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China Withdraws from $392 Million Port Development Project in Sri Lanka

October 20, 2026 • 21 hours ago •

COLOMBO: A Chinese state-owned firm has officially withdrawn from a $392 million joint venture aimed at developing a significant logistics hub at Sri Lanka’s main seaport, as confirmed by the Sri Lanka Ports Authority (SLPA) on Monday.

The SLPA stated that China Merchants Port Holdings decided not to proceed with the collaboration initially announced in 2023, citing an assessment of external circumstances and commercial considerations. Despite this withdrawal, the SLPA emphasized that the project would continue, and they are now actively seeking a new investor for the 150,000-square-metre logistics hub at Colombo Port, where China already has existing investments.

China Merchants was set to hold a 70% stake in the joint venture, while the SLPA and a local private construction company were each to hold 15%. The decision to terminate the project was described by the Chinese company as being in the best interests of all parties involved, as stated in their announcement to Hong Kong’s stock exchange.

This development raises concerns regarding foreign investment in Sri Lanka, particularly as the country seeks to recover from economic challenges. The SLPA’s search for a new investor will be crucial in determining the future of the logistics hub and its potential impact on the local economy and international trade relations.