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Posted on: Dec. 12, 2016, 12:40 p.m.
Sri Lanka plans to offload a majority stake in a significant port to a Chinese company, as the island nation faces swelling interest payments and government debt. The deal was confirmed on Friday in a statement released by the minister overseeing the port's development. According to local media, Sri Lanka will sell an 80% stake in the Hambantota port for about $1.1 billion to state-owned China Merchants Port Holdings. An official agreement will be signed as early as January. Full investment news article