FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

Click Link to get instant AI answers to all business queries.
Click Link to find latest Economic Outlook of Sri Lanka
Click Link to view latest Research and Analysis of the key Sectors and Industries of Sri Lanka
Worried about Paying Taxes? Click Link to find answers to all your Tax related matters
Do you have a legal issues? Find instant answers to all Sri Lanka Legal queries. Click Link
Latest images

Latest topics

» COCR - silence of the COCR
by Hawk Eye Yesterday at 10:44 pm

» Plantation Companies
by cheetah Yesterday at 12:29 pm

» COCR IN TROUBLE?
by Equity Win Yesterday at 11:22 am

» Banking Sector (3Q 2024)
by SL-INVESTOR Tue Dec 03, 2024 10:09 pm

» PALM Stock Update: Ready to Break Out!
by Anura-K Fri Nov 29, 2024 5:40 pm

» Renewable Energy Companies (1H 2024)
by God Father Thu Nov 28, 2024 8:56 pm

» Crypto , Digital Currency Trading , Forex
by KavinduTM Thu Nov 28, 2024 5:52 pm

» Browns Investments PLC (BIL): Net Loss masked by One-off gains from Acquisitions
by mafasmunaseer Fri Nov 22, 2024 1:56 am

» Hotel Sigiriya (HSIG) most undervalued & huge profit making Hotel
by Chalitha Tharanga Tue Nov 19, 2024 6:44 pm

» Mahaweli Reach Hotels (MRH.N)
by Chalitha Tharanga Tue Nov 19, 2024 6:41 pm

» CSE to turn bullish after November 14 poll
by Rare Tue Nov 19, 2024 10:13 am

» ලාභ විජ්ජාව!!
by D.G.Dayaratne Mon Nov 18, 2024 8:11 pm

» ‘Buy the Rumour, Sell the News’
by God Father Sat Nov 16, 2024 12:00 pm

» Asian stocks drift higher amid rate cut speculation; Japan lags
by Rare Sat Nov 16, 2024 9:56 am

» Oil prices fall further
by Rare Sat Nov 16, 2024 9:40 am

» Post-election winners.
by Rare Sat Nov 16, 2024 9:36 am

» Bullish about a sustainable turnaround - CSE Chairman
by Rare Sat Nov 16, 2024 9:25 am

» COMMERCIAL BANK OF CEYLON PLC (COMB.N0000)
by EPS Thu Nov 14, 2024 10:31 pm

» People's leasing VS Singer Finance IPO Analysis
by ddrperera Wed Nov 13, 2024 8:18 pm

» Insights into LOLC Advanced Technologies
by samaritan Wed Nov 13, 2024 10:41 am

» LOLC Tech's ambitious plans for global expansion
by samaritan Tue Nov 12, 2024 2:06 pm

» PLANTATION SECTOR
by God Father Sun Nov 10, 2024 8:19 pm

» People's leasing company, a hidden gem? (an analysis)
by Nandana Withanage Sun Nov 10, 2024 6:56 pm

LISTED COMPANIES

Submit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)



CHRONICLE™ YouTube


You are not connected. Please login or register

Cabinet approves renegotiated Port City agreement with China - See more at: http://www.ft.lk/article/559037/Cabinet-approves-renegotiated-Port-City-agreement-with-China#sthash.QZPRFH0F.dpuf

Go down  Message [Page 1 of 1]

fireshelter

fireshelter
Associate Director - Equity Analytics
Associate Director - Equity Analytics

The Government will ink a revised agreement with Chinese construction firm China Communication Construction Company (CCCC) to resume work on the Colombo Port City with the company agreeing to drop its $ 125 million compensation claim in exchange for additional land in the reclaimed city.

The Colombo Port City project to create a 500-acre city built entirely on land reclaimed from the ocean was suspended in March 2015 after President Maithripala Sirisena’s Government raised concerns about the terms of the agreement inked between the Chinese company and the Rajapaksa administration as well as the environmental impact of the reclamation project.

Cabinet Spokesman Rajitha Senaratne announced yesterday that a revised tripartite agreement would be signed in September between the Ministry of Western Development, the Urban Development Authority and the CCCC.

“Our opposition was to the fact that land in our country was going to be owned in full by another state,” Minister Senaratne told the Cabinet briefing last morning.

“Even India raised objections to China owning land in Sri Lanka,” Senaratne said, adding that the Government had renegotiated the 20 hectares of freehold land to be granted to the China Harbour Engineering Corporation Port City Ltd. as a 99-year extendable lease.  

“According to the consultations of the new Government, no land will be granted on a freehold basis, and all the lands will be on a 99-year lease basis. If the Government does not require these 20 hectares, the company may obtain the land for another 99 years,” the Cabinet decided on Monday.

Minister Senaratne said that once the land was reclaimed, the land would be taken over by the Government and gazetted as land belonging to the Colombo District. “Then it will be handed over to the UDA which will sign the 99-year lease,” he explained. 

The Cabinet Spokesman said that the Government had “solved a big problem” because if the previous agreement had been allowed to stand there would be major problems associated with the reclaimed territory.

Minister Senaratne added that the Chinese construction company had also agreed to drop its $ 125 million compensation claim for the duration of the project’s suspension. “But by way of compensation for the losses incurred by the company, the Government has decided to award a further two hectares that can be sold on a 99-year lease.”

Minister Senaratne also explained that the new agreement would include an extended list of environmental conditions. The previous agreement contained 42 environmental conditions while the revised agreement would contain 70, the Minister added.

The Cabinet Spokesman said that the agreement had been revised in a manner advantageous to Sri Lanka. The Government was hoping to make the Colombo Port City the main financial district between Singapore and Dubai, he added. - See more at: http://www.ft.lk/article/559037/Cabinet-approves-renegotiated-Port-City-agreement-with-China#sthash.QZPRFH0F.dpuf

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum