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Chinese co plans a hotel complex in Sri Lanka
20 January 2011: The Sri Lanka Government has decided to proceed with a proposal from China based company to build another luxury hotel and shopping complex in the heart of the Sri Lankan capital.
China National Aero Technology Import and Export Corporation (CATIC) intends to purchase land around Galle Face Green area to build a multifunctional complex comprising a five star hotel and a shopping mall with direct investment of nearly $500 million (approx Rs 2,250 crore).
Earlier Hong Kong-based Shangri-La Hotels entered into an agreement with the government to invest $500 million to build a 500-room luxury hotel-shopping complex in the same area. The project is to be completed by 2013.
Source: Columbia Page