CHEC to invest US $ 1.2bn in Colombo Port City

27 June 2023 02:35 am Views - {{hitsCtrl.values.hits}} 8 Bookmark

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China Harbour Engineering Company (CHEC) affirmed further commitment to Sri Lank, with its president assuring the company would pump in more investments into the country.

CHEC President Bau Yinzhan has confirmed that they would invest US $ 1.2 billion in Port City Colombo, starting with the International Financial Centre, the Sri Lankan Embassy in China shared in a Twitter update, yesterday.

Foreign Minister Ali Sabry met Yinzhan, Chairman Tang Qiaoliang and the senior CHEC management during his visit to China. The discussions focused on the progress in the investments in Port City Colombo.

Port City Colombo is developed by CHEC Port City Colombo (Pvt.) Ltd (CPCC), a wholly-owned subsidiary of CHEC, which in turn is a subsidiary of China Communications Construction Company Limited (CCCC).
CCCC is a majority state-owned enterprise, with headquarters in Beijing.

CPCC has already invested over US $ 1.4 billion in the project, making it the largest ever foreign direct investment project to be implemented in Sri Lanka so far.

Comments - 8

Gamini Tuesday, 27 June 2023 10:51 AM

waiting for this project to start. This story has been doing the rounds for the past 4 years.

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Ranga Tuesday, 27 June 2023 12:59 PM

I think you dont understand English they are talking about fresh interments unless referring to Browns investment

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UseSense Tuesday, 27 June 2023 02:41 PM

That is because they need to wait for the infrastructure to be completed first. Who would invest 1.2 billion for constructing a building when the necessary infrastructure is not yet ready. They should be starting it soon.

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Damanpala Aiya Tuesday, 27 June 2023 04:54 PM

May be 50% go Sabry's pocket and distribute among the Myna group!!

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Gamini Tuesday, 27 June 2023 05:30 PM

A 30 plus Storey (this was to be China Financial Centre) cannot cost $1.2 Billion. Ranga- I can speak and write better English than you Check your own grammar and spelling You haven't even understood the Browns project and this Chinese financial center are two different projects.

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Gamini Tuesday, 27 June 2023 05:31 PM

Response to Use Sense- Then why did they announce this project before the infrastructure was ready some three years back

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Tilak Tuesday, 27 June 2023 05:33 PM

Why did the FM have to travel to China to announce an already planned project

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Felix Tuesday, 27 June 2023 05:38 PM

After taxing us working class heavily , now all ministers are travelling- RW, Dinesh, NImal, Ali, Susil the list goes on Is this why we are paying exorbitant taxes

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