SAN JOSE, COSTA RICA – In order to take advantage of recently strengthened diplomatic relations, Costa Rican Development Corporation (CRDC) is making plans to open an office in China, a move that could propel this leader in the Costa Rica real estate market to even higher status among investors. CRDC’s
strategic move could easily open the door for construction of more lavish residential developments, such as Cerro Fresco (www.cerrofresco.com/)
Talks between Chinese Foreign Minister, Yang Jiechi, and Costa Rica Minister of Foreign Affairs, Bruno Stagno Ugarte, began in 2007. After lengthy negotiations, the two representatives agreed on the terms of the new diplomatic relations and issued a joint communiqué detailing the specific expectations and requirements. Referring to his country’s already established trade relationship with The People’s Republic of China, Costa Rican President, Oscar Arias, commented, "For Costa Rica this is an act of foreign policy realism which promotes our links to Asia. It is my responsibility to recognize a global player as important as the People's Republic of China. With this decision we join 178 nations in the United Nations that have recognized the People's Republic of China.”
The China Council for the Promotion of International Trade (CCPIT) recently co-hosted, along with the Costa Rica Council for the Promotion of Foreign Trade, The Trade Fair of the People’s Republic of China. The event, held from September 11 – September 14, 2008, in the Costa Rica capital of San Jose´, allowed the CCPIT to display its business offerings in a variety of fields, including electronics, telecommunications, science, technology and automobiles. The trade show helped generate more interest in pushing forward with a China-Costa Rica free trade agreement.
Costa Rica real estate developers such as the Costa Rican Development Corporation are expecting the new trade relations with China to bring heightened interest to their high-end market listings. Cerro Fresco, an exclusive residential estate community, has less than forty percent of its Balinese open-air villas still available, and it is expected that Chinese investors will be purchasing many of these.
