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A Swiss company will construct a hotel and a sports complex in the Far Eastern region of Sakhalin, a $50 million project that was agreed upon at last week’s 2008 MIPIM World’s Property Market in Cannes, France.

The contract was signed between a delegation of Sakhalin businessmen and the Swiss company, whose name is not specified.

The project will be carried out in Sakhalin’s tourist recreational center Gorny Vozdukh (Mountain Air) and will include constructing a business-class hotel, a sports complex as well as 10-15 chalets, a type of wooden house in the Alpine region of Switzerland, a press statement from Sakhalin’s administration said Tuesday.

The investment project was one of the three introduced by the Sakhalin delegation and became the only agreement signed with Russian businessmen at the real estate investment exhibition held from March 11-14, the statement said.

The delegation also presented an airport reconstruction project in the town of Yuzhno-Sakhalinsk and plans for the creation of a sports and health center at the thermal spring area at the bay of Dagi.

MIPIM (Marché International des Professionnels d'Immobilier) is the world’s largest international real estate market for real estate professionals and investors, where various businessmen, investors, developers as well as regional authorities meet to present the projects and develop partnerships.