Port City to attract US$13b in investment from 2018

A Chinese-backed real estate project near Sri Lanka’s main port is expected to attract US$13 billion worth of investment from next year, the developer said on Friday, according to the Reuters news agency.

The US$1.4 billion Port City project by China Communication Construction Company (CCCC) started late last year as part of Beijing’s ambitious plans to create a modern-day “Silk Road” across Asia.

Liang Thow Ming, chief sales and marketing officer of CHEC Port City Colombo (Pvt) Ltd, the local company that handles the project for CCCC, said a third of the 269ha site had been reclaimed from the sea.

“We are hoping to deliver the first site for construction by the end of 2018,” Liang told Reuters in an interview in Colombo.

The reclamation was expected to be completed by the end 2019 and the company anticipated US$13 billion worth of investment in the form of housing, marinas, health facilities, schools and other developments over the next 30 years, he said.

President Maithripala Sirisena’s administration restarted Colombo’s new waterfront development – the biggest foreign direct investment in the country – in 2016 after suspending the project because of concerns about overpricing and financial terms.

The new land is being built from the sea in the commercial heart of the capital adjacent to the main port and the historic Galle Face Green.

“We are positioning the port city as a hub to the whole of South Asia… This is a huge market and a region growing very fast,” Liang said.

The government has proposed to ease rules for investors in the project, although no bills have been presented to parliament.

Liang said 50% of the land would be allocated for housing, 30% for commercial offices and the rest for other activities.

India has objected to some aspects of the development near Colombo port, a major trade route for the South Asian giant.

Sirisena’s administration rejected a proposal to give 20ha of freehold land to CCCC after India raised concerns.

Instead, the Chinese firm was given land only on a 99-year lease.

4 COMMENTS

  1. In fact ongoing People’s Republic China that venture project of Colombo Port City is golden an opportunity for every -citizens of Sri Lankan .
    Ongoing Port City projects credit should that first go to Mahianda Rajapakase of former President, who take initiated to develop such massive project to an aim of Economic developed Our nation.

    There is argument that it will served sustainability of Development of our country by end of Port City projects will come into being .

    Present that UNP led political coalition govt.by New UNP leader of MS and Old UNP leader of Ranil W.. before denied that Chinese Investments then later realized that how is important that of China-Investments is that Good for the country and our people; then they rectify political errors will benefits of our Nation. Re-start Port city project by UNP politics of coalition after 15 months later is better for the our nation new development and growth of nation GDP?

    The 21st century Political-Economic -Social order and its power balance of world shifted into the new Emerging Power of China ,Indian, Russian, Brazil and South-African are key nations of playing vital role of politics of democracy in Globe .

    Ours an intake of the capital market and trading of commodities of that positions which that supposed to be changes, will take place NEW ERA that turn upside down by Global centers of Economies .

    The Port City of Colombo having new driving force and creation of Capital Market by large scale investment of Trading Hub and New Financial Market will emerge in Colombo ; by if that political leader having political vision of new strategy development of sustainability of capitalism.

    The financial globalization means that after more than last 300 years of divergence the world can no longer be divided neatly into Western rich developed countries and developing nations.

    We want Globally more integrated financial and commodity market in Sri lanka, that is not new economic phenomenon , it is grater an opportunity for financial knowledgeable of elites seeking the center of Port City proposed projects to going to start in Island of Sri lanka.

  2. This kind of project would not take place in the North or in the East with the help of the West or India. Yet Tamil fools support the West and Indians. We need a strong leader to send a clear message to Tamil fools that “one country one policy.” Whoever fails to follow “one country one policy” must pay a huge price.

  3. Yahapalana cheats mislead Sri Lankan public saying China is involved in hambantota and defeated Rajapaksa in the presidential election. At the end, Yahapalana politicians delayed the SL massive development progress and ruined the economy never to be rescued. Only winner was Western Conspiracy, who did not want Sri Lanka standing up on its own feet.

    • Foreign Direct Investments are far less in 2015 and 2016 compare to 2014. Let’s wait and see how Yahapalana can fool all people all time with the help of Indians and the Westerners who supported terrorism in Sri Lanka for three decades.

LEAVE A REPLY

Please enter your comment!
Please enter your name here