China to build port city in Sri Lanka

State-owned China Communications Construction (1800.HKG, 601800.SHA) will invest US$1.43 billion to fill in land and build infrastructure to create a port city near Colombo, Sri Lanka’s largest city, Reuters reported. The project will be located on a 230 hectare site and will include eco-parks, residential areas, offices and shopping malls. In exchange for its investment, the Chinese firm will be given 50 acres of the reclaimed land on a 99-year lease. Construction will start in September and is scheduled to last 39 months. Sri Lanka has been attracting foreign investment in infrastructure to boost its economy following a nearly three-decade civil war that ended in 2009.