China Communications Construction Co. Ltd. will help build a port city along the shoreline of Sri Lanka’s capital Colombo, Xinhua news agency reported Thursday. The project, which is expected to begin construction in December, aims to reclaim a 230 hectare site from the sea to build a mini-city that is expected to include a Formula 1 racetrack, the report said. The state-run Sri Lanka Port Authority overseeing the venture has signed a US$1.43 billion deal with China Communications Construction for the project, which will also include eco-parks, residential areas, offices and shopping malls, the report said. A section of the reclaimed land will be handed over to the Chinese company while the rest will be parceled off to other investors under a 99-year lease, according to the report.
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