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Overview

China Development Bank provides $65 million loan for AVIC Astoria Tower One Project

Commitments (Constant USD, 2023)$70,896,902
Commitment Year•2016Country of Activity•Sri LankaDirect Recipient Country of Incorporation•Sri LankaSector•Other MultisectorFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 21, 2016
Start (actual)
Dec 21, 2016

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The purpose of the project was to construct four 41-story towers — in a construction area of 144,358 square meters — with 608 apartments that are separated into 2, 3 and 4 bedroom units in Colombo 03, a residential and commercial region of the capital city of Colombo. More detailed locational information can be found at https://www.openstreetmap.org/way/1037339098.

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • AVIC International Hotels Lanka Ltd.

Implementing agencies

State-owned companies

  • China State Construction Engineering Corporation (CSCEC)

Loan desecription

China Development Bank provides $65 million loan for AVIC Astoria Tower One Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2013, AVIC International Hotels Lanka Ltd. [中航国际酒店(斯里兰卡)有限公司] — a special purpose vehicle and joint venture of AVIC International Engineering (Hong Kong) Limited and Nice View Investment Ltd of Hong Kong — entered into a supplementary agreement with the Government of Sri Lanka’s Board of Investment (BOI) under Strategic Development Act to undertake an apartment complex including 528 apartment units, a clubhouse, commercial space and car parking facility at R A De Mel Mawatha, Colombo 03 with an envisaged investment of $250 million. AVIC International Hotels Lanka Ltd. and China Development Bank subsequently signed a $65 million loan agreement for the AVIC Astoria Tower One Project. The purpose of the project was to construct four 41-story towers — in a construction area of 144,358 square meters — with 608 apartments that are separated into 2, 3 and 4 bedroom units in Colombo 03, a residential and commercial region of the capital city of Colombo. China State Construction Engineering Corporation Limited (CSCEC) is the contractor responsible for project implementation. The project was officially launched on December 21, 2016.

Staff comments

1. This project is also known as the AVIC Astoria Project. The Chinese project title is 斯里兰卡Astoria公寓. 2. Aviation Industry Corporation of China (AVIC) is a state-owned mega incorporation administrated by the Chinese government. 3. Evidence of a $65 million loan from CDB can be found here (0https://www.dropbox.com/s/rfilib6i1yo2owu/JT%26N%20%E9%87%91%E8%AF%9A%E5%90%8C%E8%BE%BE%E5%BE%8B%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80.pdf?dl=0). 4. AVIC International Hotels Lanka Ltd. [中航国际酒店(斯里兰卡)有限公司] is also known as M/s AVIC International Hotels Lanka (Pvt) Ltd. 5. The loan commitment date is unknown. For the time being, AidData uses the project implementation start date as a proxy for the loan commitment date. This issue warrants further investigation.