“US Ambassador’s statement on Port City is misleading!”
She was quoted as saying, “The United States does have one of the companies working on the Port City Development on our sanctions list so doing business with that company may not be advisable.”
“Neither CHEC Port City Colombo nor its parent company China Harbour Engineering Company (CHEC) and China Communications Construction Company (CCCC) is listed in the United States sanctions which were announced in August 2020,” release from CHEC said.
As clearly announced back in August 2020, CHEC Port City Colombo wishes to reiterate that the company has no direct business relationship with any of the China Communications Construction Company’s subsidiary companies targeted by US sanctions.
The subsidiaries which were included in the said US sanctions were a few companies involved in South China Sea reclamation work. The land reclamation work of Port City Colombo conducted by CHEC Port City Colombo (Pvt) Ltd is an entirely different subsidiary of CCCC.
Furthermore, it is important to note that there were no US actions against the Project Company’s parent company, CCCC at any point. CCCC is a Fortune 500 company currently ranking 78th.
Land reclamation work for Port City Colombo was completed back in January 2019. Construction of state-of-the-art internal infrastructure is currently being carried out and 20 land plots are now ready for vertical construction.
“We intend to bring clarity to Ambassador Alaina B. Teplitz’s misleading comments and provide an unbiased understanding of Port City Colombo.”
Investment friendly policies, efficient administrative systems coupled with the master-planned city to be built on sustainable principles make Port City Colombo a compelling investment opportunity for any investor regardless of nationality.