Sri Lanka yesterday formally handed over the strategic southern port of Hambantota to China on a 99-year lease, in a deal dubbed by the opposition as a sell-out. Two Chinese firms - Hambantota International Port Group (HIPG) and Hambantota International Port Services (HIPS) managed by the China Merchants Port Holdings Company (CMPort) and the Sri Lanka Ports Authority will own the port and investment zone around it, officials said.

The port is expected to play key role in China's OBOR initiative. pic/afp