Sri Lanka to get US$500mn hotel from China aviation firm
14 Jan, 2011
Jan 14, 2010 (LBO) - A Chinese aviation firm will build a 500 million US dollar hotel and shopping complex in the main beachfront of Sri Lanka's capital Colombo, the government said.
China National Aero Technology Import and Export Corporation (CATIC) will buy land in Colombo's Galle Face area to build a five star hotel and shopping complex.
The proposal by economic development minister Basil Rajapaksa has been approved by the cabinet of minister, the government's information office said.
The project proposal will be on the same lines as an earlier deal with Hong Kong based Shangri-La leisure group to build a 500 million dollar hotel and shopping complex, the government said.
Shangri-La will get state land on which a military sports ground was located.