A delegation of the Hong Kong based company “China Glory National Investement” which is investing in the Venus Rock Golf Resort project in the district area of Paphos was received by Cyprus President Nicos Anastasiades on Monday at the Presidential Palace.
The delegation was headed by Chinese investor Charles Zhang and President of the Cypriot company Aristo Developers Ltd, Theodoros Aristodemou.
Speaking to the press following the meeting, Aristodemou said that the Chinese investors have confidence in Cyprus and they want to invest in other projects as well, however he abstained from giving any more details, stressing that we all ought to be patient and very careful.
He said that until the completion of the project in the next two to three years, its cost might reach 1.5 billion euro, adding that Cyprus will benefit in numerous ways via the employment of local staff and tax money that will run in public funds.
Aristodemou said that the investment is exteremely important for Cyprus because it send a message abroad that the country can still attract foreign investments. He also expressed his gratitude to the President of the Republic for his support.
In his statements to the press, Charles Zhang said that the company studied thoroughly the situation in Cyprus and decided to invest because it has potential.
He said that they will try to use local staff and that this is agreed by the company’s board and partners. Zhang also thanked President Anastasiades for his full support in the project.
As it was recently announced, the project will include two golf courses, a 5 Star Hotel, two community sports centres, a commercial and leisure component as well as luxury private homes.
The agreed purchase price for the sale of the sellers’ interest in Venus Rock amounts in aggregate to €290 million and comprises a fixed consideration of €241.5 million and a conditional deferred consideration of €48.5 million.
The Sellers have already received a non-refundable deposit of €2 million against the Purchase Price, while another €10 million is payable anytime before 30 June 2013.
