Lucky Real company in Hong Kong seeks buyers for homes in debt-hit Cyprus
Pair talk up island's potential despite 40pc drop in prices, but others say it's not for faint of heart
For Michel Verdy, a former banker and executive of security firms based in Canada, retirement was the beginning of a new adventure rather than the end of a career in high finance.
With his wife, Lynda, a former property broker in Canada, Verdy set up a property consultancy firm in Hong Kong a few months ago, primarily to sell properties in Cyprus, a country that recently got a €10 billion (HK$101.6 billion) international bailout to save it from bankruptcy.
Their company, known as Lucky Real, is now marketing several resort-style developments in Cyprus. All projects are being exhibited in their permanent showroom-office in Kwun Tong.
"Our targets are Hong Kong buyers," said Verdy. Cyprus had great potential, he said.
It had gas reserves that could supply 40 per cent of the annual gas consumption of the euro zone countries. Meanwhile, its residential market had hit a five-year low after the 2007 and 2008 peaks and now was the time to hunt for bargains, he said.
The nation's economy was set to rebound from a low point, which would lift property prices, presently down some 40 per cent down from their previous peak.