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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Market Reaction for Suspension of Port City Project

Market Reaction for Suspension of Port City Project

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eco


Senior Equity Analytic
Senior Equity Analytic
Friday will be another remarkable day with the suspension of port city project.

Market will go down significantly on early hours of the Friday.....

we can pick some good counters at a bargaining price.....

I personally prefer to see red few days because that will open more opportunities for investors....

So what are your counters for bargain hunting.......

shan


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
This not effect the market and this good for the our country.

only local investors panic same time Foreign investors smart buyers.
.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
If independent professional report figure out port city project is not environmental friendly it has to be stopped for the sake of future generations in the country. Consider the impact of the project in broader view not limiting the capital market concerned.
It is true investors get panicked & companies involved with related activities are directly hit of the decision. Such uncertainties existed from the inception of the project with a lot of outcry in political field.

Companies who had plans on risk aversion & minimizing would be the least affected. Perhaps, it may not seriously strike as time goes on since it is temporary halt.

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Foreign investors will lose confidence in the Government policy and the way it change every time there is a new government. Political uncertainty at its best.

anges


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
yes ! investor confidence is at a record low foreign buying might go down plus direct investment as well ! hope no one bought on credit because month could be dire for the retailers

Teller

Teller
Moderator
Moderator
New government policies effected badly on going projects as well as new projects too. foreign direct investments cant be expected in this kind of situation. Even running multi national companies have negative expressions on some taxes like super gain. Finally we can say overall business community got a burden with new policies.


_________________




Teller said is said..

Gainer

Gainer
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Concerned over Sri Lanka's decision to temporarily suspend the controversial USD 1.5 billion Chinese port city project in Colombo, a wary China today hoped the country's new government would properly resolve the issue keeping in mind the bilateral friendly relations. - See more at: http://www.dailymirror.lk/65563/china-hopes-sl-will-resolve-port-city-project#sthash.cCRXr2fz.dpuf

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
China hopes SL will resolve Port City project

Concerned over Sri Lanka's decision to temporarily suspend the controversial USD 1.5 billion Chinese port city project in Colombo, a wary China today hoped the country's new government would properly resolve the issue keeping in mind the bilateral friendly relations.

"China understands and respects the efforts made by the new Sri Lankan government to improve the investment environment," Chinese Foreign Ministry spokesperson Hua Chunying said while replying to a question on the decision in Beijing today.

"China believes that the Sri Lankan side will properly resolve relevant problems and preserve Chinese companies' confidence to invest in Sri Lanka in the overall interests of China-Sri Lanka friendliness and the fundamental interests of Sri Lanka's national development," she said.

Colombo's decision came after Sri Lankan Foreign Minister Mangala Samaraweera during his visit here on February 27 stated that his government will review all investments, including the USD five billion Chinese investments, made in the island nation during the previous regime of Mahenda Rajapaksa and will inform Beijing in this regard.

The Colombo Port City project, expected to play a key role in China's ambitious 'Maritime Silk Road' project in India's backyard, is being seen as the single largest private sector development ever in the island.

Samaraweera also has also expressed concern over the high interest charged by China for its loans to the island and said the new government will not allow Chinese submarines to dock in its ports as happened twice last year.

Samaraweera had stated that Sri Lanka welcomes Chinese companies' investment and development in Sri Lanka and will keep in close contact with the Chinese side on the review result of China-related cooperation projects, Hua said.

"The review conducted by the Sri Lankan side, which is not exclusive to China's cooperation projects in Sri Lanka, aims to create a better investment environment," Hua said referring to his comments.

"The Sri Lankan side will keep in close contact with the Chinese side on the review result of China-related cooperation projects," she said.

In September last year, Chinese President Xi Jinping had inaugurated the construction of the project, part of China's attempt to restore its ancient prestige and historical links along the maritime route through Southeast and South Asia.

