A new era is beginning for Larnaca after the signature of the agreement between the Hermes Airports and the Chinese company's Far Eastern Phoenix, for management of the site of the old airport of Larnaca.

The agreement has been signed at 1:45 a.m today the 22nd of March 2012.

In a written statement, Director of Communications and Public Relations of Hermes Airports, Adamos Aspris says that "after long and intensive negotiations, the Hermes Airports is happy to announce the completion of talks with the company's Far Eastern Phoenix Ltd and the positive outcome. "

According to the agreement the Chinese company will create 4 000 showrooms and the lease to the Far Eastern Phoenix Ltd's site at the old airport of Larnaca will last 19 years, until 2031, with a provision for extending the period of the lease for 50 years

Negotiations between the two sides began early yesterday afternoon at around 21:00 Hermes Airports spokesman informed the media that negotiations were intense and were extended until today.

As stated earlier on national radio by, agreement exists and provision for extending the period for the lease of land in 50 years. The agreement, as noted by the Director General of the Ministry of Communications and Works, Alekos Michaelides, will be submitted for final approval by the government and assured that the process will only be a matter of a few days.

With this agreement, as mentioned, is given considerable time to the government to operate fully without the risk of losing that investment from Cyprus.

The DG of Transport Ministry noted that this investment would create significant benefits for Cyprus and create dozens of jobs and will give a great boost to local economy, particularly in these difficult conditions.

The Minister of Communications and Works said yesterday that the amount of this investment is estimated at € 600 million

Click the following link to see a video of the proposed commercial center.