BBC Chinese reported that China invested US$500 million in a large container terminal in Colombo, Sri Lanka, the first large cargo ship harbor in Sri Lanka. The official start date for the terminal to be in operation was Monday August 5. According to the report, in addition to this investment, Beijing signed an agreement in January to take over management of the Gwadar seaport. China also invested US$14 million to construct a dry port in Larcha in Nepal and in June 2012, provided financial and technology assistance to build a deep water harbor in Hambantota in southern Sri Lanka. By cutting through Sri Lanka, the route in the Indian Ocean is supposed to shorten the water time by four days. Also, historically, Sri Lanka has been considered an important stop in the maritime silk route.
Source: BBC Chinese, August 4, 2013
http://www.bbc.co.uk/zhongwen/simp/business/2013/08/130804_china_srilanka_port.shtml