Greece sells largest port Piraeus to Chinese company

Under the deal, COSCO will acquire 51 percent of the listed Piraeus Port Authority for €280.5 million and the remaining 16 percent for €88 million after five years, once it concludes mandatory investments. The company will invest €350 million over the next decade, and will pay an annual fee to the Greek state for running the port.

The Chinese state-owned company was the sole bidder for the port. COSCO already operates the container terminal in Piraeus under a 35-year concession it acquired in 2009. It is investing €230 million to build a second container terminal at the port which it plans to turn into a logistics hub for Chinese exports to Europe.

...

Piraeus port workers, however, say they are worried the deal would put their jobs at risk. Dockworkers marched in central Athens on Friday to protest the sale... The sale of Piraeus is part of Greek creditors' demands to secure a third €86 billion bailout package. It goes against Prime Minister Alexis Tsipras' pre-election promise not to privatize the country's infrastructure.