Cyprus Property News
Cyprus | Posted:

Cyprus-China mega deal for the old Larnaca airport

The Minister of Communications and Works,  Mr Flourentzou had lately been in contact with representatives from the Chinese Far Eastern Phoenix company that seeks to invest hundreds of millions in the old Larnaca airport. At this meeting they discussed various aspects of the investment under discussion as the timing of the project implementation and its sustainability. Then indeed the Ministry called for firm commitments and additional explanations for this giant project.

Within the current or next week the Ministry of Communications says they would probably have the answers from the Chinese group in order to clarify whether there is finally a fertile ground to advance to this ambitious project in Larnaca. It should however be noted that the Legal Department of the government has no longer issues with how the project will be handled by the Chinese investors. This of course creates a positive push for this huge investment in excess of 600 million.

CIPA-Phoenix Contact in China

While the Ministry is awaiting answers from the Chinese company, representatives of (CIPA) the Cyprus Agency specially appointed for attracting foreign investments to Cyprus, have had meetings with the Chinese company and quoted that the Chinese stated that "We will issue the relevant Bank Guarantee within days, we will sign, and begin immediately to implement the project," They were actually very optimistic on the chances of success of the overall endeavor.