Chinese construction magnate, Yan Jiehe, is turning his gaze toward the Greek market — characterized by many as risky due to the latest stormy political and economic developments — saying that he is on the hunt for investment opportunities in Greece.
Yan Jiehe is the founder of China’s largest private sector company by revenues and has amassed one of the country’s largest fortunes since establishing China Pacific Construction Group (CPCG) in 1995, making him China’s seventh-richest man. It should be noted that last year CPCG, which builds public infrastructure, was ranked 166th on Fortune’s list of the world’s 500 biggest companies, while last week the tycoon confirmed he is chasing local governments for unpaid bills.
At the same time, Mr. Jiehe acknowledged that CPCG is chasing the adventure in risky overseas markets. “I will soon go to eastern Europe; FYROM, Albania and Greece. I want to invest in infrastructure there and intend to buy construction companies,” he said, adding that he was unfazed by the latest iteration of Greece’s debt crisis. Last week the newly elected Greek government suspended a privatizations program, including a Port of Piraeus project for which China’s largest shipping group, Cosco, had been shortlisted. “Greece’s economy is nearing the bottom and that is the best time to enter. Whether Greece stays in the Eurozone or leaves would not bother me,” he further commented.
Last week the Greek voters elected an anti-austerity government that has promised a clash with the country’s creditors in order to soften the Greek bailout program, at the same time raising questions of a possible Grexit.
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