Over 3 Decades Into Independence, Property Protections in Kazakhstan Remain Weak

Quick Summary:

State-owned and private construction companies make plenty of money in the process of completing housing developments.

It’s the buyers who lose out.

The commission member, Tatiana Chursina, cited as an example the case of Bakytzhan Toimbetov, a developer who was jailed after his company took shareholder money for six housing developments with names like “Praga” and “Tokyo” but failed to progress any of them.“The investigation found that Toimbetov invested the shareholders’ money in the restaurant business in Almaty.

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Article Details

Author / Journalist: Rustem Amangeldi

Category: Economy

Markets: United StatesAustriaCambodiaChinaJapanKazakhstanOmanUzbekistan

Topics: City Companies Time Buyers Project Astana Private Housing Construction Nurmuhambetova Expo

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-01 @ 20:54:00 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: thediplomat.com

Language: English

Article Length: 3692 words

Reading Time: 21 minutes read

Sentences: 145 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Diplomat

News ID: 22838174

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