Cyprus President Nicos Anastasiades on Monday received the president of a Hong Kong registered investment group to mark the conclusion of a 290-million-euro (374 million U.S. dollars) property investment in the eastern Mediterranean island.

Charles Zhang, president of the China Glory International Investment Group, said after the meeting that Cyprus is an excellent place to invest.

"Ever since we surveyed the island, we came to the conclusion that there are very good prospects for investment," he said.

Such remarks accompanying a sizeable investment are a great comfort for economically hard pressed Cyprus, following a Eurogroup-IMF bailout of 10 billion euros, which cost the island the destruction of its economic model, based on an enlarged banking system and an extensive net of services to offshore companies.

Zhang said that President Anastasiades fully backed the group's investment plans for up to 2 billion euros.

China Glory International Investment Group has acquired Venus Rock Gold Resort from the Cypriot firm Dolphin Capital Investors with a view of expanding accommodation and golf facilities and building a marina.

Venus Rock is a high end tourist hotel which includes golf courses in rolling hills at Ha-Potami, next to the deep blue waters of the Mediterranean and not far from the reputed birthplace of ancient Greek goddess of love Aphrodite in southwestern Cyprus.

"Additional investment which may exceed 1.5 billion euros during the next two to three years will create an excellent resort addressed to high income clients," said Theodoros Aristodemou, Chief Executive of Dolphin Capital Investors, an associate in the investment.

He added that more investments by the Hong Kong group are expected, because it has confidence in the future of Cyprus, despite its present crisis. (1 euro = 1.29 U.S. dollars) Endi