CATIC to develop skyline hotel and multifunctional complex in
China National Aero Technology Import and Export Corporation (CATIC)
intends to purchase land around the Galle Face area, to build a
multifunctional complex comprising a five star hotel and a shopping mall
with direct investment of nearly US $500 million.
On a proposal by the Minister of Economic Development, Basil
Rajapaksa, cabinet approved this project proposal to be proceeded on the
basis of agreement concluded with the earlier investor Shangri-La Hotels
Lanka (Pvt) Ltd.
The planned development in this area has already attracted another
investment of around US $500 million from Shangri-La Hotels Lanka (Pvt)
Ltd., which proposes to build a 500 room hotel. Residencies and shopping
complex to be completed by 2013.
The total foreign investment on these two projects will be around US
Dollars, 1000 million.