Sri Lanka has cancelled a $500 million hotel investment by China National Aero Technology Import and Export Corporation (CATIC) over a land dispute, the island nation's junior economic development minister said on Tuesday.
"That is called off," Lakshman Yapa Abeywardena told Reuters. "We are going to lease that land. They (CATIC) are not willing to do that, but they've agreed to get it in a different location. Now we are negotiating with them."
When first announced in January as one of Sri Lanka's largest single post-war foreign direct investments, the land for the project on the historic Galle Face Green in Colombo was going to be sold to CATIC. President Mahinda Rajapaksa in July ordered a review, saying it was too valuable to sell outright.
Reuters
"That is called off," Lakshman Yapa Abeywardena told Reuters. "We are going to lease that land. They (CATIC) are not willing to do that, but they've agreed to get it in a different location. Now we are negotiating with them."
When first announced in January as one of Sri Lanka's largest single post-war foreign direct investments, the land for the project on the historic Galle Face Green in Colombo was going to be sold to CATIC. President Mahinda Rajapaksa in July ordered a review, saying it was too valuable to sell outright.
Reuters
sigh..
