy programme in April 2020 to stimulate deman
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