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China Glory flirts with new plots

According to unnamed sources, the Hong Kong based conglomerate that acquired the Venus Rock Golf Resort in Paphos is considering buying plots of land in Limassol, Larnaca and Paphos.

CHINA Glory International Investment Group, which acquired Venus Gold Resort against €290 million, is considering purchasing new plots.

According to sources, the company is considering buying plots of land in Limassol, Larnaca and Paphos.

As for the implementation of the agreement for the acquisition of Venus Rock, it is progressing normally.

The company’s offices in Nicosia are delivered tomorrow and will be located at the Hilton hotel. It’s been two months now that the company went into hiring Manager to handle operations in Cyprus and will soon move into recruitment.

The sale of Venus Rock Estates was announced on May 20. Dolphin Capital Partners announced that the subsidiaries of Aristo Developers and Venus Rock Estates disposed their share in Venus Gold Resort against €290 million. Dolphin controlled 49.8% of the project and the remaining is controlled by companies belonging to Mr Theodoros Aristodimou.

The purchase price of €290 million represents discount 22% from the latest valuation of Venus on December 31, 2012 which reached €370 million.

The company’s Chairman, Charles Zhang met in May with the President of the Republic in the presence of Theodoros Aristodimou.

The project will include two golf courses, five-star hotel (Nikki Beach Hotel), two large sports centres, shopping centres as well as housing units.

China Glory flirts with new plots

Readers' comments

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  • Mike says:

    Andrew – I fear they may be forced to cosy up to the system. In any event something just doesn’t sound right to me about all these deals, perhaps it’s cynicism but I can’t help feeling there is an element of ‘talking up’ going on in order to grasp at any means to maintain the inexplicably high prices being asked for inferior builds despite the falls seen over recent times.

    I would be surprised if this editorial was not written by the vendors or prospective vendors. It is too much like an advertisement to be otherwise in my opinion.

  • Andrew says:

    Will Chinese developers do the honourable thing and make sure their buyers get title deeds at the point of sale. Or will they cosy up to the Cyprus “system”.

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