RSS   Newsletter   Contact   Advertise with us

Sri Lanka to be boosted by $1.4bn port city

Staff writer ▼ | December 5, 2014
Sri Lanka's real estate and tourism markets will be boosted by a $1.4 billion port city project, a top official said as the country aims to top 8 percent growth in 2015.
Sri Lanka port
CCCC   To top 8 percent growth in 2015
China Communications Construction Company (CCCC) has come forward to invest in the land filling process and will acquire 170 hectares from the total 233 hectare land area. CCCC subsidiary company China Harbor Engineering Company (CHEC) will handle the construction of the port city.

The Sri Lankan government aims to grow the $60 billion economy by 7.8 percent in 2014 and kick it up to 8 percent in subsequent years.

The project will boost the real estate and tourism markets in Colombo CHEC Marketing Director Hao Chengsong noted speaking to Xinhua.

"In Colombo, the residents are nearly 600,000, and also about 2 million people are working here, but because of the lack of city housing, people have to spend 3 or 4 hours on the traffic," he said, insisting with increased levels of income more and more locals will be interested in investing in a home within the city.

CHEC has also been given several high profile projects in Sri Lanka including a $1.2 billion harbor, a $210 million international airport and a southern highway extension project costing at least another $500 million.