China invests in Greek shipping industry
by Scott Tong
China is expected to commit to building 15 bulk vessel ships for Greek companies and invest in a major commercial property near the port of Athens. Already at the port, one Chinese company has taken over management of a container terminal.
Economist Ben Simpfendorfer at Royal Bank of Scotland says it plays to China’s strengths. “As the world’s largest exporter, it clearly has interest in the port sector,” he says. “And not just in Europe, but also in Africa and the Middle East.”
That’s the reward. The risk: Greek is a wobbly economy right now. Long-term, though, Simpfendorfer says Europe will rebound. “Europe is China’s largest exporter,” he says, “around 25 percent of total exports. So clearly those trade flows are already very robust.” And with Greece wooing investments from sovereign wealth funds, this could be a good time to buy.
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