The revised Colombo Port City land deed was handed over to China in the presence of President Maithripala Sirisena and Chinese Ambassador Cheng Xueyuan at the Presidential Secretariat today (October 29).
The land grant was first handed over to Urban Development Authority (UDA) and the UDA handed over the land under a lease agreement to China’s CHEC Port City Colombo (Pvt) Ltd.
President Maithripala Sirisena said that the Port City Project was a valuable important investment for the long term economic development of Sri Lanka and expressed hope that it would attract massive foreign investments, the President’s Office said.
The President said that when his Government came to power in 2015, it took immediate steps to renegotiate the Colombo Port City Agreement to ensure that Sri Lanka’s sovereignty was not adversely affected by the land transfer.
During the discussions, the two parties reached a mutually acceptable agreement to ensure that the land rights would remain with Sri Lanka, he said. While the UDA retains the land ownership, the land extent was leased to the CHEC Port City Colombo Pvt Ltd.
The land grant was handed over by Secretary of Ministry of Megapolis and Western Development, Nihal Rupasinghe to UDA Director General S S P Ratnayake in the presence of President Maithripala Sirisena and Chinese Ambassador Cheng Xueyuan.
Later the UDA DG handed over the lease agreement to Managing Director of CHEC Port City Colombo (Pvt) Ltd, Jiang Houliang.
Secretary to the President Udaya R Seneviratne and Secretary of the Ministry of Lands and Parliamentary Reforms, W H Karunaratne were also present.