Sberbank fired specialist, who promised a collapse in property prices, and disown its forecast

Posted on May 25, 2012

Sberbank of Russia has denied the forecast, which gave him an expert – Director of financing construction projects Sberbank Alexey Chuvin. Sam Chuvin scandal dismissed.

Recall, managing director, speaking at the Adam Smith Conference “Real Estate in Russia”, said the fall and the banks, and developers may come a very difficult situation. The banks have accumulated arrears and will be too much to pledge the property.

“Many banks are taking property as compensation, which they lend. If they have difficulty with the capital, they will be forced to dump these assets now, without waiting for the good times,” – said the expert.

In his view, this would mean that the proposal to increase the real estate market seriously, and take adequate growth in demand simply nowhere. In addition, the lack of liquidity in the autumn will force themselves development companies begin mass sales, leading to another drop in property prices. Developers will sell cheap, just to get some money, said Chuvin.

The commentary Savings Bank, which is at the disposal edition NEWSru.com, says Alex Chuvin was not authorized to speak c report on the said conference on behalf of the Savings Bank of Russia. In addition, the details of his report does not correspond either to the operative data, no statistics of Sberbank of Russia.

In addition, the Bank points out, the speaker is not an expert in the field of macroeconomics. Thus, evaluation of the current state of the Russian real estate market as well as forecasts of the situation in the future expressing only his personal point of view and not in any way may not be the official opinion of the Savings Bank of Russia.

Also, the bank said that currently the director of financial management of construction projects Chuvin AS “Is on leave due to the subsequent dismissal of members of staff activities.”

In addition, the Savings Bank of Russia notes “the emergence of positive trends in the Russian real estate market” and continues to finance industry, guided by the principles set forth above credit policy.