China to invest a further US$1 billion in Sri Lankan harbour megaproject

[onebyone]

Money will be used to build three 60-storey buildings at Colombo International Financial City development


PUBLISHED : Wednesday, 03 January, 2018, 11:34am
UPDATED : Wednesday, 03 January, 2018, 3:45pm


China will invest US$1 billion in the construction of three 60-storey buildings at a megaproject near Sri Lanka’s main port, Colombo said on Tuesday, as Beijing seeks to boost its influence in the Indian Ocean.

The deal follows an earlier Chinese investment of US$1.4 billion to carry out reclamation work for the wider Colombo International Financial City development, located next to Sri Lanka’s harbour, the only deep sea container port in the region.

The countries hope the project, initiated by former Sri Lankan President Mahinda Rajapaksa, will create a financial centre in the Indian Ocean comparable with those in Singapore and Europe, drawing billions in foreign investment and thousands of jobs.

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Sri Lankan officials said 60 per cent of the 269 hectare reclamation, which will include a yacht marina, had already been completed, with the remainder expected to finish next year. No completion date was given for the buildings.

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“China Harbour [company] will put in US$1 billion to build three buildings,” Sri Lanka’s Urban Development Minister Champika Ranawaka said.

“These three 60-storey buildings will be able to attract more foreign companies into Sri Lanka.”

The controversial project was formally launched after a visit to Colombo by Chinese President Xi Jinping in 2014, but work was suspended by the new administration, which came to power in January the following year.

It resumed after the state-owned China Communications Construction Company (CCCC) entered into a fresh agreement with the new government in August 2016, despite geopolitical concerns from regional superpower India.

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Colombo is a hub for Indian import-export cargo. Beijing has been accused of seeking to develop facilities around the Indian Ocean in a “string of pearls” strategy to counter the rise of its rival and secure its own economic interests.

After protests by New Delhi, Colombo removed freehold rights granted to the Chinese company and offered the land on a 99-year lease instead.

Sri Lankan Prime Minister Ranil Wickremesinghe visited the site on Tuesday to inspect the progress of reclamation.

“We will shortly have legislation to turn this area into a financial centre like in Europe or Singapore,” he said.

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CCCC said it expected the project to create 83,000 new jobs and help Sri Lanka attract US$13 billion in direct foreign investment to develop infrastructure.

China, the largest single lender to Sri Lanka, secured contracts to build roads, railways and ports under Rajapaksa, who is facing investigations over allegations of corruption during his decade in power.

http://www.scmp.com/news/china/dipl...invest-further-us1-billion-sri-lankan-harbour

 

[Enigma_]

Indians sh*tting their pants atm.

 

[onebyone]

Sri Lankan PM inspects China-funded Port City project, saying the project to bring new life to Sri Lankan economy http://xhne.ws/txBSu

Sri Lankan PM undertakes inspection tour of China-funded Port City project
Source: Xinhua| 2018-01-02 21:28:18|Editor: Zhou Xin

COLOMBO, Jan. 2 (Xinhua) -- Sri Lankan Prime Minister Ranil Wickremesinghe on Tuesday made an inspection tour of the mega Port City which is being constructed close to the Colombo Harbour in the island country's capital.

The Colombo Port City, which will be the first of its kind in South Asia, is being constructed by China Harbour Engineering Company Ltd.(CHEC).

Wickremesinghe, who was accompanied by several ministers, was briefed by the Port City management on the overall project and the present stage of construction.

This project which is also expected to be a financial center, will convert Sri Lanka into a global hub in the region, Wickremesinghe told reporters at the site of construction.

"The CHEC is reclaiming land from the sea to construct this city and we must make use of it. In the future, this Port City will have at least 75,000 people residing here and 200,000 people moving in and out of the city on a daily basis," Wickremesinghe added.

The prime minister added that the Colombo Port City will have many facilities and bring in new life to the Sri Lankan economy.

"The Colombo Port City will be one of a kind and we thank CHEC and the Megapolis and Western Development Ministry for their dedicated work towards the Port City," the prime minister said.

The Colombo Port City, launched in September 2014, will have many unique features such as a strong solar and wind power system, waste recycling and a treatment to harvest rain water.

There will be several pedestrians and cycle lanes while the city will be connected to Colombo through a Light Rail Transport system.

The Port City will also include residential buildings, schools, banks, shopping malls, a marina, parks, hotels and public beaches.

Once completed, the projected is expected to attract 15 billion U.S. dollars worth of investment into Sri Lanka.

http://www.xinhuanet.com/english/2018-01/02/c_136867527.htm

 

[NoOne'sBoy]

Indians sh*tting their pants atm.

i dont give a **** about india but this country is slowly being colonised by chinese. **** this shit

 

[bête noire]

i dont give a **** about india but this country is slowly being colonised by chinese. **** this shit

Didn't you give your second airport to India? Doesn't exactly seem Chinese colonisation when you were in a lot of debt. It seems Chinese business thought they could better utilise your port and earn a profit while also saving you from debt, why is that a bad thing? China is not your neighbour and neither it has any competition with SL. It's Indian influence you might want to worry if you care about your land colonisation like the airport going to another country that is also your neighbour.

