A building in downtown Tbilisi housing the Economy Ministry has been sold for USD 9.45 million in an online auction.
The building has been bought by the Hualing Group, one of China’s largest investors in Georgia.
The auction for the building located on a street adjacent to the Rustaveli Avenue was launched a month ago with a starting price of USD 6 million.
According to the terms set by the government, a buyer will have to turn the building into a hotel with at least 100 rooms by the end of 2018.
The building will continue to house the Economy Ministry till the end of this year.
The government first announced the intention to sell the Economy Ministry building in February. The government said at the time that amid depreciation of the national currency, lari, it was planning to intensify privatization of state-owned assets.
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