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Paralimni Town Centre Redevelopment Gets Planning Approval

by News Editor

Paralimni’s town centre is moving closer to a major redevelopment after the municipality secured planning permission for a project aimed at modernising the area and boosting commercial activity.

Paralimni-Deryneia municipality said the permit was issued on August 10, clearing an important step in its wider development programme. Plans include resurfacing roads, upgrading pavements, adding trees and green spaces, creating service areas and increasing parking capacity.

The project is intended to make the town centre more accessible and functional for residents, businesses and visitors while preserving Paralimni’s local identity, history and traditions.

Revised Plans Retain Vehicle Access

A key change from the original proposal is the decision to retain vehicle access through the centre instead of fully pedestrianising the area. The revised plans were submitted in 2025 following a public consultation on traffic management.

Proposed changes include new one-way systems on Griva Digeni, Constantinoupoleos, Tassou Markou and Kolokotroni streets, alongside improvements to paved areas, greenery, public spaces and parking.

Project costs have also evolved as the plans have been developed. A government programme announced in 2025 allocated €11.2 million for the square and wider town-centre redevelopment, while more recent estimates put the square at €4 million plus VAT and the wider redevelopment at €7 million plus VAT.

Construction cannot begin yet, as the municipality must complete detailed drawings and technical studies before applying for a building permit and securing the remaining approvals.

New Square And Parking Facility Planned

A separate project will create a new public square near the Ayios Georgios church. Plans include an events area, park, monument spaces and extensive greenery, with accessibility a key priority. The municipality aims to launch the construction tender during the first quarter of 2027.

Meanwhile, construction is already under way on a three-storey multi-storey car park on Antonis Papadopoulos Street. The €6.76 million facility will provide 296 parking spaces, including 17 for people with disabilities and three for electric vehicles, as well as a lift.

The car park is being built under an 18-month contract awarded to N. Gavriel & Sons Ltd, with five-sixths of its construction cost financed by the Department of Town Planning and Housing.

Together, the town-centre redevelopment, new square and parking facility form part of a broader programme to transform central Paralimni and strengthen its role as a commercial and social hub.

Shein Targets $25 Billion Valuation In Hong Kong IPO As Growth Slows

by News Editor

Shein is reportedly targeting a valuation of around $25 billion in its planned Hong Kong IPO, a sharp decline from the nearly $100 billion valuation the online fashion retailer achieved in a 2022 fundraising round.

Two people familiar with the plans said the company was likely to target about $25 billion, while another source put the expected range at $25 billion to $28 billion based on the proposed price band.

IPO Valuation Falls Sharply

Shein plans to sell up to 8% of its shares in the offering, according to a person familiar with the plans. At a $25 billion valuation, that would translate into an IPO of as much as $2 billion.

The latest target is also below the $30 billion to $40 billion valuation the company was seeking earlier this month as it began meeting with potential investors.

Founded in China in 2012 and now headquartered in Singapore, Shein sells low-cost clothing to consumers in about 160 countries. The company is expected to launch its long-awaited Hong Kong IPO later this week.

Trade Restrictions Weigh On Growth

Shein’s valuation has come under pressure as major markets tighten rules affecting low-cost e-commerce shipments. The European Union, for example, has moved to impose additional fees on cheap parcels from platforms such as Shein and Temu. EU Tightens Rules On Low-Cost E-Commerce Parcels

In the U.S., the removal of an import duty exemption for small packages has also affected the company. Shein reported a $99 million quarterly loss in the first quarter of 2026 as sales growth slowed, while a one-time accounting charge further weighed on its results. Shein Reports First-Quarter Loss Ahead Of IPO

Investors Question Shein’s Growth Prospects

The steep reduction in valuation reflects growing concerns over slower growth, higher trade costs, regulatory pressure and stronger competition across global e-commerce.

Some investors who reviewed Shein’s recent financial statements or attended IPO presentations told Reuters they were skeptical that the company could return to the growth rates that supported its $98.2 billion valuation in 2022. Shein’s Slowing Growth Tests Investor Appetite

A lower IPO valuation could also affect Shein’s existing investors. Under the terms of its IPO filing, the company may have to issue additional shares to certain pre-IPO investors if its valuation falls below agreed thresholds.

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