In The Press

Port City to avert excessive presence of Chinese investors


In line with an initiative of their own CHEC Port City Colombo (Pvt) Ltd. has decided to reach a truly global cross section of investors from Europe, USA, the Middle East and the rest of the world to ensure there won't be an overcrowding of Chinese investors in the Port City of Colombo.
Liang Thow Ming, chief sales and marketing officer of CHEC Port City Colombo (Pvt) Ltd. made this comment responding to a question at a news briefing held in Colombo yesterday. .
This briefing was mainly held to launch the Company's revamped website with all relevant information for the public to have a better understanding of the US$ 15 billion project which they can now view by logging onto Jiang Houliang, managing director of Port City Colombo, launched the revamped website. .
Speaking further Liang Thow Ming said," Giving the Port City a truly global image is an initiative of our own. In fact, we want to create and establish a truly balanced international image for the Colombo Port City. For this purpose, we will be making efforts to attract investors to the Colombo Port City from the West, the Middle East, India and other regions in the world; not only China".
"The Port City is about creating a complete business and leisure lifestyle solution for investors, expatriates and those who come to work there as well as the local community. So, we are keen to strike the right balance to achieve this goal, he noted.
He observed that the Port City's land would belong to the government of Sri Lanka and the investors would get land to build their facilities and complexes on a 99-year lease. "We will finish the reclamation in one go. Secondly, we will put up necessary infrastructure. And then investors will build their facilities. Towards the end of this year we" ll start engaging with prospective investors. We already see the interest out there. Chinese funded US $ 1.4 bn worth reclamation and infrastructure would be completed by 2020, he said.
For the project to come to its desired fruition, it will take 30 years. It will then be worth US$ 50 -60 billion, The Island Financial Review learns.
Lim Kian Siew, director of planning and development said, "The new format of the website clearly spells out the Master plan of the project which, for the first time, gives a detailed outline of the features in Port City such as, the International Island, Island Living, Central Park Living, The Marina and the Financial District, each offering a fine urban characteristics, tailored for its planned use."
The website provides comprehensive information on the Project's business and commercial districts, residential areas, parks, boulevards, shopping malls, villas, healthcare, education institutes as well as integrated resort and theme parks.
Meanwhile, the monthly reclamation progress is captured from drone images and a 'reclamation progress tracker' monitors the reclamation progress on a monthly basis.
Its Engineering page provides technical details on how the reclamation is carried out. A few video clips describe the breakwater construction, dredging, ground improvement and Revetment construction.
A page with frequently asked questions (FAQ) has been included in the new website and the answers given, touch on a range of questions commonly asked by the public with regard to the background of the company and its project; investor relations and the environment.
There are detailed queries and responses which touch on the company structure and scope, the project background, objectives, ownership structure, international partners and consultants and the challenges faced during the initial phase of the project.
The FAQs also cover environmental issues, coastal erosion and problems related to fisher communities. Questions regarding the adequacy of rocks and sand for the project and the authorised supply process are also raised and answered. Further, there is a section that answers questions relevant to potential investors.
The gallery page of the new website gives visual perspectives of the city that would help the public to visualise what the Port City project would look like in the future, depiction of the end-end process.
The new website includes an open career page that categorises vacancies in each department and automatically processes the CV of the applicant. Detailed job descriptions, requirement and benefits are given on the site, providing opportunities for both local and international applicants.