Cyprus Property News
Cyprus | Posted:

New Chinese Investment in Cyprus


A Chinese company’s representatives met with the Minister of Commerce Neoclis Sylikiotis, to discuss the possibility of a large investment in Cyprus. The meeting took place in the presence of representatives of CIPA. The Chinese expressed their vision of the development which apart from housing will include the creation of a university and hospital facilities. The Chinese promised to send to the minister a detailed presentation of the project.

The intended development according to the plans will cover an area of 1 milion square meters and the value of the investment might be close to 3 billion euros.

The Cypriot side, appears to have expressed reservations about finding such a large area of land.

Cyprus appears to be quite an attractive destination for Chinese since the new criteria established by the former Interior Minister Neoclis Sylikiotis entitled them with many benefits. The primary benefit being that they can have their money legally deposited in Cyprus Banks. Furthermore, if their permanent residence is outside China (i.e. in Cyprus), they are allowed to have more than one child.

There exists an unconfirmed rumor that recently there has been a sale of Cyprus Property of about 150 units in the village in Larnaca.

17 May 2012 CyprusNet