China Communication Construction Company (CCCC) will invest $800 million to build an underground road network to the Port City, the $1.4 billion project built on reclaimed land, Reuters reported today.
The plan, for which an agreement has already been signed, is expected to reduce traffic congestion on the existing route once the Port City - part of Beijing’s ambitious plan to create a modern-day “Silk Road” across Asia - starts operating.
“Once legal procedure on the new reclaimed land is done, the construction will start,” Megapolis and Western Development Minister Champika Ranawaka told a Foreign Correspondents’ Association forum late on Wednesday.
More than 60 percent of the Port City’s area has been reclaimed from the sea in the commercial heart of Colombo, and is adjacent to the main port and the historic Galle Face Green park.
Total reclamation of the 269-hectare (665-acre) tract is expected to be completed by year-end, he said.
Sri Lanka is preparing legislation with tax incentives to lure investment into the Port City, a project of CCCC through its subsidiary, the state-run China Harbour Engineering Company Ltd.
Sri Lanka anticipates an eventual investment of $15 billion in the project, which includes housing, marinas, health facilities and schools, over the next 30 years.
CHEC Port City Colombo (Pvt) Ltd, the Sri Lankan company handling the project for CCCC, aims to deliver the first site for construction by the end of 2018.
voter Friday, 13 April 2018 18:29
Getting more and more into the Chinese debt trap.
Reply : 53 30
MO77 Saturday, 14 April 2018 20:04
Port City project is not a debt. Sri Lanka give lease land for its investment.
Reply : 1 6
Unchikun Friday, 13 April 2018 18:58
Agreement already signed. Was it an open tender and when was it floated. What are the conditions? It the once again the % % game. Yes, make hay while the sun shines. The days are numbered.
Reply : 29 20
Nimal Friday, 13 April 2018 20:08
It's not a loan. Don't look a gift horse in the mouth!!
Reply : 8 17
Unchikun Friday, 13 April 2018 20:30
The Port City was not a loan. It was an investment and we all now know the terms. The same for this agreement ?
Reply : 3 20
ANTON Friday, 13 April 2018 19:05
I PROPOSE A NICE NAME TO THIS CITY .. " NAYA WARDANA PURA ' .... KOOOMADA LASSANAY NEDA ?
Reply : 52 18
Chandrasena Friday, 13 April 2018 19:10
Encourage the Chinese with all possible assistance as no western bully has any development plans for our country.
Reply : 16 44
Thinker Friday, 13 April 2018 19:32
Almost nobody gives anything without getting something back. China are the latest bullies of the world. If you wish to know more, do a search on what is happening in the South China Sea and how they bully, EVERYONE, small and BIG!
Reply : 25 28
Somasundaram Friday, 13 April 2018 23:01
Chinese are no bullies unless you are buying into Indian hysteria.
Reply : 15 20
Bala Saturday, 14 April 2018 04:11
What about all western powers - they bully us with human rights and economic sanctions for little reason and no help to country in funds or development.
Reply : 9 8
Local DJ Trump Friday, 13 April 2018 20:10
Let China invest, give tax benefits, give the land to them and let China make laws and control who go in, stay at port city. China will make it a first world city a good, developed clean orderly city in this country.
Reply : 17 27
Critical Thinkers Friday, 13 April 2018 20:16
Sad to see we have uneducated folks commenting above without critical thinking. China is at least investing in srilanka to build the city. No COUNTRY will ever invest in srilanka. Why should they when the whole world economy is slowing!! who srilanka is nothing but a tiny dot!! This is an opportunity for srilanka to build the fundamental basic requirement of a developed country i.e. INFRASTRUCTURE!!
Reply : 9 42
Brainmaster Friday, 13 April 2018 20:18
Not a single word about the loan conditions via DM Android App
Reply : 14 15
chinaman Friday, 13 April 2018 20:30
Send Chinese to the Norh to carry out development. Otherwise India might take over.
Reply : 14 9
Jaffna Resident Friday, 13 April 2018 23:53
Indians are already taking over Jaffna but this pro Indian government does not care.
Reply : 8 14
Be Fair Friday, 13 April 2018 20:37
Money Money Money Money Money tobe made by the ministers on this
Reply : 2 16
rajitha7 Friday, 13 April 2018 21:17
The $US Petrodollar is slowly being killed by the Chinese themselves. They are probably converting their $US reserves to equity as they are doing the world over.
Reply : 3 10
Yahapala Friday, 13 April 2018 21:29
You mean an underground highway direct from Colombo to Beijing??????
