Bau Holding Strabag AG Company was one of the first foreign-owned firms to enter Hungary after the collapse of Communism in 1989, ranking among Hungary's five largest development companies. It has invested about Ft75 billion ($341,247,750) in Hungary since 1989. At first, it stuck with infrastructure projects such as highways. But in the mid-1990s, when the economy became stable enough to make long-term financing safe and feasible, the company became involved in other development projects. Strabag has seen numerous changes in the development business since it became a player in Hungary. At first, raw materials and upper management came from outside the country. Today, however, the company uses locally produced materials and local talent dominates company management. While the early 1990s saw only a few international competitors in construction and development, today, there are 85,700 construction companies. Strabag is involved in many areas of development. The 811-car underground parking structure in District 5 in Budapest, the largest parking structure in the city, was due for completion at the end of 2002 at a cost of Ft32 billion ($146,509,034). The company plans to undertake one or two more garage projects in the next few years, as well as a long-term project in the Asia Center, a 210 million ($234,809,400) retail complex in District 15 in Budapest. Strabag's goal was to complete 130,000 square meters (1,399,307 square feet) of the Asia Center by March 2003, and the remaining 80,000 square meters (861,112 square feet) by early 2004. Strabag built this project in anticipation of the opportunities that will materialize when Hungary joins the European Union. In 2003, the company plans to start construction for 1,000 apartments targeted to middle-income residents in Budapest. Prices will range from Ft240,000 to Ft250,000 ($1,092 to $1,137) per square meter. In 2003, the company also plans to initiate construction of