Newsline

Over the last few months links between the two countries have grown rapidly as the Chi-nese Government opens an office in Limas-sol, Chinese investors take interest in buying Cyprus bonds and a Chinese company nego-tiates the lease on the old Larnaka Airport.

Firstly, and following months of private talks, the agreement was signed in late March for Chinese company FAR EAST PHEONIX to develop the old Larnaka Airport for up to fifty years. The investment is estimated to be up to €1 billion and the project will comprise a large commercial exhibition centre for Chi-nese products and a logistics centre.

Also in March, Finance Minister Kikis Kaza-

mias met the head of the Reignwood group [Red Bull drinks, banking, tech products], Thai-Chinese businessman Chanchai Ru-ayrungruang, who was interested in buying up to €500 million worth of Cyprus govern-ment bonds.

April then saw the visit of Chinese officials to Cyprus and the launch of the non-profit organisation ‘China-Europe Business Zone’, announced by the Chinese Commerce Min-istry’s Investment Promotion Council (IPC) in Limassol. According to local press agencies, the Head of Limassol’s Chamber said that with the arrival of the IPC mission in Cyprus, he could now state clearly: “China is finally here.”

Welcome to the first issue of our KANIKA Newsline.

Our aim is to provide our readers with the latest financial and socio-political information about Cy-prus and up to date information concerning our Group’s plans for innovative property developments, corporate news and hotel initiatives.

In these exciting times for Cyprus, the highlight is on the country’s links with China and the emerg-ing gas industry. We also introduce our Spotlight interview with Group Vice Chairman Mr. Marios Karaolis, and announce Kanika International Business Centre, plus other properties’ viewing dates.

We hope you find the information rewarding and we look forward to opening discussions on these and future subjects.

IN THIS ISSUE

Spyros Th. KaraolisGroup Executive Chairman

Cyprus News

1

Kanika Developments

News

3

Kanika Hotels News

5

Spotlight on... Marios Th. Karaolis

6

by Kanika GroupJune 2012 - Issue.1

2 Kanika Newsline - June 2012 - Issue 1

An estimated 33 trillion cubic feet of newly found natural gas is the prize that international companies are now in the process of securing in the Levant Basin around Cyprus. The success of the gas fields is seen in political circles as a crucial era in the growth of Cyprus. President Demetris Christofias is quoted, “Cyprus is coming into Europe’s energy map with prospects of substantially contributing to the EU’s energy security.” Additionally, with this new industry comes a surge of new employees, giving a positive future for Cyprus property and new com-mercial investors, as demand for rental properties increases in Cyprus’s coastal towns.

New Oncology Centre in Limassol Plans are in the approval process for a new multi-million euro Oncology Centre to be located in the Limassol area of Asgata to

provide services for the treatment and reha-bilitation of cancer patients and support for families. Limassol-born Professor Nikos Zam-boglou, currently Head of Radiation Depart-ment at Offenbach Hospital, will be installed as Director of Medical Services, supported by up to 450 staff to serve both Cypriot patients and those who need treatment from abroad.

Tax incentives on Cyprus property

17% VAT reduced to 5%

No Transfer Fees

The door is open for six more months for buyers to take advantage of the government’s tax incentive for prop-erty fees on first time purchases in Cyprus. Having run since December 2011, the programme is now extend-ed to 31st December 2012 in order to boost the Cyprus property market. It has also been expanded to include non-EU citizens alongside their EU counterparts.

In Cyprus, when a property is bought, a certain fee is levied from the Land Registry as Property Transfer Tax on the buyer. The changes are for those who pay VAT on their house purchase to have no transfer fees, and for those who do not pay VAT on their purchase, property transfer fees are reduced by 50%. The deadline is for the contract of sale to be signed, dated and deposited at the Land Registry.

Cyprus News

New Gas Industry positive for investors

3 Kanika Newsline - June 2012 - Issue 1

To coincide with new investment and the in-flux of leading global companies into Cyprus, Kanika Developments announces the open-ing of its latest commercial building, Kanika International Business Centre. From June 2012, prospective clients can view the seven-floor building, located in one of the most prestigious areas of Limassol only a hundred metres from the beach. Mr Angelos Kefalas, business develop-

ment manager for the Kanika International Business Centre, says, “The project is an outstanding mixture of innovation and high international standards, providing facilities for modern professional businesses. With leisure facilities on site it will attract employees to an exceptional Work-Life balance.” He adds, “Ini-tial investors and certainly those first to sign contracts will gain special concessions and of course have first option on space.”

