The Sri Lankan government has decided to proceed with a proposal from Chinese company to build another luxury hotel and shopping complex in the heart of the Sri Lankan capital.
China National Aero Technology Import and Export Corporation (CATIC) intends to purchase land around Galle Face Green area to build a multifunctional complex comprising a five star hotel and a shopping mall with direct investment of nearly US $500 million, the government announced Thursday.
The Cabinet of ministers Wednesday has approved the proposal submitted by the Minister of Economic Development, Basil Rajapaksa to build
the Skyline Hotel and Rainbow Multifunctional Complex in the city.Earlier Hong Kong-based Shangri-La Hotels entered into an agreement with the government to invest US$ 500 million to build a 500-room luxury hotel-shopping complex in the same area. The project is to be completed by 2013.
The government says the proposed projects will assist developing Colombo as a Middle Income Commercial City and also to accommodate nearly 2.5 million tourists expected by 2016.
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