TBILISI - A Chinese private investor on Monday rebutted some assertions about a construction project it is conducting here, stressing that it complies fully with local regulations.

Hualing Holdings Limited has contracted to invest at least $150 million in the suburbs of Tbilisi in a project aimed at preparing the city for the 2015 European Youth Olympic Festival.

The company said it is to build no less than 50,000 square meters of accommodation facilities, which the Tbilisi Municipality will use for free for three months during the festival.

The company will also build a commercial complex in the same area, including shopping, entertainment, medical and media centers as well as a five-star hotel.

In response to certain reports by local media, the Chinese company said at a special press briefing that it has acted in accordance with each and every Georgian regulation.

The company has no intention of letting immigrants occupy the housing facilities after the festival, a Hualing public relations officer said, adding that all housing facilities would be offered for sale in accordance with local legislation.

Some 3,800 young athletes and their coaches are expected to dwell in the accommodation facilities built by Hualing.

Last July, then Georgian Prime Minister Vano Merabishvili attended the foundation-laying ceremony of the Olympic Village and expressed his gratitude to Hualing for boosting local employment.

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