Moni Vilas is the new and exciting project under study for 2012. The site is select-ed, the master plans drawn up and the concept agreed; to be the most exceptional gated community of unique, architecturally designed pri-vate villas available in Cy-prus.

Just eight luxury villas will sit in a beautiful location with panoramic views of the sea and countryside. Each one will be designed to suit the most discerning of own-ers with open spaces, all bedrooms en suite, gardens and pools and in-house technology.

New Business Centre opens The project is an outstanding mixture of innovation and high international standards, providing facilities for modern professional businesses.

To arrange an appointment email: FAO Angelos Kefalas on info@kanikadevelpments.com or visit our website www.kanika-ibc.com

For a presentation of Moni Villas please email: FAO Demos Antoniou at info@kanikadevelpments.com

Kanika Developments News

Global Property Exhibitions Showcasing the Kanika portfolio of residential and commercial prop-erties, the sales team has recently visited China, Russia, Ukraine and London, meeting with clients and prospective owners, agents and individuals. Media interviews were completed, and Kanika Develop-ments had a variety of radio and press appearances. As a visitor to the Kanika Developments exhibition stand, interested parties have lease-to-buy calculations done ‘while they wait’, they are also able to look at plans, designs, interior styling and even the views from a property ve-randa.

To register for an invitation to future Kanika Developments exhibitions, please email: info@kanikadevelpments.com stating your name and country

4 Kanika Newsline - June 2012 - Issue 1

The launch of ‘Kanika Sunrise’ is now official as prospective owners are invited to take a site tour and to inspect the plans of this im-pressive new residential scheme.

Located in Ayios Athanasios, an elite residen-tial area of Limassol, the project’s modern architecture is designed to the highest con-temporary standards and comprises 11 apart-

ments of 1, 2, or 3 bedrooms including the ex-clusive penthouse apartment.

Mr Aristos Eliades is available to discuss off-plan specifications and finance and take visi-tors to site. He advises, “This is a prime op-portunity for those who want to put their own stamp on their new home to get involved right at the start.”

New owners of Kanika Developments prop-erties can now become members of the brand new Golden Key Club, entitling them to benefits and privileges at any of the five Kanika Hotels.

Andros Christodoulou, Kanika Develop-ments marketing manager says, “With the

launch of the Golden Key Club, we are of-fering our home owners a complete leisure lifestyle with free access to the vast array of leisure facilities, plus free internet and great discounts at restaurants and spas at all five Kanika hotels. Additional treats are provided to owners, or their families, who book to stay.”

Golden Key Club launched

Sun rises on new project

Full details of benefits and eligibility please email: FAO Andros Christodoulou at info@kanikadevelpments.com

“WELCOME TO KANIKA SUNRISE,YOUR HOME IN THE SUN”

Contemporary Design

Magnificent Sea Views

Elite Residential Area

Private Storage Room

Large Verandas

Private Parking Area

“This is a prime opportunity for those who want to put their own stamp on their new home to get involved right at the start.”

Kanika Developments News

5 Kanika Newsline - June 2012 - Issue 1

Olympic Lagoon Resort awardsFollowing the renovation and expan-sion of the Olympic Lagoon Resort in Agia Napa, the positive response has far surpassed expectations. It is therefore with gratitude to guests that the Olympic Lagoon announces the following awards: Thomas Cook Award for Excellence 2011 through Customer Recognition of Exceed-ingly High Standards of service and quality of accommodation, and Fischer Award 2011, which, through outstanding customer feedback, rec-ognizes Olympic Lagoon as one of the most popular in the destination.

Thomas Cook Award for Excellence 2011

Fischer Award 2011On Sunday 27th May, the crowds turned out for the fifth annual May Fête held at Elias Beach Hotel to support the Cyprus Association of Cancer Pa-tients and Friends (PASYKAF) in co-operation with Kanika Group of Companies. Dance, theatre, mag-ic, painting, bouncy castle, archery and a spring bazaar were all on the programme, however, the highlight of the day for fans were the sports and arts personalities signing autographs. We extend our appreciation to First Lady, Mrs. Elsi Christo-fia for her patronage and all the volunteers who helped make a wonderful event. All proceeds are donated to PASYKAF to be used for the operation of free services for all cancer pa-tients and their families.

Alexander the Great Transformation A renovation programme that will almost rebuild the Alexander the Great in Pafos is planned to go ahead in winter 2012-13.

