Russian Prime Minister Vladimir Putin has announced that the country’s biggest property developer can count on a range of state support after its shares fell 96% over the last six months.

PIK Group revealed that it had qualified for state aid to the Stock Exchange today.

PIK, which specializes in vast residential schemes in Russia, can now count on:

• loan financing with state guarantees

• interest rate subsidies

• additional equity injections

• deferred tax payments

• and government contracts.

To qualify for state support, companies need to prove that they are of `strategic’ importance to the Russian federation, and among other criteria, employ more than 4,000 people.

PIK, led by Kirill Pisarev, is Russia’s largest listed developer and by last summer had become the biggest quoted property company that is not a REIT. However, since then it has been hard hit by Russia’s ailing economy, with its shares also battered as a result