By Anbarasan.
The news is from Srilanka.
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The city being built in the sand will be better than other financial centers.
"An economic game change" is how the officials describe the shiny metropolis of the city.
The huge expanse of sand reclaimed from the sea is being transformed into a high-tech city which will host an offshore international financial centre, residential areas and a marina, prompting comparisons with other high-tech cities.
"This reclaimed land gives Sri Lanka a chance to build a city of world class proportions and function, and compete with other countries such as Singapore, which has a world class city," said a member of the Colombo Port City Economic Commission.
Critics are questioning how much of an economic game-changer it will be for Sri Lanka.
The country needed the China Harbour Engineering Company to invest more than $1 billion in order to get back the 665 acres of new land. The firm has been given a large amount of it on a 99-year lease.
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The land was set aside for the development.
The new city is taking shape after several years of construction activity.
Huge cranes supervised by Chinese engineers are moving concrete slabs. The reclaimed land has been dredged to allow access to small boats and yachts.
The first of its kind in South Asia, the project will take 25 years to complete.
The area given to the Chinese will be leased to multinational firms, according to Sri Lanka. The government may charge a fee.
Tax holidays will be offered for those who invest and do business in the new city, which is expected to house 80,000 people. Transactions in the special economic zone will be in US dollars.
The Port City project was officially unveiled during Chinese President Xi Jinping's visit to Srilanka in 2014, a year after he launched his Belt and Road Initiative.
After the end of the war with Tamil rebels in 2009, China helped rebuild Sri Lanka. Western nations were concerned about human rights abuses.
The image is from the BBC/Anbarasan.
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The first of its kind in South Asia, the offshore centre will only trade in dollars.
The issue of Chinese loans was one of the issues that voters were concerned about during the elections in Sri Lanka, which resulted in the loss of the presidency of the man who was there at the time, Mahinda Rajapaksa.
After being out of power for eight years, Mr. Rajapaksa is back in power as prime minister with his brother Gotabaya as president.
The port of Hambantota is no longer in Sri Lanka's possession. The last government in Sri Lanka handed it over to Chinese control after they were unable to pay off the debt to Chinese firms.
It's not surprising that not everyone in Sri Lanka shares the same enthusiasm for the project.
Concerns over the scheme include the environmental impact of a project of this size.
Supporters of the development think it will benefit the country, but others think it will not.
There are a lot of tax holidays built into the law of the Port City. There is a chance of up to 40 years' worth of tax holidays for some investors.
"This large tax concession doesn't improve Sri Sri's overall revenue proposition."
Other concerns have been triggered by the tax regime. The US has warned that the relaxed business environment could be used as a money-laundering hub.
The justice minister of Sri Lanka disagrees.
There is no way that can happen because normal criminal law applies here. We have a money laundering act and a financial intelligence unit. There is no way that someone can get out of it.
Concerns over China's long-term strategic ambitions have been raised.
India is worried about the growing Chinese presence in Sri Lanka, which has traditionally been seen as its back yard.
The Port City wants to lure away multinational firms and investors who are already based in India.
The image is from the BBC/Anbarasan.
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The new city will change the economy.
Is it possible that Colombo Port City could become a Chinese outpost in the future?
The opposition said that China has taken over as much of the Port City as the government has agreed to.
One day, Sri Lanka won't have a say in this project.
Zhou Bo says the aim is for both countries to benefit.
China's Belt and Road Initiative is not a charity. We want to be good for each other. Mr Zhou, a former People's Liberation Army senior colonel who is now with Tsinghua University in Beijing, said that they want their investments to have economic returns.
"China does not intend to put any country into debt."
The same line is taken by Sri Lankan officials.
The entire area is under Sri Lankan control. The Port City Economic Commission said that the Sri Lankan government has the right to patrol, police, immigration and other national security duties.
The image is from the BBC/Anbarasan.
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The project is not expected to be finished for at least two decades.
Foreign exchange reserves have plummeted because of the Covid epidemic, which has devastated its lucrative tourism sector.
The country's external debts have gone up to more than 45 billion dollars and it owes a lot to China.
The chances of the city going to international investors for more loans are slim.
China has long-term ambitions and deep pockets.
Some believe that a city like Hong Kong in Sri Lanka would help China tighten its grip on this part of Asia in the future.
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