Sri Lanka's decision to temporarily suspend the project came ahead of Prime Minister Narendra Modi's scheduled visit to the country from March 13.(PTI)

- See more at: http://www.dailymirror.lk/65563/china-hopes-sl-will-resolve-port-city-project#sthash.cCRXr2fz.18lRFGBu.dpuf

Octopus

Octopus
Expert
Expert
This is a bad move.
Sri Lanka is a teeny tiny Island, 20m people = same population in Australia= Calcutta

forget all the environmental bull****
Some sort of land gain would do good for the country and environment and forestry and tourism etc.

Ernie Tissera


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
What about the 50 acres island (sole ownership) and another 70 acres (99 year lease) goes to China. It will become another Diego Garcia. They can do anything with these islands. Also they will gain Sea Area as well for these lands as per the International Law. Just imagine what will happen other than the environment factor. Even without the ownership they docked Submarines in this place last year. No need to say what will they do if they got the legal ownership.

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
What is 50 acres. All properties given foreign embassies in Sri Lanka are owned by the respective countries. We have 64,000 Sq Kilometres of land. What if Chinese Government buy JKH. Then they will own more than 50 acres of land in Sri Lanka.

Yahapalanya should include gratitude for those who helped us during tough times. India created the wars China helped us to finish the war. Now we hare dancing to the tune of Indians.

God bless Sri Lanka!

Ernie Tissera


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
My dear lady we are talking about an Island more than 100 acres with sea area in front of our mother land.

Spoon

Spoon
Senior Equity Analytic
Senior Equity Analytic
@Quibit wrote:What is 50 acres. All properties given foreign embassies in Sri Lanka are owned by the respective countries. We have 64,000 Sq Kilometres of land. What if Chinese Government buy JKH. Then they will own more than 50 acres of land in Sri Lanka.

Yahapalanya should include gratitude for those who helped us during tough times. India created the wars China helped us to finish the war. Now we hare dancing to the tune of Indians.

God bless Sri Lanka!

Look here everybody! It's Quibit the foreign policy expert!

Gamunu


Senior Equity Analytic
Senior Equity Analytic
quibit moral compass not aligned south is north for her, temporary money is never a fortune it is fickle we must consider every aspect of a decision when we take one not just MONEY
of course this will aid development but giving total ownership of an island to a country which is not even a fully democratic republic is very risky
if you think logically this government has right to every gain if this project goes through but they are not indulging instead considering the sustainable nature of the project

Vptilak


Manager - Equity Analytics
Manager - Equity Analytics
@Teller wrote:New government policies  effected badly on going projects as well as new projects too. foreign direct investments cant be expected in this kind of situation. Even running multi national companies have negative expressions on some taxes like super gain. Finally we can say overall business community got a burden with new policies.

Either local or foreign investor would not take a high risk decision to invest in a country which all tax rate are changed (and enforcing new tax like super gain tax) with a new party is coming to power.Stable economic Policy is more important to encourage investment both local and foreign.

Dhehan

Dhehan
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Colombo Port City Project’s main contractor expresses hope

Expressing hopefulness that the government would give its nod to continue the Colombo Port City Project without delay, the project’s main contractor CHEC Port City Colombo (Pvt.) Ltd, today said that the completed work would be washed away leaving only half of it if the suspension continues for two weeks.

http://www.dailymirror.lk/65839/colombo-port-city-project-s-main-contractor-expresses-hope

Patchchasira


Equity Analytic
Equity Analytic
@Ernie Tissera wrote:What about the 50 acres island (sole ownership) and another 70 acres (99 year lease) goes to China. It will become another Diego Garcia. They can do anything with these islands. Also they will gain Sea Area as well for these lands as per the International Law. Just imagine what will happen other than the environment factor. Even without the ownership they docked Submarines in this place last year. No need to say what will they do if they got the legal ownership.

If you are so concerned about the extent of land on sole ownership when it comes to property reclaimed from the ocean, what have you to say about the 400 Hectares sold off to  the VOA freehold? Just a reminder for people with short memories https://www.greenleft.org.au/node/11956

Senior Citizen

Senior Citizen
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
This project will continue somehow after a long battle.
Doesn't mean JVP will not be a pain to the Givt.
Ultimately the people will suffer because they asked for it. Now just hope that JKH doesn't get severely affected.

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