Greece sells country’s largest port to China

By Around the Web

(BricsPost) China has described a deal to sell Greece’s biggest port to Chinese shipping group COSCO as a “win-win” for both countries.

Under the deal between Greece’s privatization fund HRADF and China COSCO Shipping Corporation, the Chinese investors will pay 280.5 million euros($319.79 million) to HRADF for the initial acquisition of a 51 per cent stake, while it will pay another 88 million euros within five years for the remaining 16 per cent, provided it has implemented the agreed investments in the port.

The agreement was signed on Friday by HRADF chief Stergios Pitsiorlas and COSCO Hong Kong CFO Feng Jinhua in the presence of Greek Prime Minister Alexis Tsipras, China COSCO Shipping Chairman Xu Lirong and Chinese Ambassador to Greece Zou Xiaoli.

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