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Sri Lanka’s Chinese backed US $ 1.4 Bn, 665 Acre Port City could be Governed by Own Legal System – Report

Sri Lanka’s China backed, US $1.4 billion 665 acre new metropolis coming up adding nearly 2.6 square kilometers to 65,610 square kilometer South Asian island, ‘Could be also be governed by its own legal system, and the system is still being discussed and will require approval from Sri Lanka’s parliament and council of ministers’ a recent report in Singapore’s and India’s Business Insider points out.
“CHEC Port City Colombo (Pvt) Ltd, the new city is expected to host about 80,000 residents and 250,000 daily commuters and it Could be also be governed by its own legal system, the system is still being discussed and will require approval from Sri Lanka’s parliament and council of ministers” Business Insider reveals in the last few sentences in a report that extensively elaborate on the future of Sri Lanka’s Port City.
“The full project, scheduled for completion in 2041, could end up costing about US $ 15 billion. At 665 acres, the Port City development could double the size of the nation’s capital” the report notes adding that Sri Lanka’s $1.4 billion Port City development has elicited parallels to numerous major urban centers.The report further notes that the project is about the same size as central London, but its design resembles that of cities like Hong Kong, Singapore, and Dubai.
Report goes onto reveal that a decade ago, the idea of a Sri Lankan city that rivaled the world’s leading financial hubs seemed implausible and from 1983 to 2009, the nation was ravaged by a brutal civil war between its military and an insurgent group called the Tamil Tigers.
“By the end of the conflict, hundreds of thousands of civilians had been killed and the city had spent more than US $ 200 billion on war costs” the report notes adding that less than 10 years later, the nation has devised a plan for bringing jobs and economic opportunity to its capital city, Colombo. The most populous city in Sri Lanka, Colombo has about 750,000 residents in its urban core.
“Through the development of a new metropolis inside the capital, officials estimate that Colombo could eventually double in size” the report highlights. It further notes that though the concept of Port City originated in 2004, its plans were delayed by the war.
“Sri Lanka went on to see an influx of Chinese investment, which the country put toward major infrastructure improvements. The partnership ran into trouble when Sri Lanka had difficulty repaying its debt, however, while China was accused of using its investments to wield political influence” Business Insider notes in the report.
It goes into recall that in 2014, Prime Minister Ranil Wickramasinghe suspended the Port City project, citing concerns about damage to the coastline. This angered the project’s investor, China Communications Construction Company, which claimed to be losing $380,000 a day while the development was in limbo. By 2016, the plan was back in motion with a new set of environmental protections.
According to the site’s developer, China Harbour Engineering Company, the project is still on track to complete its reclamation efforts and the first phase of infrastructure by 2020. Port City is set to be finished in 2041, at which point its costs could reach $15 billion.
Report goes into explain that to build the city, developers are using dredgers to gather up sand from the bottom of the ocean and China Harbour Engineering Company plans to add 65 million cubic meters (about 17 billion gallons) of sand along the shore. Environmental groups have raised concerns about the destruction of aquatic life, which could damage the livelihood of local fishermen. But developers contend that dredging won’t pose a threat.
According to the report China Harbour Engineering Company recently obtained a permit allowing it to dredge 5 kilometers from the coastline and only at depths at or below 15 meters. The organization is also prohibited from dredging in areas near reef habitats or fishing grounds. To account for the economic cost to local fishermen, the company has set aside nearly US $ 7 million to be distributed among fishing associations over three years. Developers have completed more than 90% of their reclamation efforts, putting them on track to finish by June 2019.
