Merit award winner - (Mawbima)media | best web awards | | Last updated three minutes ago


China Harbour ventures into Lankan hotel sector

One of Sri Lanka’ largest infrastructure project developers- China Harbour Engineering Company Ltd. (CHEC), is to venture into the country’s booming hotel sector

Ceylontoday, 2011-11-20 12:00:00

China Harbour ventures into Lankan hotel sector


Govt. offers three properties with Beira Lake frontage to CHEC


By Santhush Fernando and Amrith Gunasekara


One of Sri Lanka’ largest infrastructure project developers- China Harbour Engineering Company Ltd. (CHEC), is to venture into the country’s booming hotel sector with the construction of a upmarket hotel close to the emerging port city of Hambantota.


Speaking to Ceylon FT, Deputy Minister of Economic Development Lakshman Yapa Abeywardena said that discussions were still ongoing.


“They are very keen to set up a hotel project in between the Udamaththala International Airport and Hambantota city,”   the Deputy Minister said.


Although the government had also offered three prime properties with Beira Lake frontage to CHEC, the Chinese giant was more interested in Hambanthota he added.


According a foreign official close to the deal, CHEC is considering whether to go ahead with a US $ 750 million mixed development project in Colombo.


CHEC already has several vital infrastructure projects such as the Ruhunu Magampura Mahinda Rajapaksa International Harbour, the Udamaththala International Airport, segments of the Southern Expressway and the Colombo Outer Circular Highway and the coal unloading jetty at the Norochcholai coal power plant, to its credit.

 
The deal comes into light following the recent announcement by the government that it has completed negotiations with Sheraton to allocate the land, earlier offered to China National Aero Technology Import and Export Corporation (CATIC).


Recently, the government informed that it had cancelled a US $ 500 million investment deal with CATIC after it refused the sale of beach-front land outright to the state-run Chinese conglomerate as agreed earlier. The CATIC deal was said to be one of the largest foreign investments since the end of the war in 2009.


The opposition United National Party (UNP) raised questions as to why the land for the hotel on the Galle Face seafront grounds was being sold instead of being given on a long-term lease to CATIC. Meanwhile reports revealed that the government was negotiating to give CATIC another property.


China Harbour Engineering Company Ltd. (CHEC) is a world-renowned international contractor that is a subsidiary of China Communications Construction Company Ltd (CCCC). It has 40 overseas branches and offices with business activities covering more than 70 countries and areas. The company is currently employing over 7,000 domestic and international staff to undertake 10 billion USD worth of projects.

Ceylon FT

Ceylon Finance Today: Central Bank Governor Ajith Nivard Cabraal yesterday implored the government not to reduce fuel prices, as it would lead to deflation.The
Unilever Sri Lanka demonstrated its commitment to developing a better Sri Lanka at the Best Corporate Citizen Sustainability Awards 2014, organized by the Ceylon
Continuing its efforts to innovate the lotteries sector for the betterment of all Sri Lankans, Mahapola Lotto has launched a new mobile sales promotions motor vehicle
Ceylon Finance Today: Blue Diamonds Jewellery Worldwide, which initially announced its Rights Issue of shares on 16 October have announced the details and proportions

Focus

Southern Province Beauty Queen, Premawathie Manamperi was brutally killed and buried alive. She was also raped. An informant in the area had told the Army that
This week's Agnus Dei crosses the floor to look at crossovers or expulsions as it is termed in the judicial language or legal English. Crossovers or de facto defections
Wolves, as the saying goes, don't disturb grazing deer: They lie in wait to pounce on deer when they are full and, therefore, can't run fast on loaded stomachs.
As we develop, we distinguish right from wrong and wish to behave responsibly and think of ourselves as moral individuals. Moral norms and taboos are internalized