Chairman of state-run Sri Lanka Ports Authority, Priyath Bandu Wickrema said China Harbour will get a part of the reclaimed land on lease in return for their investment.
"We are giving a piece of the land on lease to them for the investment," Wickrema said.
"We might invest as well."
He said the share of investment will be decided on a valuation of the 500 acres of reclaimed land. All reclaimed land will be owned by the ports authority.
Wickrema said the reclamation may start in the first quarter of 2012.
Sri Lanka has said five acres of land in Colombo's Galle Face beachfront, which is near the port, will be sold on a 99-year lease to India's ITC for 73.5 million dollars.
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