ashok321
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After Indian protest, Sri Lanka alters land deal with China:
Sri Lanka has withdrawn permission for a Chinese company to buy the freehold to 20 hectares of land being reclaimed under a $1.4 billion port project after India objected.
Instead it will grant the state-owned construction company a 99-year lease on the land next to the port in Colombo, under a new agreement.
The project is being funded by China Communications Construction Company and was launched by Chinese President Xi Jinping in September 2014 during a visit to Colombo.
Beijing has been accused of seeking to develop facilities around the Indian Ocean in a "string of pearls" strategy to counter the rise of rival India and secure its own economic interests.
The reclamation represents the biggest-ever single foreign investment in Sri Lanka. It will add 269 hectares (672 acres) of real estate in the congested capital, which has a population of over 650,000.
Once completed, the Chinese will have 108 hectares (266 acres) on a 99-year lease for commercial development. Earlier, 20 hectares of that was to be on a freehold basis. Under the agreement, the Sri Lankan government will get 62 hectares (153 acres) and the rest will be public parks and access roads.
Sri Lanka has withdrawn permission for a Chinese company to buy the freehold to 20 hectares of land being reclaimed under a $1.4 billion port project after India objected.
Instead it will grant the state-owned construction company a 99-year lease on the land next to the port in Colombo, under a new agreement.
The project is being funded by China Communications Construction Company and was launched by Chinese President Xi Jinping in September 2014 during a visit to Colombo.
Beijing has been accused of seeking to develop facilities around the Indian Ocean in a "string of pearls" strategy to counter the rise of rival India and secure its own economic interests.
The reclamation represents the biggest-ever single foreign investment in Sri Lanka. It will add 269 hectares (672 acres) of real estate in the congested capital, which has a population of over 650,000.
Once completed, the Chinese will have 108 hectares (266 acres) on a 99-year lease for commercial development. Earlier, 20 hectares of that was to be on a freehold basis. Under the agreement, the Sri Lankan government will get 62 hectares (153 acres) and the rest will be public parks and access roads.
