View of the headquarters building of Fosun International Ltd in Shanghai, China, Oct 14, 2013.[Photo/IC]

Conglomerate lines up $200m for Hellenikon project redevelopment

China' biggest private conglomerate Fosun Group signed an agreement in Greece on Thursday to invest $200 million to develop an old airport in Athens, marking another step in the company's expansion in Europe.

The agreement was signed with Latsis Group, the parent company of real estate firm Lamda Development, at a ceremony in the Zappeion Hall during the visit of Chinese Premier Li Keqiang to the Mediterranean country.

The two companies will join hands to develop the former airport in the Greek capital at Hellenikon area 8 km from downtown Athens, in which Fosun will invest $200 million, as well as seek broader cooperation in the future, Chinese newspaper 21st Century Business Herald reported. Fosun controls 40 percent of the shares in the newspaper.

The entire Hellenikon project, with a lease of 99 years, covers an area of 6.2 square kilometers .- three times as large as Monaco. It comprises the 5.25-sq-km old airport and a seaside area of 0.95 sq km.

The project is expected to create 50,000 job opportunities over the next 10 years, according to Greek research institute IOBE.

The deal was part of more than 20 government and commercial agreements signed between China and Greece, worth $7 billion and covering sectors such as logistics, energy, shipping and property.

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