SRI LANKA will appoint a panel to consider whether work should resume on China's biggest Sri Lankan real estate project, suspended three months ago, Reuters reports.
Work on the US$1.4 billion Port City project was stopped after Sri Lankan President Maithripala Sirisena took office in January.
President Sirisena said then his government would re-examine deals between his predecessor, Mahinda Rajapaksa, and China, Sri Lanka's largest foreign investor.
Port City was suspended because it lacked proper permits and approvals, officials said, a move that strained diplomatic relations between Sri Lanka and China.
The Sri Lankan cabinet approved a proposal to appoint high-ranking officials who would consider allowing work on the project to resume, "after correcting lapses and procedures", said cabinet spokesman Rajitha Senaratne.
The project is funded by China Communications Construction Co Ltd (CCCC) and locally handled by CHEC Port City Colombo (Pvt) Ltd.
"We did have some discussions and the government realised it could be workable," Liang Thow Ming, CHEC Port City Colombo (Pvt) Ltd's chief sales and marketing officer, told Reuters.
PORTS
03 June 2015 - 08:28
Sri Lanka reconsiders its stop work order on China's Port City project
SRI LANKA will appoint a panel to consider whether work should resume on China's biggest Sri Lankan real estate project, suspended three months ago, Reuters reports.
PORTS
03 June 2015 - 08:28
Sri Lanka reconsiders its stop work order on China's Port City project
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