China announces biggest investment in Russia

The announcement of the "Baltic Pearl" project comes amid official efforts to expand Chinese-Russian trade and investment ties to match the warming political links between the former Cold War enemies.

The "Baltic Pearl" will have housing for 35,000 people and should be completed in six to eight years, said a statement issued Thursday by the Shanghai Industrial Investment Group Ltd., one of five Shanghai-based companies in the investment group. The deal was announced Monday.

China is a leading buyer of Russian oil and weapons, and Russia's imports of Chinese-made appliances and other goods are rising, according to the AP.

State-owned China National Petroleum Corp. announced a US$500 million investment this week in Russian oil producer OAO Rosneft. But most other Chinese investments in Russia are small.

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