 

[NoOne'sBoy]

Didn't you give your second airport to India? Doesn't exactly seem Chinese colonisation when you were in a lot of debt. It seems Chinese business thought they could better utilise your port and earn a profit while also saving you from debt, why is that a bad thing? China is not your neighbour and neither it has any competition with SL. It's Indian influence you might want to worry if you care about your land colonisation like the airport going to another country that is also your neighbour.

chinese gave a lot of loans with huge interest rates to a corrupt leader and now the country is in a debt trap. both india and china shouldnt get any land. both are corrupt useless countries. if you wanna be a chinese slave that's up to you but i dont want to be one. no thanks

 

[Tom99]

chinese gave a lot of loans with huge interest rates to a corrupt leader and now the country is in a debt trap. both india and china shouldnt get any land. both are corrupt useless countries. if you wanna be a chinese slave that's up to you but i dont want to be one. no thanks

Can you give us the official(not something from Indian source) "huge interest rates" from the Chinese loans used to build infrastructures? And regarding "debt trap", how much of SL's total loan is from China and from other countries/institutions? If is it not build–own–operate–transfer (BOOT) type development then what type of investment development does SL want and where can SL get similar investments?

China can get a lot of value from the success development of SL then anything else. A developed and modernize SL is in the interest of China.

 

[andylrd]

Can you give us the official(not something from Indian source) "huge interest rates" from the Chinese loans used to build infrastructures? And regarding "debt trap", how much of SL's total loan is from China and from other countries/institutions? If is it not build–own–operate–transfer (BOOT) type development then what type of investment development does SL want and where can SL get similar investments?

China can get a lot of value from the success development of SL then anything else. A developed and modernize SL is in the interest of China.

Don't try to enlight or even lecture him. He was just trying to say something to be "political correct", you know, after all, been too much stuffed by west media - China is bad, China is colonizing this country/ that country, human right, corrupt goverment... blah blah.

He knows nothing about doing business, he doesn't even try to prevent that he knows.
And he would not read data, dig more facts, do some comparison... "No, thanks".

I guess, if China gives his country or some other countries money for free, people like this still have words to say. So, I hope china would never do such shiits. Keep business in mind, always.

 

[undercover JIX]

There should be nor problem, India already has the Airport, all Chinese investments/advances and plans counetered already.

India showed China already who is the real Super Power, China keep dreaming, you can not match Indian power.

 

[Jlaw]

There should be nor problem, India already has the Airport, all Chinese investments/advances and plans counetered already.

India showed China already who is the real Super Power, China keep dreaming, you can not match Indian power.

The airport that service four people per day is owned by India

 

[undercover JIX]

The airport that service four people per day is owned by India

But this is what Indians were saying on this Forum, Air Port is to counter Chinese Influence. Looks like you do not know ow Powerful India is, Please update yourself with Latest Indian developments. in couple of years China will be swallowed by India whole, no little bites...be careful when you talk about India, no funny business Please.

 

[TaiShang]

The airport that service four people per day is owned by India

Talking about ghost airports...

 

[NoOne'sBoy]

Can you give us the official(not something from Indian source) "huge interest rates" from the Chinese loans used to build infrastructures? And regarding "debt trap", how much of SL's total loan is from China and from other countries/institutions? If is it not build–own–operate–transfer (BOOT) type development then what type of investment development does SL want and where can SL get similar investments?

China can get a lot of value from the success development of SL then anything else. A developed and modernize SL is in the interest of China.

chinese interest rates are from 6-7%. i heard it was above 10% for the failed airport while JICA for instance gives loans with just 1% interest rate but they demand accountability. the chinese dont. a lot of that money could have ended up in pockets of corrupt politicians. btw the new LRT in colombo is funded up JICA.

i would like chinese projects if they have demand more accountability from corrupt politicians and only fund useful projects instead of useless airports in a jungle. not just that chinese bring their own labour so job creation is also very low.

 

[Offshore]

chinese interest rates are from 6-7%. i heard it was above 10% for the failed airport while JICA for instance gives loans with just 1% interest rate but they demand accountability. the chinese dont. a lot of that money could have ended up in pockets of corrupt politicians. btw the new LRT in colombo is funded up JICA.

i would like chinese projects if they have demand more accountability from corrupt politicians and only fund useful projects instead of useless airports in a jungle. not just that chinese bring their own labour so job creation is also very low.

Chinese interest actualy 10-15% while the airport interest is up to 25%

 

[Tom99]

chinese interest rates are from 6-7%. i heard it was above 10% for the failed airport

Please, official source from SL or China.

while JICA for instance gives loans with just 1% interest rate but they demand accountability.

from http://www.sundaytimes.lk/171105/ne...ansport-project-starts-early-2018-267259.html

"The project covering a distance of 21 km and costing US$ 1.3 billion, with funding from JICA, is due to be completed by 2021."

"the loan, similar to the Port City project, will have to be paid back in 40 years, with a 10-year grace period."

However, where do you get the figure for 1% interest rate?

the chinese dont. a lot of that money could have ended up in pockets of corrupt politicians. btw the new LRT in colombo is funded up JICA. i would like chinese projects if they have demand more accountability from corrupt politicians and only fund useful projects instead of useless airports in a jungle.

China have worked with both major party government of SL, then which party is Japan dealing with that is/isn't corrupted?

not just that chinese bring their own labour so job creation is also very low.

Sri Lankans were employed during the building of the port and will continue be employed when the ports are totally up and running. And when the BOOT process is done then Sir Lankans will run the whole ports themselves.

As for the LRT, of about 75km, japan will only work on parts of it. Other countries, like South Korea and other EU countries, will/can work on other parts. Until the project is completed, we won't know how much the total cost will be.(big project usually comes with delay and price overruns.)