NICOSIA - Chinese investors aim to pour one and a half billion euros into Cyprus, the president was told Monday.
He received businessman Theodoros Aristodimou and Charles Young, President of China Glory National Investment, which recently bought the Venus Rock Golf Resort project in Paphos district for €290m.
After the meeting Aristodimou told reporters: “We informed the President about the large investment that has been decided and announced by the group of companies represented here by Mr. Young which has made its first investment in Cyprus.
“The whole investment will reach about one and a half billion euros and instantly have multiple benefits, both with regard to employment on completion of the project and in direct revenue in terms of taxes, direct and indirect.
“At this stage it may be around €40m but by project completion it may reach €400m,”he added.
Young said: “After we studied Cyprus, we realised that there are very good prospects for investment.”
He added that the President gave his full support for this investment, noting that “for the project in which we are investing we are using a local workforce as much as we can.”

Company info from Bloomberg 

Published by: www.incyprus.com.cy