Page 100 - RusRPTJun21

The escrow framework has been in place for almost two years, and is starting to represent a greater share of listed developers’ sales. As of YE20, cash on escrow accounts as a percentage of sales across the listed universe was in the range of 30-40% for public developers, with all new projects fitting the respective framework. PIK is leading in the scale of its escrow transitions, with 40% of the existing offer selling on escrow accounts, while in December 2020, the company’s total debt of RUB 232bn included RUB 163bn of project financing. As of February 2021, the CBR reported the project finance portfolio in Russia at RUB 3.3tn.
100 RUSSIA Country Report June 2021 www.intellinews.com