Greece clinches deal to sell port to China

Under the deal, China Cosco will acquire 51 per cent of Piraeus Port for 280.5 million euros and the remaining 16 per cent for 88 million, after five years once it concludes mandatory investments, which will amount to 350 million euros over the next decade.

Greece clinches deal to sell its biggest port of Piraeus to China. File Photo.

Greece sealed on Friday the sale of its biggest port to shipping giant China COSCO Shipping Corporation, the second major privatisation for the bailed out country since late last year.

China COSCO's chairman Xu Lirong, Prime Minister Alexis Tsipras and the head of Greece's privatisation agency signed the 368.5 million euro ($419.43 million) contract in Athens.

Under the deal, China Cosco will acquire 51 per cent of Piraeus Port for 280.5 million euros and the remaining 16 per cent for 88 million, after five years once it concludes mandatory investments, which will amount to 350 million euros over the next decade.