China Cosco completes Piraeus deal

摘要

In early April the sale of the majority stake in the Piraeus Port Authority (PPA) to China Cosco Shipping was sealed, marking a new era for Greece's largest port and Sino-Greek relations, which have been getting tighter since the millennium. Stergios Pitsiorlas on behalf of the Greek Asset Development Fund signed the €368.5m ($420.12m) deal with China Cosco Shipping chairman Xu Lirong. Under the deal the Chinese gained control over a 67% stake in the PPA and management of the port after an additional investment of €350m over the next five years.