Chinese-backed port city back in action

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According to the Chinese State news agency Xinhua, Chinese-backed port city in Colombo has restarted construction ending a year long delay after the new government gave the green light. Previously, the project was suspended due to various irregularities and lack of proper approvals.

Malik Samarawickrama, the international trade minister was quoted by Xinhua;

This project which includes apartments, shopping malls, a golf course and hotels has gained the approval by cabinet, which is funded by the China Communication Construction Company and locally controlled by CHEC Port City Colombo (PVT) Ltd.

The agreement between CCCC AND Sri Lanka has been extended for six months, with few issues to be resolved. The agreement was due to expire on March 15.

The committee was still having issues whether to lease the land to Chinese investors for 99 years or as a mixture of freehold and lease.

Mr. Samarawickrama has stated that the government wanted to reduce the land assigned for the government to minimize the impact on the environment. The project was planned to cover a total area of 269 hectares including 108 hectares for Chinese government.

CCCC has estimated a loss of more than $380,000 when the project was suspended in March and throughout this period CCCC had worked actively towards resolving the relevant problems.

Chinese-backed port city back in action