- Last Update 2024-07-18 18:46:00
Land deed to lease out Colombo Port City handed over to China's CHEC Port City
The land deed to lease out the Colombo Port City for 99 years was handed over to China's CHEC Port City Colombo (Pvt) Ltd at the Presidential Secretariat today (Oct 29).
Initally, the land deed had been handed over to the Urban Development Authority (UDA) in the presence of President Maithripala Sirisena and Chinese Ambassador Cheng Xueyuan.
The UDA had then handed over the document to the Chinese company to lease out the land, the President's Office said in a statement.
The Colombo Port City was leased out to CHEC Port City in line with an agreement with Sri Lankan authorities to repay its loans.
President Sirisena, during the occassion, was quoted as describing the Port City as a "valuable important investment for the long term economic development of Sri Lanka".
He had expressed hope that the project would attract "massive foreign investments".
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