Chinese buyers expected to step up Greek property investment, as Xi lands in Athens to strengthen ties
- Chinese buyers are following the investment initiatives of the Chinese government, Greek ‘golden visa’ specialist says
- Subsidiary of Chinese sovereign fund among companies bidding for 30 per cent stake in Athens airport
Chinese President Xi Jinping arrived in Athens on Monday to cement ties with Greece, which is regarded as key to his Belt and Road Initiative.
And his visit might also prompt Chinese buyers to step up their investment in Greek property, which has been bolstered by the Greek “golden visa” programme.
“Chinese buyers need to feel that they are investing in a safe environment … Chinese buyers are also following the investment initiatives of the Chinese government, such as investment in Greece’s main port, Piraeus,” said John Petropoulos, co-founder of Golden Visa Experts, which specialises in the Greek golden visa, or a permanent residency visa issued to individuals who invest, often through the purchase of property, a certain sum of money into the issuing country. The Port of Piraeus, a key port on the Asia-Europe trade route, is now owned and operated by Cosco, the Chinese state-owned shipping giant.
Greek Prime Minister Kyriakos Mytsotakis, elected in July, has been encouraging Chinese investment, and the visit by Xi comes just days after Mytsotakis and a large Greek trade delegation met him in China. “I also believe that China wants to look at investing in other Greek infrastructure assets as well,” Petropoulos said.
The Greek government has accelerated plans to privatise state-owned assets, including the sale of a 30 per cent stake in the Athens airport. Reuters reported in October that among the 10 bidders for the airport was Chengdong Investment Corporation, a subsidiary of China Investment Corporation, the country’s sovereign wealth fund.
“There is strong Chinese demand, driven by the investment visas, lifestyle, relatively affordable prices and the prospects of good returns as the Greek economy recovers. Many Chinese have a great deal of faith in Greece and are investing in what they think will be a prosperous decade in the 2020s,” said Georg Chmiel, chairman of Juwai.com, a website that helps Chinese property buyers. Chmeil said Greece is now the eleventh most popular country in the world for real-estate buyers.