Sri Lanka - Colombo Port City
The Colombo Port City project is located in the southern coastal waters of the South Container Terminal in Colombo, Sri Lanka, and is connected to the existing Central Business District in Colombo. The project is a large-scale reclamation of land and municipal supporting construction project invested and developed by China Harbour Engineering Co., Ltd. (hereinafter referred to as "China Harbour"), a wholly-owned subsidiary of China Communications Construction Co., Ltd., commanding a land area of 269 hectares, of which commercial land that can be developed amount to 178 hectares with planned construction reaching 5.73 million square metres. The primary land development investment amounts to nearly USD1.4 billion and it will promote the second-level development of more than USD13 billion. The entire project is expected to be completed over a period of 25 years. The project is a typical public-private partnership (PPP) project. China Harbour is responsible for investment and financing, planning, reclamation and supporting construction of all municipal facilities, and obtains the leasing rights of 116 hectares (about 65% of the total) of commercial land for 99 years (including 20 hectares of 60+99 years); the Sri Lankan Government is responsible for providing the construction of the marine area and obtaining of the environmental permit for the project and the supporting work of the peripheral municipal infrastructure. The development of the Port City of Colombo revolves around the model of an international financial centre with the target to become the international financial hub in South Asia. It will become a business and commercial centre plus tourism and leisure centre. It will surely make Sri Lanka's "Pearl of the Indian Ocean" glitter and more dazzling. The Sri Lanka government announced that legislation will be introduced to transform Colombo into an International Financial Centre. It has been proposed that in the short term, the Colombo International Financial City (CIFC) will be set up in an existing building within the Central Business District (CBD) of Colombo, and upon the required infrastructure being made available, the CIFC would shift to Port City Colombo. Port City will contain the following developments and businesses, undertaken by private local and foreign investors and operatiors: Financial business, Ofﬁces and Retail, Hotels and Restaurants, Residential, Healthcare, Educational, Entertainment Amusement park.