Analysing Sri Lanka's Property market, investment options and latest property news in Sri Lanka
Monday, 15 August 2016
Sri Lanka’s Port City developer withdraws compensation claims
Sri Lanka’s port city developer CHEC Port City Colombo, who is handling the project for the Chinese investor, China Communications Construction, has agreed to withdraw all compensation claims for losses incurred due to the suspension of the project.
However, the cabinet has approved allocation of 2 hectares to them, without reducing the land extent of 62 hectares owned by Sri Lanka as a gesture to reciprocate their goodwill in completely waiving off all compensation claims.