Regional News

Chinese investor buys two former schools in Belarus' Vitebsk Oblast

A Chinese investor has spent Br2,800 to purchase buildings of two former schools in Chashniki District of Vitebsk Oblast at an action organized by the Vitebskoblimushchestvo committee. It plans to set up food manufacturing facilities on the premises, BelTA learned from the committee.

Up for grabs were buildings of two former educational institutions in the agrotown of Pochayevichi in Chashniki District. The two lots included two buildings constructed in 1965 and two outbuildings (a barn and a vegetable storehouse) with the total area of almost 1,400 square meters. They were bought by a foreign investor at the auction. According to the investor's representative, plans are in place to repurpose the real estate to set up a facility to make food products, primarily Chinese dumplings, as well as to open a catering facility, an establishment providing temporary accommodation, and a business facility.

One of the schools had been up for auction since 2017 and was sold for Br60. The school with the vegetable storehouse, attracted two bidders. As a result, its final price equaled Br2,800, up by 32 times over the initial price.

Since the start of 2021, Vitebskoblimushchestvo has sold 17 real estate assets. All of them were put up for auction with the 80% discount on the initial price or for one base amount.

All in all, the list of unused real estate that is set to be sold at Vitebskoblimushchestvo auctions in 2021 includes 365 sites with the total area of around 380,000 square meters, which accounts for over 68% of the area of unused property (as of 1 January 2021). Out of them, 130 buildings were added to the list of unused property in 2020 and will be put up for auction for the first time. A third of all sites are former social facilities (libraries, clubs, public saunas, and so on) located primarily in the countryside, including around 60 former schools and more than 20 preschool facilities.