Chinese investors considering investing €600 million in an old airport in Cyprus may opt to invest in Malta instead because of the delays they were facing in being presented with a final proposal, Cypriot media reported.

The Chinese company Far Eastern Phoenix wants to transform the old Larnaca airport into a commercial centre with a showroom and bonded facilities for Chinese factories to display products for a 50-year period.

Cypriot opposition parliamentary spokesman Tasos Mitsopoulos said he had information that FEP was in talks with Malta "to invest there instead".

But Communications Minister Efthymios Flourentzos denied there was a problem with bureaucracy and claimed the government was moving ahead very swiftly with the finalisation of its proposal, which would be presented to the Chinese company by the end of the month.

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