COLOMBO: A high-rise city the size of central London rising out of the ocean next to Sri Lanka's capital is laying down another marker for China's global infrastructure ambitions whose epic scope is sounding alarm bells in Asia and beyond.
Port City will serve as a base for China in South Asia as well as a"model project which would showcase what big change China could bring to the countries, especially the less developed ones, along the BRI," Wang said. Critics say the Belt and Road initiative comes with a heavy price as it favours Chinese companies and exacerbates debt problems AFP/Roslan RAHMAN
The interest rate for Chinese loans to Sri Lanka is about 6.5 per cent, double what other major lenders, India and Japan, charge, said Dushni Weerakoon, an independent economist. In Port City, representatives of the Chinese developer will be part of a"governing body" overlooking investment decisions linked to the artificial island, local media reported.
Country Garden said in a statement it has a diverse customer base from over 30 countries and the new government has"clarified that foreigners are allowed to purchase properties at Forest City".
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