Chelyabinsk state-run South Urals Corporation for Residential Housing and Mortgage has announced $18.5m worth of plans to issue additional shares, regional officials reported today.

The region’s Governor Pyotr Sumin said the intention was to increase the corporation's authorized capital by 23.7% to $78m.

The funds would be spent on refinancing of the Corporation's mortgage commitments to regional banks, which would enable banks to go ahead with granting mortgage loans to residents.