{"id":21939,"date":"2016-08-04T15:32:29","date_gmt":"2016-08-04T08:32:29","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/sri-lanka-withdraws-freehold-land-offer-to-chinese-developers\/"},"modified":"2016-08-04T15:41:33","modified_gmt":"2016-08-04T08:41:33","slug":"sri-lanka-withdraws-freehold-land-offer-to-chinese-developers","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sri-lanka-withdraws-freehold-land-offer-to-chinese-developers\/","title":{"rendered":"Sri Lanka withdraws freehold land offer to Chinese developers"},"content":{"rendered":"


\nChina\u2019s grand plans for Colombo\u2019s port continue, but only with a 99 year lease
\nCongested Colombo is home to 650,000 people. Image credit: Sammu (Flickr)
\nSri Lanka announced this week that permission for a Chinese company to buy 20 hectares of reclaimed land alongside the port in Colombo as freehold, has been withdrawn. Instead, it will grant the state owned company a 99 year lease, as per a new agreement.
\nThe changes to the $1.4 billion proposal took place following strong objections from India.
\n\u201cIndia had a big concern about giving freehold land to China near the Colombo harbour,\u201d government spokesman Rajitha Senaratne said, reports Yahoo News.
\nThe project was launched by Chinese President Xi Jinping on a state visit in 2014, and is being funded by China Communications Construction Company. The plans would create a city within a city, inclusive of housing facilitates, a Formula One racetrack and a marina. It would add 269 hectares (672 acres) of real estate to Colombo.
\nMore: A fight to control China\u2019s biggest developer just got more interesting
\nThe reclamation is the largest ever single foreign investment in Sri Lanka. Once completed the Chinese will own 108 hectares (266 acres) on a 99 year lease. Previously, 20 hectares of this was to be freehold.
\nConocerns have been raised over the port, and how the large-scale development is part of China\u2019s plan to boost its influence in the Indian ocean.
\nChina is Sri Lanka\u2019s biggest lender and has been vital in terms of infrastructure investment in the country. However, Beijing has been accused of \u201cexploiting\u201d the island nation in the interest of securing its own economic interests and counter the rise of India.
\nRead next: Will India\u2019s smart city dream ever be feasible?
\n
\nSource : property-report.com
\nRead more…Sri Lanka withdraws freehold land offer to Chinese developers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

China\u2019s grand plans for Colombo\u2019s port continue, but only with a 99 year lease Congested...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-21939","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5HR","jetpack-related-posts":[{"id":44306,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sri-lankas-first-ever-7-star-luxury-apartment-complex-is-underway\/","url_meta":{"origin":21939,"position":0},"title":"Sri Lanka\u2019s first ever 7-star luxury apartment complex is underway","date":"February 16, 2017","format":false,"excerpt":"\r A significant addition to the Colombo skyline Talk about room with a view. 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