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Chinese firm seals Sri Lanka investment
Print Edition
A Chinese company signed up to build two hotels and a golf course with investment exceeding US$500 million on the sidelines of the Commonwealth leaders’ summit in Colombo yesterday, an official said.
China Harbor Engineering Co signed deals to build a golf course at a resort in the southern Sri Lankan town of Mattala.
The company will also construct a 250-room hotel and tax-free shopping complex also in Mattala, Sri Lanka’s Airport and Aviation Services Executive Director Johanne Jayaratne said.
The company built the US$209 million international airport in Mattala funded by the Chinese government, which opened earlier this year.
The Sri Lankan government hopes to convert the town into a tourist and investment hotspot.
The third project will be a 200-room transit hotel in Katunayake, which will also have a car park for 1,000 vehicles and tax-free shopping facilities, Jayaratne said.
The accumulative cost of the projects is expected to be between US$540 million and US$640 million.
Jayaratne also said a detailed feasibility study is under way to determine the exact cost of the projects.
CHEC is an international contractor and a subsidiary of China Communications Construction Co. CHEC has 50 overseas branches and offices with activities in more than 80 countries and regions.
The company is currently employing more than 8,000 domestic and international staff to undertake US$10 billion worth of projects.
CHEC is also involved in several other projects in Sri Lanka, including road construction and the second phase of a US$1.2 billion harbor also funded by the Chinese government.
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