“The project has received a $1.4 billion investment, but the sand alone could cost more than double that amount” the report also highlights publishing some high quality images on what it could be looked like in the future. Colombo’s Centre for Environmental Justice estimates that the development will require about 100 million cubic meters of sand, worth about US $ 3.2 billion. The financial district features high-quality office space, a shopping plaza, and a cultural park. A “central park” borders the main canal, providing space for outdoor recreation and events. The development calls for 110 acres of public parks and 300 acres for recreation and water sports. Building heights decrease in the direction of prevailing winds and waterfronts, allowing for increased air circulation within the city. The city is designed specifically for residential and commercial use — no industrial activities are allowed. Development officials say other planned projects in Sri Lanka will satisfy the need for industrial space. Transit developments and walkways are meant to connect residents to local landmarks like Galle Face Beach, Beira Lake, and Viharamahadevi Park.
- Tax and policy incentives for Port City soon
- New entity to handle Port City land sales
- Port City to become catalyst for banking sector to reach Rs.30tn in assets by 2025
- Colombo Port City - Bidding process to be completed by May
- A new City in the making
- Sri Lanka’s China funded Port City completes land reclamation amounting to 269 hectares
- Port City is here for all!
- Colombo Port City land sales to begin from June onwards
- Port City sponsors book on social etiquette
- Port City Development Project SL Govt would have to invest in infrastructure facilities – Megapolis Minister
- Colombo, a world class ‘Smart City’ soon
- Sri Lanka is building a $15 billion metropolis meant to rival cities like Hong Kong and Dubai
- Sri Lanka’s Chinese backed US $ 1.4 Bn, 665 Acre Port City could be Governed by Own Legal System – Report
- Sri Lanka ‘Port City’ marine construction work over by mid-2019
- Financial City legislation to be presented to parliament this year
- China-built Sri Lanka ‘Port City’ aims to lure Indian investors
- Govt. to invest $ 1 b on utility services in Port City
- Colombo Port City catalyst for future development-RIU
- Port City land reclamation to conclude by June next year
- Port City’s Fishermen Livelihood Support Society Gifts Rs. 16 million To 8 Village Fishery Associations in Negombo and Wattala
- Port City Dredger rescues drowning deep sea fishermen
- A future hub for trade and logistics in the Indian subcontinent
- Port City to give new facelift to Colombo
- Right of Reply by Megapolis Ministry The consequences of building Port City
- Sri Lanka releases new map with China-backed port city projects
- New Colombo map released
- Port City funds dansala in Kepungoda
- Feature: Hearts bound together, city built together -- China, Sri Lanka co-develop Colombo Port City
- Port City to create 83,000 jobs for Lankans
- Sri Lanka's China-backed Port City Sees Up To $4 Billion Investment Interest
- Standard Chartered Bullish On Port City Investments
- Urbanisation – A strategy to increase GDP
- Reclaimed Port City Ready To Reap Results
- Colombo Port City journey begins with the unveiling of DCR
- Port City unveils roadmap to prosperity
- Development Control Regulations of CPC released
- Port City and the future of Sri Lanka
- The city of yours Future is rising.
History is Looking at you for a name. - Response of CHEC Port City Colombo (Pvt) Ltd
- Financial City never sleeps
- Investment opportunities in Colombo Port City showcased
- Sri Lanka’s special Port City legislation to be presented soon
- Colombo will not sink due to Port City: Ranawaka
- Renovated community centre for Negombo fishing community
- Sri Lanka signs two MOUs with China for building complex in Port City, underground Marine Drive
- Sri Lanka signs two MOUs with China for building complex in Port City, underground Marine Drive
- Port City Where are we now?
