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Wed, 18 October 2017 12:58:11
Sri Lanka's firm seeks nod for land sale to China's Avic
09 Sep, 2013 06:20:40
Sep 09, 2013 (LBO) - Sri Lanka's Lee Hedges Plc is seeking shareholder nod to sell land worth 1.24 billion rupees to a Chinese led mixed development project.
Lee Hedges said it is selling 181 perches of land (about 1.2 acres) to Avic International Hotels Lanka Ltd, promoted by Chinese defence contractor Avic.

The firm was seeking shareholder nod at a meeting on September 26, as it was a major transaction, requiring their approval.

Lee Hedges had on July 2013 also taken on a 99 year lease another 53.92 perches bordering the property from Sri Lanka's Urban Development Authority.

The land is located in Kollupitiya, an up market suburb in Sri Lanka's capital Colombo.

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READER COMMENT(S)
3. Gurupreeth Sep 10
Neither is this much land, nor is it of strategic importance. There is no need to unnecessarily speculate about land prices and other things that are not related. There is so much good work going on and the tourism industry is looking to welcome more and more tourists from all over the world.
2. Sylvia Haik Sep 09
Our leaders have the nerve to question the loyalty of former Sri Lankans and veteran patriots like Sangakkara, yet somehow do not bat an eyelid selling precious land to the Chinese. I do not object to it but I cannot swallow their excuse for denying Dual Nationality to former Sri Lankans.
1. Asa Sep 09
Where are the patriots who shouted slogans in 2002-04 era for selling Sri Lankan land to foreigners? Now the 100% transfer tax may also seem too little with power houses like china