16 December 2016

News Story: Sri Lanka to sell loss-making port to China

Sri Lanka hopes to sell part of its loss-making $1.4 billion harbour to a Chinese company in January to help pay off crippling debts, the ports minister said Wednesday.

Arjuna Ranatunga said talks were under way with China Merchants Port Holdings to transfer an 80 percent stake in the Hambantota port on a long lease.

"We hope to be able to raise about $1.12 billion and a deal could be struck by the first week of January," Ranatunga told reporters in Colombo.

The new government, which came to power in January last year, has been trying to renegotiate terms of its $8 billion Chinese debt, which includes the construction costs of the Hambantota port.

Read the full story at SpaceDaily