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China Harbour Engineering to invest $1 billion in Sri Lanka's Port City

Staff Writer | January 3, 2018
A consortium led by state-run China Harbour Engineering Company will invest $1 billion to build three 60-storey office towers on reclaimed land of the Port City development in Sri Lanka’s capital.
China Harbour Engineering
Asia   The $1.4 billion development of Port City
The $1.4 billion development of Port City, a project of China Communication Construction Company (CCCC), the parent company of CHEC, began in late 2016 as part of Beijing’s ambitious plans to create a modern-day “Silk Road” across Asia.

“It will be part of the new financial city,” regional development minister Champika Ranawaka told reporters while accompanying Prime Minister Ranil Wickremesinghe on a inspection tour of the Port City development in Colombo.

“The investment will be $1 billion and we expect to sign the agreements this month in Beijing.”

Sri Lanka is preparing legislation with tax incentives to lure investment to the 269-hectare (665-acre) Port City tract.