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Sri Lanka's deep sea harbour port facilities at Hambantota. Its government has approved the sale of an 85 per cent stake in the loss-making but strategically-placed deep sea harbour to state-owned China Merchants Port Holdings for US$1.12 billion. Photo: AFP

Sri Lanka clears US$1.12b Hambantota Port deal with China

State-owned China Merchants Port Holdings is investing up to a US$1.12 billion to develop, manage and operate Sri Lanka’s Hambantota Port, close to the world’s busiest shipping lanes, in a revised agreement with the Colombo government.

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