Chinese Investor Pays More Than Million Kuna for Land in Kumrovec

Lauren Simmonds

Updated on:

As Poslovni Dnevnik writes on the 10th of December, 2019, the company Zhongya Real Estate (Nekretnine), whose Chinese co-owner is Jiang Yu, paid a massive 1.14 million kuna for some construction land covering nearly 27,000 square metres in Kumrovec.

The construction land the Chinese investor has now paid in full for is Josip Broz Tito’s hometown, is in the immediate vicinity of the controversial former political school, more specifically hotel Zagorje, located in Krapina-Zagorje County in the northern part of the country, close to the Sutla river and the Croatian-Slovenian border.

This payment regards a plot of land for which Zhongya Real Estate signed a contract with the Ministry of State Property back at the end of October this year, and paying the price for the land was one of the Chinese’s arguments in the sense that the aforementioned company would also fulfill its obligations to take over the former political school, for which they had already requested a delay in payments twice previously.

As we reported last month, the Croatian Government approved Yu’s latest request for a payment deadline extension and the new payment date was the 31st of December, 2019. Had the investor failed to pay for the land in Kumrovec by the aforementioned date, the hefty advance payment would have been kept by the government regardless of the investor’s next move. 

The land in Kumrovec has now been paid for in full, meaning that the obligation to pay and the deadline were both fulfilled and met by the Chinese investor.

The eventually agreed price investor Jiang Yu needed to pay stood at an enormous 14.09 million euros, according to a report from Vecernji list.

As mentioned, Yu asked for an extension of the payment deadline, explaining that the current tensions in Hong Kong made it difficult to transfer money abroad.

Make sure to follow our dedicated business page for much more.


Subscribe to our newsletter

the fields marked with * are required
Email: *
First name:
Last name:
Gender: Male Female
Please don't insert text in the box below!

Leave a Comment