Foreign revenue through land sale to be transferre​d to Treasury

Foreign revenue through land sale to be transferre​d to Treasury[ Thursday, 30 June 2011, 04:12.47 AM GMT +05:30 ]The Deputy Minister of Economic Development Lakshman Yapa Abeywardena stated that all income received through the sale of lands to foreign companies will be directly transferred to the Treasury and debited to the Treasury account no.6000.

He made this announcement during a media briefing at Colombo yesterday (29).

The Minster stated that the construction of two luxury hotels in Colombo and Hambanthota is currently underway and that the government has earned a sum of US$ 125 million from the Shangrila Company through the sale of land for their project. Furthermore the government has also received a sum of US$136 million from the sale of land to the AVIC Company.  

He further claimed that a foreign company has been provided with a land area of 510 acres for the development of the Kuchchaweli Tourist Zone and that plans are under way to construct a 2500 roomed hotel complex in the zone. 

The Minster further stated that despite the land being sold to a foreign company 2.5%- 5% of the total income will be used for the development of the residents in the area.  

He further stated that the development of the Kalpitiya tourist zone is currently underway and that no family living in the area will be evacuated.

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