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Cyprus Investment News

After lengthy negotiations airport operator Hermes and Chinese firm Far Eastern Phoenix signed, what is said to be a multi-million euro deal to develop the old Larnaca airport into a commercial showroom. The agreement provides for the creation of a large commercial showroom for Chinese products, while plans have also been floated for a logistics centre.

Cyprus Communications Minister said that the initial investment could reach up to €600 million. Hermes Airports chairman said some 4,000 booths belonging to Chinese factories will be housed in the building! The deal was signed by Hermes CEO Alfred van der Meer, and Far Eastern Phoenix general manager Yang Qi. The commercial centre will include showrooms and bonded facilities while retail trade is explicitly prohibited. The project will be financed by the Chinese government – through a state bank that promotes the export of Chinese products.