{"id":76488,"date":"2018-04-13T11:23:36","date_gmt":"2018-04-13T18:23:36","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=76488"},"modified":"2018-04-13T11:23:36","modified_gmt":"2018-04-13T18:23:36","slug":"chinese-company-to-invest-us-8000-million-in-underground-road-network-in-colombo-port-city","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2018\/04\/13\/chinese-company-to-invest-us-8000-million-in-underground-road-network-in-colombo-port-city\/","title":{"rendered":"Chinese company to invest US$ 8000 million in underground road network in Colombo Port City"},"content":{"rendered":"<div class=\"row\">\n<div class=\"col-lg-12 col-md-12\">\n<div class=\"post-lead\">\n<h2 class=\"postmeta\"><span style=\"color: #0000ff;\"><em><span class=\"gabfire_meta gabfiremeta_bydate\">By\u00a0<span class=\"author vcard\"><a class=\"fn\" style=\"color: #0000ff;\" href=\"https:\/\/newsin.asia\/author\/editor\/\" rel=\"author\">Editor<\/a><\/span>\u00a0Courtesy NewsIn.Asia<\/span><\/em><\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<section class=\"article-wrapper\">\n<article class=\"entry post-19473 post type-post status-publish format-standard has-post-thumbnail hentry category-china category-sri-lanka category-topstory last_archivepost\">\n<div class=\"social-sharethis-post\">\u00a0Colombo, April 13 (Reuters): China Communication Construction Company (CCCC) will invest $800 million to build an underground road network to Sri Lanka\u2019s Port City, a $1.4 billion project built on reclaimed land, a government minister said.<\/div>\n<div class=\"entry-content\">\n<p>The plan, for which an agreement has already been signed, is expected to reduce traffic congestion on the existing route once the Port City \u2013 part of Beijing\u2019s ambitious plan to create a modern-day Silk Road\u201d across Asia \u2013 starts operating.<\/p>\n<p>Once legal procedure on the new reclaimed land is done, the construction will start,\u201d Sri Lanka\u2019s Minister of Megapolis and Western Development Champika Ranawaka told a Foreign Correspondents\u2019 Association forum late on Wednesday.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" title=\"Chinese company to invest US$ 8000 million in underground road network in Colombo Port City\" src=\"https:\/\/i1.wp.com\/newsin.asia\/wp-content\/uploads\/2018\/04\/Colombo-from-Lotus-Tower-4.jpg?fit=701%2C526&amp;ssl=1\" alt=\"Chinese company to invest US$ 8000 million in underground road network in Colombo Port City\" width=\"589\" height=\"442\" \/><\/p>\n<p>More than 60 percent of the Port City\u2019s area has been reclaimed from the sea in the commercial heart of Colombo, and is adjacent to the main port and the historic Galle Face Green park.<\/p>\n<p>Total reclamation of the 269-hectare (665-acre) tract is expected to be completed by year-end, he said.<\/p>\n<p>Sri Lanka is preparing legislation with tax incentives to lure investment into the Port City, a project of CCCC through its subsidiary, the state-run China Harbour Engineering Company Ltd.<\/p>\n<p>Sri Lanka anticipates an eventual investment of $15 billion in the project, which includes housing, marinas, health facilities and schools, over the next 30 years.<\/p>\n<p>CHEC Port City Colombo (Pvt) Ltd, the Sri Lankan company handling the project for CCCC, aims to deliver the first site for construction by the end of 2018.<\/p>\n<p><em>(The featured image at the top shows Colombo\u2019s seafront which will become the Port City.Photo: Lu Tang)<\/em><\/p>\n<\/div>\n<\/article>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>By\u00a0Editor\u00a0Courtesy NewsIn.Asia \u00a0Colombo, April 13 (Reuters): China Communication Construction Company (CCCC) will invest $800 million to build an underground road network to Sri Lanka\u2019s Port City, a $1.4 billion project built on reclaimed land, a government minister said. The plan, for which an agreement has already been signed, is expected to reduce traffic congestion on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-76488","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/76488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=76488"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/76488\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=76488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=76488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=76488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}