Problems with the largest Russian developer, the Smolt group of companies, marked the beginning of a large-scale crisis in the housing construction market, Kommersant writes. Financial difficulties are now evident in 8.4-13.1% of the listed companies. The entrepreneurs were not able to adapt in time to the decrease in sales and the worsening of the loan conditions and now they are forced to conduct difficult negotiations with banks.

Problems with the largest Russian developer, the Smolt group of companies, marked the beginning of a large-scale crisis in the housing construction market, Kommersant writes. Financial difficulties are now evident in 8.4-13.1% of the listed companies. The entrepreneurs were not able to adapt in time to the decrease in sales and the worsening of the loan conditions and now they are forced to conduct difficult negotiations with banks.