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Sri Lanka finalizing controversial port sale to China

Sri Lanka finalizing controversial port sale to China: Sri Lanka’s prime minister is meeting with government officials this week to finalize details of the controversial sale of a majority stake in Hambantota Port to China.

Sri Lanka is selling an 80 percent stake in the port to state-owned China Merchants Ports Holdings for $1.12 billion for a period of 99 years. China is also being given a long-term lease on 15,000 hectares (37,100 acres) of land close to the port to develop an industrial zone intended to be a primary source of cargo for terminals at the port.

The industrial zone would help Hambantota, which predominantly handles roll-on, roll-off cargo and is located about 250 kilometers (155 miles) southeast of the Port of Colombo, increase the use of its modern container cranes.�
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