China state firm to build Maldives resort with Sri Lanka firm

ECONOMYNEXT – Palm Garden Hotels, a unit of Sri Lanka-based LOLC Group said it was in talks to form a joint venture with a Chinese state-run company to build a $110 million resort on reclaimed islets in the Maldives.

Palm Garden Hotels, a publicly traded company on the Colombo Stock Exchange, said it was in talks with China Machinery and Engineering Corporation (CMEC) as a joint venture partner and the main contractor.

The two firms are in "in mutual agreement to finalise" the joint venture terms in two months, Palm Garden said in a stock exchange filing.

The company said 75 acres of land had been reclaimed around three islets in a coral lagoon in the North Male Atoll area in the Maldives’ archipelago.

The group planned to build three resorts with 470 rooms at a cost of $110 million.

The islands can reached by a 35-40 minute journey from the airport to the capital by speedboat. (Colombo/Sept20/2016)

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