|PROPERTY NEWS of BULGARIA.|
ARTICLES IN ENGLISH: RUSSIAN AND CHINESE INVESTMENTS IN BULGARIA.
ARTICLES IN ENGLISH:
Rise in Russian demand for Bulgarian coastal real estate. June 25 2010.
A big rise of Russian investment in Bulgarian real estate along the Black Sea coast has been reported by private Bulgarian television channel bTV on June 25 2010.
About 100 000 Russians have purchased property along the Bulgarian coast. According to Yuri Salovyov, Russian general secretary to the Russian embassy in Varna, this means that more than 300 000 Russians regularly spend their holidays in the country, given that they normally arrive with their families.
"Multiply that by the amount of money invested in real estate itself, and the tax collected by the state, in addition to the fact that many Russians don't simply spend their holidays here, but they live here, and one can see the contribution to the Bulgarian economy," Salovyov said.
Russians generally tend to choose property along large resorts on the coast, or the Bulgarian mountains, but they also settle occasionally for a quiet, rural way of life in small villages, the report said.
"The great demand for real estate, which initially came from the UK and other English-speaking countries, is being steadily replaced by Russian-speakers," said municipal mayor Avren Todorov.
"Many Russians are seeking to buy single family homes facing the seafront or flats in the cities, as many of them have decided to outsource their business to Bulgaria and move here permanently," real estate agent Stefan Atanassov told the bTV.
Colliers International: 'Exceptionally good time to invest in Bulgarian real estate' May 13, 2010.
According to real estate consulting agency Colliers International, "this is the perfect time for investment in real estate" in Bulgaria.
In a May 13 2010 media statement, Colliers said that it was a case now or never, stating that the time is "exceptionally appropriate for purchasing property".
The statement quoted Tatyana Emilova, manager at Colliers International Bulgaria, as saying that the main factors defining the current business environment were the "affluent choice of supply" complete with "alluring price tags"; the "readiness of investors to offer flexible solutions" and the "suitable credit conditions".
The agency said that its research showed that in the first quarter of 2010, the average prices of real estate in Sofa fell by three per cent, with certain variations applicable to different boroughs.
In Malinova Dolina borough, prices had dropped the most, about nine per cent. The elite Sofia boroughs Boyana and Dragalevtsi were on average seven per cent cheaper. Borovo, also in the south of Sofia, went down by six per cent, as did Manastirski Livadi.
Colliers said that price levels in Ivan Vazov and Dianabad had not changed much.
However, according to the latest report by property consultants Cushman&Wakefield, commercial property in Europe had shown growth in demand in the first quarter, but that was mainly because of foreign players, or the so called "core markets in Europe, as in the UK, Germany, Sweden, France and the Netherlands, and thanks to "improving debt market sentiment, increased interest in larger lot sizes and by a spreading of interest to new areas," a May 12 2010 media statement said.
Bulgaria's Albena Resort Registers 10% Increase of Tourists Year on year.
The Bulgarian Black Sea resort Albena has had 10% more tourists in the summer of 2010, in comparison to last year.
The commercial director of Albena, Margita Todorova, has announced that this year the number of Russian tourists has increased by 42% and of Germans – by 17%.
Since the beginning of the season, more than 6000 Bulgarians have chosen to have their vacation in Albena, which is an increase by 18%, year-on-year.
“The guests from Poland came back this summer. The holding has started to actively work with Polish tour operators, in order to increase the number of tourists from this country in 2011,” Todorova said.
Business | October 24, 2010, Sunday
Bulgaria: China's Gateway to Europe.
Bulgaria is Set for Crucial Transport Deals with China.
Bulgaria could become part of the China-Europe high-speed rail link.
A Bulgarian government delegation will visit Beijing for talks about key areas of transport (including railway freight traffic) and concessions of ports and airports.
The Bulgarian delegation will be led by Transport Minister Alexander Tsvetkov. It will be in China October 28-31, following a visit to South Korea.
It comes after of months of intensive contacts between the Bulgarian government and Chinese central and provincial authorities, as well as contact with companies on various potential joint projects. The projects include the Bozhurishte Industrial Zone (near Sofia) and other projects, near Varna.
Bulgaria's Economy Minister Traicho Traikov has said, that China is interested in receiving Bulgarian airports and ports concessions China will use them as a base for its exports to the EU and the wider Europe.
The Bulgarian delegation will visit the Ministry of Railways in Beijing. Bulgaria and China will consider options for long-term joint ventures, between the Freight Directorate of the Bulgarian state railway, and Chinese railway operators.
These talks are part of China's project to launch a railway connection to Central and Western Europe, through Central Asia, Turkey, and Bulgaria, the so called "China-Europe high-speed rail link".
Bulgaria's Transport Minister Alexander Tsvetkov will meet with the largest port operator in China, COSCO Group. COSCO Group is looking for concessions of Bulgarian ports. Varna Port is the largest Bulgarian port. Meetings with airport operations are also part of Tsvetkov's program.
The delegation will end its trip in Shanghai for the closing ceremony of the Schanghai Expo.
Chinese Businessmen: Bulgaria is Most Important Balkan State.
