Monday, 5 September 2011

Revised Galle Face deal offered to Chinese firm

Outright purchase changed to 99-year lease, but questions over CATIC’s acceptance
The Cabinet has now given approval for a 99-year lease of seven acres of prime land near Galle Face Green to China National Aero Technology and Export Corporation (CATIC). This is after reversing an earlier decision for the outright sale of the land for around US dollars 125 million (or about Rs 13.7 billion). It is not immediately clear whether CATIC — China’s aircraft manufacturing and marketing firm — would accept the offer or demand that its money be refunded. CATIC is learnt to have already remitted to the Treasury the amount involved.


(Source: Sunday Times)

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