Friday, 15 November 2013 05:52
-
- {{hitsCtrl.values.hits}}
Chinese firm signs over $ 500 m tourism projectsBy Uditha Jayasinghe
A top Chinese company has signed up to build two hotels and a golf course with an investment exceeding $ 500 million on the sidelines of the Commonwealth leaders’ summit here on Thursday, an official said.
China Harbor Engineering Company (CHEC) has signed agreements to build a golf course at a resort in the southern Sri Lankan town of Mattala.
The same company will also construct a 250-room hotel and tax-free shopping complex also in Mattala, Sri Lanka’s Airport and Aviation Services Executive Director Johanne Jayaratne told reporters.
The same company built a $ 209 million international airport in Mattala funded by the Chinese Government, which was opened earlier this year.
The Sri Lankan Government hopes to convert the town into a tourist and investment hotspot.
The third project will be a 200-room transit hotel in Katunayake that will also have a 1000 vehicle car part and tax free shopping facilities, he said.
“A Memorandum of Understanding was signed between CHEC and the Airport and Aviation Services of Sri Lanka on Wednesday on the sidelines of the Commonwealth Business Forum,” he noted.
The Commonwealth Business Forum (CBF) took place in Sri Lanka ahead of the Commonwealth Heads of Government Meeting (CHOGM) to attract investment to the country.
The accumulative cost of the projects is expected to be between $ 540 million and $ 640 million.
Jayaratne went onto say that a detailed feasibility study is underway to determine the exact cost of the investment projects.
CHEC is an international contractor that is a subsidiary of China Communications Construction Company (CCCC).
CHEC has 50 overseas branches and offices with business activities covering more than 80 countries and areas.
The company is currently employing over 8,000 domestic and international staff to undertake $ 10 billion worth of projects.
CHEC is also involved in several other projects in Sri Lanka estimated at over $1 billion including road construction and building the second phase of a $ 1.2 billion harbour also funded by the Chinese Government.
