CCCC Archives - Ceylon Independent

China-backed Port City sees up to $4 b investment interest

8May

By Faraz ShauketalyNo Comments

Business

China-backed Port City sees up to $4 b investment interest

A Chinese-backed real estate project near Sri Lanka’s main port is in discussion with investors for up to $4 billion in investments in its first phase, the developer said last week. Work on the $1.4 billion Port City project by the China Communication Construction Company (CCCC) started in 2016 as part of Beijing’s ambitious plans to create a modern-day “Silk Road” linking Asia to the Middle East and Europe. The project is expected to attract $13 billion in investment over the next 20 years. Liang Thow Ming, Chief Sales and Marketing Officer of CHEC Port City Colombo, the local company that handles the project for CCCC, said 80% of the 269-hectare (665-acre) site had been reclaimed from the sea. “We are on schedule to complete the reclamation and marine works by the second half...

Chinese firm to invest US$ 800 mn to build underground road to Colombo Port City

China Communication Construction Company (CCCC) will invest US$800 million to build an underground road network to Sri Lanka's $1.4bn Port City, Minister of Megapolis and Western Development, Patali Champika Ranawaka has said. The plan is aimed at alleviating traffic congestion expected when the Chinese-funded Port City development, built on land reclaimed from the sea, is finished. "Once legal procedure on the new reclaimed land is done, the construction will start," Minister Ranawaka has told Reuters on 11 April. Reclamation work for the 269-hectare site near Colombo's main port is more than 60% complete, Ranawaka said, adding that it is expected to be complete by the end of the year. Sri Lanka is will use tax incentives to lure investment into Port City, a project of CCCC th...

Govt. green-lights PPP for Port City tunnel link

CHEC Port City Colombo to get first dibs on contract for BOT Tunnel to link country’s road network with Chinese built Port City, connecting Airport Highway to Marine Drive Feasibility studies have already commenced sponsored by CHEC Port City Colombo MOU to be signed with CHEC Port City Colombo and Megapolis Ministry to ensure exclusivity of company when project is awarded By Chathuri Dissanayake The Government has green-lighted a proposal by the Ministry of Megapolis and Western Development to enter into a public-private partnership (PPP) with Port City developer CHEC Port City Colombo Ltd. to build a tunnel linking the road network of the mainland and an artificial island. A proposal presented by Minister Champika Ranwaka seeking approval to enter into a PPP to carry ou...