Jan 24, 2011 (LBO) - Hong Kong based Shangri-La hotels is looking for a coastal property to build a resort hotel, after buying state land in Sri Lanka's capital Colombo for a hotel, shopping and apartment complex, a media report said.
Bloomberg, a newswire quoting Treasury secretary P B Jayasundera said Shangri La was looking for 100 acres of land in Sri Lanka's southern coast to build a 150-room hotel.
It has already acquired state land by the capital's 'Galle Face' beachfront to build a 500 million dollar hotel and property project paying 125 US dollars for a 99-year lease.
A second block of land has been given to China National Aero- Technology Import & Export Corporation which is also planning a 500 million dollar development.
Economic minister Basil Rajapaksa had said that about 1.5 billion US dollars of projects are expected to start this year.