Monday, 27 June 2011

Chinese to build luxury port city off Galle Face

Govt gets US$ 700 million offer for 500-acres of sea land
China which has been increasingly involved in Sri Lanka’s economy, has secured another lucrative deal — creating a new 500-acre, port city on reclaimed land on the sea off the Galle Face Green. A top Government source, who declined to be named due to the sensitivity of the deal, said the government had agreed to the US$700 million offer from a Chinese investor. The offer has been channelled through Chinese authorities.

The Sri Lanka Ports Authority will oversee the reclamation project which will be divided into three segments -- business, residential and leisure. A mini-golf course, a Formula One race track, a small yacht marina and areas for water sports will be created. The feasibility study and an environmental impact assessment conducted by the Sri Lanka Ports Authority and the Moratuwa University have been completed.

(Source: Sunday Times)

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