Sri Lankan government displays land to Chinese firm for hotel project

14 November 2011: The Sri Lankan government has shown three plots of land in Colombo to China National Aero Technology Import and Export Corporation (CATIC) to choose for its hotel project. The three lands shown to CATIC are located around the Beira Lake in Colombo.

The government would discuss and enter into a new agreement with CATIC once the Chinese company decides on the land.CATIC was initially offered a seven-acre plot of land in Galle Face for the hotel project and a US$ 500 million agreement was signed between the government and the company. However, the government annulled the contract saying state land would not be sold to any foreign investor.

Source: Colombo page