Luzhkov Ouster Weakens Billionaire Wife’s Grip on Moscow Market
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The firing of Moscow Mayor Yury Luzhkov will create new opportunities for real estate developers in the capital as Luzkhov’s wife, billionaire Yelena Baturina, and other established builders lose influence at city hall.
ZAO Inteco, Baturina’s closely held firm, and companies such as PIK Group may have projects frozen while a new administration takes over, said Dmitry Khalin, head of strategic consulting at real estate agency IntermarkSavills in Moscow. PIK’s London-listed shares have fallen 6 percent since Luzhkov was ousted Sept. 28, their biggest three-day drop in six weeks.