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University Of Cyprus To Add 890 Temporary Parking Spaces

The University of Cyprus is creating three temporary parking areas on its campus, adding 890 spaces in an effort to address a longstanding parking shortage affecting students’ daily routines.

New Parking Areas To Ease Campus Congestion

Parking has been one of the university’s main day-to-day challenges for years, with students often arriving well in advance to secure a space. Poorly organised parking areas have also contributed to traffic congestion during peak hours and, in some cases, damage to vehicles.

According to Philenews, the project will cover three locations across the campus. One parking area will be created between the Library and the Senate building, another between Teaching Space 2 (ΧΩΔ 2) and the Sports Centre, while the third will be located east of the Sports Centre entrance, near the sports facilities. The latter has not previously been accessible to students and will now be adapted for parking.

Work To Be Completed By September

The €250,000 project, funded through the university’s budget, will include compacted gravel surfacing to create smoother and more functional parking areas, as well as drainage works designed to reduce mud, dust and uneven ground.

Two of the three parking areas are expected to be completed before the start of the new academic year, with the remaining site scheduled for completion by the end of September.

Although the spaces are intended as a temporary solution, they are expected to remain in use for at least two years, as any future redevelopment of the sites would require a planning process of similar length.

Permanent Parking Plans Also Underway

In the longer term, the university may repurpose the sites for new buildings or green and recreational spaces. It said future construction work is not expected to significantly affect student parking, as projects will not be carried out simultaneously across all three locations.

The university is also moving forward with plans to create 110 permanent parking spaces, with a tender expected to be issued in September. In addition, the existing 140 parking spaces are set to be reinforced, covered and equipped with solar panels.

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

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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