Sri Lanka is to go ahead with a $1.4 billion Chinese-backed real estate project after some changes to its terms, a minister said on Tuesday, signalling readiness to accept more Chinese investment in the face of a balance-of-payment crisis.
President Maithripala Sirisena's new government suspended the project, which includes apartments, shopping malls, a water sports area, a golf course, hotels and marinas next to Colombo's main port, in March last year citing various irregularities including a lack of proper permits and approvals.
"The port city will be started. We will down-size the proposed land. We have to sign the deal again for the better future of the country," Sujeewa Senasinghe, junior international trade minister, told reporters.