Elias Beach Hotel supports cancer charity

Kanika Hotels News

6 Kanika Newsline - June 2012 - Issue 1

Mr. Marios Th. Karaolis Kanika Group Vice Chairman

Q: How do you find your excellent locations for properties?

A: The main criterion is to offer an excellent quality of life to all our clients regardless of their financial status. With this in mind, we study each location carefully to make sure we can use architectural principals to benefit the owner; elements like plot orientation, building energy ef-ficiency, and satisfactory allocation of space give comfort and privacy.

Q: How do you find out what prospective owners want from their new home?

A: We count on our long experience in the field, we monitor interna-tional statistics on trends and we participate in worldwide property ex-hibitions to keep in touch with prospective clients and the market pulse. Then we schedule ahead to offer innovative projects with prime loca-tions and advanced concepts that meet real demand.

“The main criterion is to offer

an excellent quality of LIFE to

all our clients” Q: What are the most important elements of construction for KANIKA?

A: We study each project’s design and we analyze the methodology of the construction to be used so as to result in quality construction elements that will deliver a long run, low maintenance construction and high end property.

We believe that there is “not a perfect material”, as each one of them has its own purpose as well as in combination with other materials in a certain structure. This is why we at KANIKA demand that all elements of construction selected in our projects comply with our standards and that all materials are certified by worldwide well known organizations and as well as to be covered by international legislation.

For example, most elements must be used and tested in the construc-tion field for at least 5 years but certainly we do not exclude brand new material after intensive study.

Another example of our standards for the elements of construction is the weather conditions which are taken into serious consideration as elements react differently as at the weather changes. This is a param-eter that it is of paramount importance as the certification of an element given for a foreign country with different weather conditions, might not be suitable for Cyprus developments.

Q: How do you make sure that KANIKA properties are of the best quality available?

A: Our company, with a successful 50 year performance and exem-plary reliability, has its own well-trained manpower that follows high standards of design and construction. We pay attention to every detail, ensuring the best quality in both design and materials and low cost maintenance, so as our developments endure over time. No flaws are accepted and this is why our company provides after sale technical sup-port and property management services that prove our professionalism and guarante the high quality of our product.

Spotlight on...

7 Kanika Newsline - June 2012 - Issue 1

As part of ‘European volunteer year 2011’, Kanika Group has founded the Ithaki Charity with specific aims of helping those who suffer from Alzheimer’s disease, and to offer educa-tion concerning both the illness and care of patients. To date, Ithaki, headed up by Mrs Isa-bella Karaolis, has organized several aware-ness and fund raising events: A fashion extrav-aganza at the Pantheon Hotel, Christmas tea, bazaar and seminar at Elias Beach in Limas-sol, Bingo night with light supper at Elias Beach and, to mark Alzheimer’s Day in September 2012, the launch of a diagnosis questionnaire to assess people’s future needs.

To become a member or volunteer in Ithaki, please contact the Kanika Group office on + 357 - 25 814 266 or Email: administration@kanikahotels.com

Photos from the Fashion show at the Pantheon Hotel:1. Mrs. Isabella Karaolis2. Mrs. Elli Karaolis3. Mrs. Isabella Karaolis, Mrs. Elsi Christofia, Mrs. Dora Onouphriou4. Mrs. Isabella Karaolis, Mrs. Marina Karaolis

KANIKA always encourages feed-back, it’s the way we improve,so as a client, colleague or contact, if you have comments, please do not hesitate to talk to us about any of the articles.

KANIKA GROUP:

Tel: +357 25 814 266 Fax: +357 25 582 124

e-mail: newsline@kanika-group.com

www.kanika-group.comwww.kanikahotels.comwww.kanikadevelopments.com

Information sourced from Cyprus news agencies.

Summer Events 2012

11-15 Hotel Presentations in U.K. & Sales Visits14-15 Economic Business forum in St. Petersburg, Russia24-29 Property Presentations in Shanghai, China25-30 Hotel Presentations in U.K. & Sales Visits29 VIP Launch Event of Kanika International Business Centre

01-06 Hotel Presentations in U.K. & Sales Visits05-10 Property Presentations in Beijing, China11-16 Property Presentations in Qingdao, China

07-11 Hotel Presentations in Germany at the “Thomas Cook Event”19-23 Property Presentations in Guangzou, Shenzen, Foshan, China

Ithaki CharityKanika Group News