China’s ‘Port City’ in Sri Lanka to go ahead

[BackstageTop contributor]

China’s ‘Port City’ in Sri Lanka to go ahead, land on lease, not freehold: Malik
Mar 09, 2016

ECONOMYNEXT – Sri Lanka has sorted out differences with China on major projects with the biggest, a 1.4 billion US dollar ‘Port City’ real estate reclamation, about to be given approval, a minister said.

“We discussed all outstanding issues, all outstanding matters have been resolved,” declared Malik Samarawickrama, Minister of Strategic Development and International Trade, referring to his recent visit to China.

“Now it’s all systems go as far as China is concerned.”

Sri Lanka’s new government suspended the port city project soon after being elected in January 2015 and also began probing other projects, saying they were overpriced and some were not economically viable.

Samarawickrama said his visit was to prepare for the visit of Sri Lankan prime minister Ranil Wickremasinghe who is scheduled to be in China during April 7-8 for talks with the government.

He said the port city project was suspended pending approval of its environmental impact assessment (EIA) which is now expected to be given.

“Very soon they can recommence work on the port city project,” Samarawickrama said. “There are a few amendments in the agreement which will done during the course of this month.”

He said land reclaimed by the Chinese off Colombo will be on a 99 year lease and not on freehold basis, which had been a concern earlier.

“And once the land is filled the whole project will be under a joint venture between the Chinese company and Sri Lanka’s government,” he told the ‘Sri Lanka Investment and Business Conclave’ organised by the Ceylon Chamber of Commerce.

The investor in the Colombo Port City project is the state-owned China Communications & Construction Company (CCCC), listed on the Hong Kong Stock exchange. CCCC has set up a local firm CHEC Port City Colombo Ltd.
(Colombo/March09/2016)

[poor boyActive Member]

i do not know this story is true or not but rumors say china has not given good welcome for the sri lankan team that went to negotiate the matter .anyhow hope for best.

[කිත්සිරි ද සිල්වාTop contributor]

I think Portuguese have only asked for "One Hide" initially .
Thanks BS.

[Future123Active Member]

I think Portuguese have only asked for "One Hide" initially .
Thanks BS.

China should not welcome these ministers who criticized China heavily.
YP degraded China hoping for USA and European support. Now they are begging for Chinese help without which we can't survive.

If they had maintained the same relationship with China as MR maintained half of our economic problems would have risen. The rupee could have been much stronger  than now.

The government also realizing their mistake as well as the general public also realizing their mistakes

[BackstageTop contributor]

Back to the Future part 11.

[Market loverTop contributor]

Back to the Future part 11.

[pathfinderTop contributor]

Back to the Future part 11.

For some,
Future 1 is MR
Future 2 is MR
Future 3 is MR

[Hybrid]

I think Portuguese have only asked for "One Hide" initially .  
Thanks BS.

I think history is repeating itself with the exception of the following:

A) ParangGiya Kotte Giya - Sinhalé China Giya

B) Sri Wickrama Rajasinghe Guliya Kawa - Ape Wickramasinghe Rata Wikunanna
Hadanwa

C) Parangiya Nav Balahathcomin Genawa - Singhalé Warayak Hadanne Dunnah

D) Parangiya Wédi Béheth Genawa - Api Wedi Mudalata Béheth Genawa.

[Future123Active Member]

Port City to continue. Cabinet approved.

Good news

[yellow knifeTop contributor]

The lost year of Sri Lanka 2015-2016

[jack18]

Port City to continue. Cabinet approved.

Good news

Hi Future, Can you please share the source??

[Future123Active Member]

Absolutely true YK. At least we can see this in our life time.

Jack, just got a sms from Derana. We'll wait for details.

[jack18]

Here the Link

http://www.adaderana.lk/news/34511/cabinet-gives-go-ahead-to-recommence-port-city-project

[roshana7549]

Very good news.....

[කිත්සිරි ද සිල්වාTop contributor]

Yes very good for the LOOTERS and CHINA.
(If we can't see a few decades ahead, then we better be under Chinese next century).

[guruji]

Yes this country and ppl behave like slavers and they dont have free thinking