Global Chinese firm launches first real estate project in Sri Lanka

Global Chinese manufacturing firm AVIC International launched their first real estate project in Sri Lanka to build a four tower structure with 602 luxury apartments, an official said here Friday.

The project will focus on building one of the largest apartment building projects in post-war Sri Lanka. It is also the first real estate project launched jointly by a Chinese company in collaboration with Sri Lanka's government.

Named Astoria, the apartment complex, aims to offer a luxury lifestyle to locals as well as the international community who may be interested in investing in Sri Lanka.

Chinese Ambassador to Sri Lanka Wu Jianghao who addressed the gathering at the launch insisted that the AVIC project is an iconic one as it will promote greater cooperation between Chinese and Sri Lankan companies. "I fully believe that with the involvement of the Sri Lankan government and companies this project will promote future cooperation between companies of the two countries,"Wu said.

He also recalled the historic visit by Chinese President Xi Jinping last month noting that both countries had pledged to cooperate on the 21st Century Maritime Silk route, which would require more projects of this nature to take place. "This is one of the most important projects that the Chinese governments are working on to promote cooperation with the Sri Lankan side so that Chinese companies can integrate with local companies and contribute to Sri Lanka's development,"he added.

Despite strong relations between the Sri Lankan and Chinese governments, a large part of engagement revolves around massive infrastructure loans given by China to Sri Lanka.

Since the end of a brutal three decade war in 2009, China has emerged as the island's largest lender with an estimated 5 billion U.S. dollars pledge to a host of projects including highways, railways, international airport and a 1.2 billion U.S. dollar coal power plant.

AVIC International has set up wholly-owned or holding subsidiaries in major cities across China, established over 110 branches in more than 50 countries and regions and owns eight listed companies. The company has over 70,000 employees serving customers in more than 180 countries and regions.