The island nation's junior economic minister said the government has completed negotiations with Sheraton to allocate the land, earlier offered to China National Aero Technology Import and Export Corporation (CATIC). "The negotiations with Sheraton are successfully over and we have agreed to give (the) CATIC land," Lakshman Yapa Abeywardene told Reuters. However, he declined to comment on the amount of the investment or extent of land the government had agreed to offer Sheraton under a 99-year lease. Last month, Sri Lanka annulled a $500 million investment deal with CATIC after it refused to sell the beach front land outright to the state-run Chinese conglomerate as agreed earlier. The CATIC deal was among the largest foreign investments since Sri Lanka won a quarter-century civil war in 2009, and analysts say its cancellation has created concerns among potential investors. The land deal was cancelled after the main opposition United National Party (UNP) questioned it in a parliament dominated by President Mahinda Rajapaksa's ruling party.
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