Sri Lanka to get US$500mn hotel from China aviation firm
Jan 14, 2010 (LBO) - A Chinese aviation firm will build a 500 million US dollar hotel and shopping complex in the main beachfront of Sri Lanka's capital Colombo, the government said.
China National Aero Technology Import and Export Corporation (CATIC) will buy land in Colombo's Galle Face area to build a five star hotel and shopping complex.

The proposal by economic development minister Basil Rajapaksa has been approved by the cabinet of minister, the government's information office said.

The project proposal will be on the same lines as an earlier deal with Hong Kong based Shangri-La leisure group to build a 500 million dollar hotel and shopping complex, the government said.

Shangri-La will get state land on which a military sports ground was located.

Source: LBO LK....http://www.lbo.lk/fullstory.php?nid=662000484

China National Aero Technology building a Hotel ? Shouldn't they be building planes ? not Hotels, may be Hotels that flies ? I dont see the logic here

They have a separate company
http://www.catichotels.com/
http://www.catichotels.com/GBJCT/home.html

China National Aero Technology building a Hotel ? Shouldn't they be building planes ? not Hotels, may be Hotels that flies ? I dont see the logic here

A lot of the large Chinese military suppliers and companies have diversified into fields unrelated to their original business.

$500 Million? I think it's more like $50 million, even for the Shangri-La Project, nobody would spend $500 million on a plain Hotel & Mall Project!

$500 Million? I think it's more like $50 million, even for the Shangri-La Project, nobody would spend $500 million on a plain Hotel & Mall Project!

I totally agree with his response. USD500 million is a lot of money to be invested within a short span in a country that hasn't seen at least a $50 million in a single project in tourism. The figures released varies according to private sector to that of public. There seems to be no ground reality and clear signs of which land being released. Hopefully not the greenery itself.

$500 Million? I think it's more like $50 million, even for the Shangri-La Project, nobody would spend $500 million on a plain Hotel & Mall Project!

The much larger (24 acres) Havelock City project will cost $350 million. $500 million sounds like a exaggeration.

I totally agree with his response. USD500 million is a lot of money to be invested within a short span in a country that hasn't seen at least a $50 million in a single project in tourism. The figures released varies according to private sector to that of public. There seems to be no ground reality and clear signs of which land being released. Hopefully not the greenery itself.

Do you know that each land plots worth $125 million being the best the location in the country

Do you know that each land plots worth $125 million being the best the location in the country

Do u know where or which locations are these to be exact. The value of land can be more than USD125 million.