Following news that Greece was looking to sell a 67% majority stake in its largest port, the country has signed an agreement, which marks the official sale of the Port of Piraeus to China Cosco Shipping for more than US$418 million, according to reports.
In Reuters, Xu Lirong, Chairman for China Cosco, said: “China COSCO Shipping … will continue to be committed to Greek growth in the long-term.”
The move was reportedly being planned to improve infrastructure connections so that Piraeus could develop for future success and strengthen rail connections.