Sri Lanka gives deed of reclaimed land to China firm

ECONOMYNEXT – Sri Lanka’s President Maithripala Sirisena has handed over the deed for to a lease of land reclaimed by a Chinese company, to be sublet for investors who planned to build on the property.

The land was reclaimed by CHEC Port City Colombo, a Sri Lanka incorporated unit of China Communications and Construction Company (CCCC) group.

The port city will help the long term development of Sri Lanka and draw foreign investments to the country, President Sirisena had said.

He said concerns over sovereignty originally raised about the project had been addressed by re-negotiating the deal.

The newly reclaimed land was first vested in the state-run Urban Development Authority, which had in turn sub-let the land to China Port City Colombo.

The lease deed was handed over the CHEC Port City Managing Director Jiang Houliang, on October 29. (Colombo/Oct30/2019)