Israel has selected Chinese and Portuguese companies, each with multi billions in revenue, to begin building multifamily developments to reduce skyrocketing housing prices. Nearly 50 European and Asian companies submitted bids last spring to government ministries for the contract that will begin in the coming months and last five years. The winning firms will be allowed to import up to 1,000 workers each. The Israel Builders Association has strongly criticized the program.
The companies selected are Everbright International Construction Engineering Corp., Beijing Construction Engineering Group, Jiangsu First Construction Corp., Jiangsu Nantong No. 2 Construction Engineering Group, China Haushi Enterprises Co. and Portugal’s Mota Engil Engenharia e Construction.