The Sri Lankan finance minister, Ravi Karunanayake, made clear on Wednesday that the ban on foreigners buying freehold land in the country, would include China's port city project, reported Reuters.
The project, which was initially agreed by the former president Mahinda Rajapaksa, has been suspended pending further discussions since the new government came to power.
"There will be no granting of outright land ownership for foreigners. Investors will be able to obtain land on a 99-year lease arrangement. This provision will also be applicable to the port city project," Mr Karunanayake said as he addressed parliament on Wednesday.
See here on Reuters for more.
The project, which was initially agreed by the former president Mahinda Rajapaksa, has been suspended pending further discussions since the new government came to power.
"There will be no granting of outright land ownership for foreigners. Investors will be able to obtain land on a 99-year lease arrangement. This provision will also be applicable to the port city project," Mr Karunanayake said as he addressed parliament on Wednesday.
See here on Reuters for more.