Sri Lanka transferred control of its port Hambantota to China in a 99-year lease, a plan designed to relieve the country’s large burden of debt. Signed in July 2017, the plan gives China Merchants Port Holdings a 70 percent stake in a joint venture with Sri Lanka Ports Authority.

The lease has drawn criticism from Sri Lankans because of the port’s value, its strategic location and its importance in a “new Silk Road” for trade between Europe, the Middle East, China and Asia.

Read more at Financial Times (paywall) or The Diplomat.

Image: Dinesh De Alwis, Wikimedia Commons.