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Chinese investment helps Cypriot construction sector spring back: official

Xinhua, December 23, 2015 Adjust font size:

A Cyprus Chamber of Commerce official said on Wednesday that the investment by Chinese nationals in properties has helped the construction sector of Cyprus spring back.

Marios Tsiakkis, secretary general of the Cyprus Chamber of Commerce and Industry, told the state radio that about 1,000 properties were purchased by non-EU nationals in 2015, many of them were Chinese, in exchange for a permanent residence permit.

Under the scheme, authorities examine favorably the application for Permanent Residence when a non-EU national buys property or a residence worth over 300,000 euros.

He added that some developers have sold ready-built houses and are currently in the process of constructing new ones, helping the construction business to recover from its long slump. Endit