Chinese property developers plan to buy land in Cyprus

Some Chinese property developers have plans to buy land in Cyprus or form joint ventures with local developers to build homes for Chinese people there, a source told China Daily.

"They are also interested in developing a exhibition center for Chinese exporters," said Christos Mavrellis, managing partner with Chrysses Demetriades & Co LLC, a law firm in Cyprus.

Mavrellis declined to reveal the names of the developers.

The move would be in line with the change in Cyprus's immigration law that encourages foreigners to buy property in the country.

According to Mavrellis, a foreigner with an annual income of no less than 30,000 euros ($40,054) who buys a property with a value of no less than 300,000 euros in Cyprus could be eligible for permanent residency permit in the country.

By the end of 2012, Cyprus had received 590 such applications from China, according to the country's media.

"We set up a China desk last April to cater to Chinese companies' growing interest in investing in Europe," said Stavros Loannou, CEO of Grant Thornton Cyprus. Given the country's location, Cyprus is regarded as a gateway for investment in the European Union, Africa and the Middle East.

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