Georgia's Economy Ministry building sells for $9.5 million USD

Updated: Sunday, 1.37pm

The building of Georgia’s Ministry of Economy and Sustainable Development will be transformed into a 100-room hotel in three years.

Hualing Group, a private Chinese investment group, won an online auction with a bid of $9,450,000 USD (21.3 million GEL).

Hualing Group, as the new owner of the building, is obliged to transform the current facility into a 100-room hotel within a three-year period," said the company in a statement. 

Meanwhile, the Ministry will remain in the building until the end of this year.  

Earlier: Friday, 6.58pm

The building of Georgia’s Ministry of Economy and Sustainable Development has been sold for just under $9.5 million USD.

Online bidding for the central city building on Chanturia St in Tbilisi officially closed at 5pm today.

It has been revealed the building was purchased for $9,450,000 USD (21,766,185 GEL) however the buyer has not been revealed.

Earlier Georgia’s Minister of Economy and Sustainable Development Giorgi Kvirikashvili said the notion to privatise state assets was a way to get more money into the economy to stop the national currency depreciating.

The total area of the Economy Ministry building is 11,271 sqm and it is located on a 4,200 sqm section of land. The building also has a separate parking facility.

The new owner of the building will be obliged to transform the current facility into a 100-room hotel in a space of 36 months, from January 1, 2016.

The Economy Ministry is currently operating from the Chanturia St building. It is unclear where the Ministry will be located to once the new owner takes over possession of the building.