Analysing Sri Lanka's Property market, investment options and latest property news in Sri Lanka
Tuesday, 11 August 2015
Sri Lanka softens stance on China-backed port project
Sri Lanka is offering a compromise that could allow a major Chinese-backed real estate project to restart after months of delays, Finance Minister Ravi Karunanayake told Reuters on Monday.
The minister’s comments come a week before a parliamentary election in which the ruling party has an edge over an Opposition led by Mahinda Rajapaksa. The China-friendly ex-president, who was ousted in January, is attempting a comeback.
The $1.4 billion Colombo port city project was suspended by President Maithripala Sirisena’s new government in March because it was found not to have the proper permits and approvals.