Business | October 11, 2010, Monday
Chinese businessmen have suggested that Bulgaria should increase the marketing and advertising of its goods in China, in order to boost the consumers' interest.
The suggestion was made by Wan Jifei, the Chair of the China International Trade Promotion Committee.
He led a delegation of 22 Chinese companies, which took part Monday in a joint forum with Bulgarian companies organized by the Bulgarian Chamber of Commerce and Industry (BCCI).
According to Jifei, Bulgarian producers should participate in exhibitions and fairs in order to popularize their products in the People's Republic. He also pointed out the opportunity of organizing a joint project for advertising between BCCI and the Chinese institution.
“Bulgaria is the most important country in the Balkans, and one of the markets with greatest potential in Central and Eastern Europe. One of the major reasons for the interest of Chinese companies in Bulgaria is the fact that with its good geographic location, it can turn into a door to Europe and its markets,” Jifei declared.
Bulgaria's Economy Minister, Traicho Traikov, has stated that there is an opportunity for traditional Bulgarian products, like yogurt, wine and essential oils to be promoted in China.
"However, we owe the business. We need to provide a better infrastructure and logistics,"Traikov said.
He has reiterated the government's intention to turn Bulgaria into "the EU door for Chinese imports."
Chinese companies have participated in several business forums with Bulgaria in the last few months. Traikov, as well as Bulgaria's Finance Minister Simeon Djankov, visited China, in order to present the opportunities for investment in Bulgaria.
So far, China and Bulgaria has agreed to create a joint company to operate the future business zone in Bozhurishte, near Sofia.
According to information from the Bulgarian Ministry of Economy, the Bozhurishte project has an area of about 500 acres and close to 1/3 of them will be allocated to Chinese companies.
Minsiter Traikov has stated that Chinese companies are interested in investing in the fields of electronics, infrastructure, energy, agriculture, engineering and construction materials.
Bulgaria's Deputy Economy Minister, Evgeni Angelov, has stated that China also wanted to invest in the construction of the Belene nuclear power plant, Hemus Highway and in Kozloduy NPP.
Traikov has explained that the investment model has become more transparent. "The model includes funding from the China Development Bank and from the US Eximbank to companies, which want to invest in Bulgaria," he said.
In 2010, the trade between Bulgaria and the People's Republic of China started growing again, with a total value of USD 653 M in January-August 2010, a 36% increase year-on-year, according to the China International Trade Promotion Committee. According to data of the Bulgarian National Statistical Institute, Bulgaria's exports to China grew by 252.3%, year-on-year.
NOVEMBER 24, 2010. BLOOMBERG.
Bulgaria Woos Investors From China, 'Economy of 21st Century,' After Economic Slump.
Bulgaria seeks to attract Chinese investment in infrastructure, energy and export industries to bolster its economy after the country's worst recession in a decade, Finance Minister Simeon Djankov said.
The government has put together initiatives to win Chinese investment and plans to focus on these efforts over the next few months, Djankov said Nov. 23 in London at the Bloomberg Businessweek European Leadership Forum.
"China is the economy of the 21st century," he said. "We've seen growing interest from Chinese investors of coming to our region, specifically Bulgaria."
Heibei, China-based Great Wall Motor Co., the country's biggest sport-utility vehicle maker, is building an 80 million euro ($107 million) car production plant in the Balkan country, according to Bulgaria's government. China is among the countries that have expressed interest in investing in a new nuclear power plant, Djankov said in an interview Nov. 22 in London.
Bulgaria has kept its corporate and personal income tax rates at 10 percent, the lowest in the European Union, in an effort to attract investors, Djankov said. While the debt crises in neighboring Greece and Romania have cast a shadow over the region, Bulgaria also seeks to attract investors with its stable finances, Djankov said.
The country's economy grew 0.2 percent in the July-September period after six quarters of decline. The government projects 3.7 percent economic growth next year, driven by exports, Djankov said. The economy contracted 5.1 percent in 2009 after a three-year lending boom stalled and foreign investment dried up.
If Bulgaria decides to borrow on global markets or seek an international loan next year, it will be "for specific projects, be it infrastructure, be it health care," Djankov said.
Friday, 3 December 2010
Bulgaria to Sign Deal with Turkey, China for High-Speed Railway
Bulgaria will very soon sign an agreement with Turkey and China on the construction of a high-speed railway, which will utilize the transport of Chinese goods to the EU.
This was announced by Bulgaria's Transport Minister Alexander Tsvetkov on the Bulgarian National Television Friday. He explained that the freight trains will have a maximum speed of 250 km/h.
"We will sign a trilateral agreement with Turkey and China, according to which the cargo will pass through the future Bosforus tunnel. The tunnel will be ready in a one and a half year's time, facilitating for the first time a direct rail link between Asia and Europe," Tsvetkov clarified.
He pointed out that the high speed railway between Ankara and Istanbul is already under construction and that it is planned to reach Bulgaria on its way to other parts of Europe.
In October, China has formally invited Bulgaria to join together with Turkey the project for a high-speed railway connection from the Far East to Europe, the so called China-Europe high-speed rail link.
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