NCH Capital gets nod for Corfu resort

[MADRID] NCH Capital Inc, a US private-equity firm, has won permission from the Greek government to build a tourist resort on the island of Corfu.

NCH, based in New York, will spend 23 million euros (S$40 million) for the leasehold and invest about 75 million euros to develop a hotel, marina and private holiday homes, said Andi Ballta, the firm's managing director for the Western Balkans and Greece.

"We were looking at Greece way before anyone considered investing there and that's put us ahead of the competition," he said, adding that construction may start as early as 2015.