Reply : 7 14
layman Friday, 13 April 2018 21:39
We worked for our entire life for sri lanka but no tax concessions. Since foreigners can throw money every where they get tax concessions. Are all are treated in same manner as said by politicians?
Reply : 9 8
Prasad Friday, 13 April 2018 22:07
Rs 100 billion for a road that spans 5 kms? I don't certainly mind it since it is not a loan but I remember some of our citizen complaining when Rs 100 billion rupees were spent to construct a road that span 100kms. Doesn't China has such pundit citizen?
Reply : 1 8
Mandy Saturday, 14 April 2018 04:15
This difference is eecessive cost underground to overground. Tunneling and shoring to is expensive.
Reply : 1 3
DPerera Saturday, 14 April 2018 09:53
Why can't they build roads on the ground on empty land? Who will ultimately pay the debt?
Reply : 3 1
mad dog Friday, 13 April 2018 22:38
our politician do not want the Tamils to invest, but they rather allow the Chinese to control our country. I remember in early 1970 a friend of mine told very clear according to records Chinese will control our nation in 2020. It looks like my friend was right. I would like to say we Srilankans have to work together for the future of our nation. I would like Namal, Wimal, Bandulla, Udaya and mad GLP to take my point seriously.
Reply : 5 8
Dr Williams Saturday, 14 April 2018 00:19
Sri Lanka is a beautiful and clean country and it’s people are highly educated compared to other South Asian and Arab countries. But the curse of Sri Lanka is having an enormous and dangerous India armed to its teeth but with increasing food and water shortages as it’s only neighbour.This poses an existential threat to Sri Lanka not now but in the near future.Only a military alliance with any major power in the West or China can guarantee Sri Lanka remaining as a sovereign nation in twenty years from now.
Reply : 7 15
Rohan Silva Saturday, 14 April 2018 05:04
Wether our country is beautiful doesn't matter, wether our people educated or not doesn't matter. If "suddah fellows" didn't hole the kadugannawa rock... the so called guardians of the people should be aware when entering into agreements! We, the ordinary people don't have a say! Politicians don't take responsibility for wrong decisions! No option, Sri Lanka must depend on other rich nations! Let's put aside false values and at least be sincere in our attitudes, do the correct things, punish the wrong doers, soon we'll become another Singapore!
Reply : 2 8
Daniel Saturday, 14 April 2018 06:29
Why do we need such an expensive underground road network and why can't they have roads on the ground within port city?
Reply : 5 2
sutharsan Saturday, 14 April 2018 06:54
Dehiwela Marine Drive ....Dehiwela Marine Drive ...Traffic Traffic ....people suffer........
Reply : 0 5
Warra Saturday, 14 April 2018 10:37
You have to understand these are not a loan! Its on a share basis where SL and China will benefit. Why do people think everytime there is an investment its a debt trap? China is the only country in the world countries can look up to for imvestments! Becaue they have the cash. For example the Australian hosuing boom is because of China buying in, a major port in Darwin has been leased out to China. Look around the world! There is always a Chinese presence.
Reply : 0 7
Lord Wolfstein Saturday, 14 April 2018 10:41
Remember the Chinese Space Lab before you hand over the construction work to a Chinese company. Specialists in this kind of work are Italian, Swiss, Austrian and German Companies.
Reply : 3 2
L Perera Tuesday, 17 April 2018 18:35
Wolf please go and see the underground roads in China. You always think that the west can do any job. Asians are working in many important palces in the western countries helping their work in many capacities. You are western bias. East or West we must carefully think about our benefits.
Reply : 0 0
kumar Saturday, 14 April 2018 10:47
Those who post negative comments should understand that Chinese are hard working people. They develop the country where they go.A few examples are Singapore, Malaysia and Indonesia. The Chinese who invest in Sri Lanka should be given citizenship and should stay in Sri Lanka permanently. Our guys will never do anything good and will never allow others to do.
Reply : 1 10
Rehan Saturday, 14 April 2018 12:12
Brand new location coming up for protesters and strikers to indulge in!
Reply : 0 5
Sunil Saturday, 14 April 2018 19:59
It is a great investment and we must be very grateful. If not our country will never be in the world map even for another 20 centuries. Our chaps must know that we are not a country with minerals, metals and oils. So, we must encourage foreign investment. Seeing Singapore's Marina Bay Sands and Dubai's Palm Island, I can say we are in the right direction.
Reply : 0 4
Add commentComments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.