- Port City reclamation to be completed by 1Q - 2019
- Port City construction in full swing
- Construction of three towers at Colombo Port City to begin soon
- Port City legislation to Parliament in March
- PM visits Port City
- Underground sea road: Study to be completed by March 2018
- Cabinet nod for $ 1 b financial city complex
- Govt. green-lights PPP for Port City tunnel link
- The Port City Project: Where Things Stand Now
- Govt. green-lights PPP for Port City tunnel link
- Green port city, with solar and wind power
- SLLRDC officials make tour on board Port City dredger
- Port City: Measures proposed to reduce air and noise pollution
- Negombo lagoon gets facelift
- Port City Project sustainability beyond philanthropy
- President’s Chief of Staff visits Port City Colombo
- Port City investor pumps in $1bn for Financial City complex
- Of NGOs, civil society and investors at large
- Building paradise: Houliang Jiang, MD of CHEC Port City Colombo
- Port City Colombo sponsors island-wide beach clean-up
- About 6.4 MT waste emptied to oceans yearly: Amaraweera
- Best of all cities
- Sri Lanka says Chinese-funded port city project to attract 1 bln USD of investment in next stage
- Port City and MTI collaborate to develop Sri Lankan entrepreneurship
- Government agencies review Port City progress
- Colombo Port City: Designing And Connecting Two Cities
- Port City facilitates health camps for fisher families
- Stop-Start Port City, OBOR flagship project, on again
- Colombo Port City leads with Urban Design Idea Competition
- Colombo on par with top world cities
- SOM Wins International Design Competition for Colombo Port City Master Plan in Sri Lanka
- Enclaves Of Elegance And Charm
- Over 45 percent of reclamation work completed
- Real Estate Plays Major Role In Sri Lanka’s Growth - Jll Report
- Nara To Monitor Aquatic Resources In Port City
- ‘One Belt, One Road’: Potential benefits for Sri Lanka’s real estate market
- Chinese companies continue assisting Sri Lanka flood victims
- Colombo Port City to attract US$ 15 bn when complete
- Colombo Port City and Megapolis discuss LRT plans
- US firm wins design competition held for the China-funded and executed Colombo Port City
- Sri Lanka charges ahead
- Lanka sees unprecedented economic revival: PM in Beijing
- Sri Lanka PM eyes increased infrastructure investment from China: Xinhua
- Roll up sleeves and work on B&R— Story of Sanjeewa: employee of CCCC Colombo Port City project
- China to build Colombo CBD under ‘Belt and Road Initiative’
- Chinese developers of Colombo Port City look for prospective investors
- CPC To Unveil In 30 Years With Aggressive Development
- Colombo Port City will take 30 years to complete
- CHEC Port City Colombo to transform Diyawanna Lake for Vesak
- China's US$15bn reclaimed city in Sri Lanka targets investors from the West, India, Middle East
- Port City to avert excessive presence of Chinese investors
- Port City’s revamped Website offers Clarity and Transparency
- One Belt & One Road Initiative: Beyond physical infrastructure
- Ranil determined despite looming external shocks
- Financial sector needs to be future-ready to ride the next wave
- CEA Chairman goes on board Port City dredger
- China-funded Colombo Port City becoming "shining pearl of Indian Ocean"
- Colombo Port City, Sri Lanka
- Redrawing the map of Sri Lanka
- Port City In The Making
- Chinese-backed Port City in Sri Lanka to attract $13bn in investment from 2018
- Chinese-backed Port City in Sri Lanka to attract $13bn in investment from 2018
- Luxury apartments boom not a bubble
- Taking a break
- Port City facilitates workshop to improve fisher folk’s income
- Fast-changing Colombo landscape
- Science is the best outpost for attack or defense Port City Project
- MPs on inspection tour of Port City site and dredger
- Extra land for public use
- Parliament approves several orders under Strategic Development Projects Act:To grant tax exemptions to Port City Project
- New Laws for Port City – Malik Samarawickrama
- Economists, Experts Air Their Views : Port City Project
- Colombo Financial City Project: NO IMPACT ON FISHERIES INDUSTRY: NARA
- Marine life not affected by Port City Project
- Colombo Int’l Financial City work in progress
- Tax exemptions for CHEC Port City project
- Prime Minister endorses Port City
- Mark Mobius shares his mantra for Sri Lanka
- SL contemplates standby agreement with IMF-PM
- Western Region Megapolis Plan to be unveiled in Jan 2016
- Sri Lanka's Prime Minister shows green light for port city after long haul back
- Port City To Be Expanded
- Port city project will resume under new agreement
- China, India and Hong Kong top investors in Sri Lankan real estate- Lamudi