Sri Lanka has finalized a $1.43 billion deal with China Communications Construction Co Ltd (601800.SS) to build a city on a 230 hectare site that will be reclaimed from the sea.
The site is next to the main Colombo port and Colombo's historic Galle Face Green seafront.
"The Chinese firm will invest in reclaiming the land and infrastructure of the port city," Priyath Wickrama, chairman of Sri Lanka Ports Authority, told reporters. "It will be given around 50 hectare of reclaimed land on a 99-year lease for its investment."
The 39-month long construction project will start in September, Wickrama said, adding the city would include eco-parks, residential areas, offices and shopping malls.