China's $500m container port in Sri Lanka opens

A US$500 million container port built by China in Colombo, Sri Lanka opened today, Agence France-Presse reported. The Colombo International Container Terminal is located at the world’s busiest international shipping lane, giving Beijing a vital foothold in the lucrative waterway. Sri Lanka’s new megaship port will compete with the likes of Dubai and Singapore. State-run China Merchant Holdings (0144.HKG) has an 85% stake in the massive terminal. This follows the company’s acquisition of the Pakistani port of Gwadar in January, as Beijing strategically positions itself in crucial maritime supply routes.