Does the fact that banks own development companies restrict competition in the real estate sector? Radio “Commersant” reports that this problem could be regulated by the new anti-monopoly legislation.

As we reported, major developers demand banks not to have the right for development activities. "Arci" and "Axis" companies announce, banks refuse to finance projects because they own their own construction companies to which they extend credits.

Chairman of the Parliamentary Committee on Sectoral Economy in a conversation with us shares developers’ position saying that the fact that banks own their own construction companies and lend them puts entrepreneurs in unequal situation.

Zurab Tkemaladze claims that the government is actively engaged in anti-monopoly law, which will also control the banks’ interference in the development business.

Source:www.commersant.ge