Maldives to allow foreigners to own land

AFP, COLOMBO: Lawmakers in the Maldives have voted to allow foreign ownership of land for the first time, triggering concern over a possible landgrab by China in the strategic Indian Ocean region. Dozens of foreign companies already run luxury resorts on islands that they lease from the government of the honeymoon islands for a maximum of 99 years. The new law, which has yet to be ratified by the president, would allow foreigners who invest more than $1 billion to own land in perpetuity, provided 70 percent of it is reclaimed from the Indian Ocean. The bill passed easily on Wednesday after a brief debate, with 70 members voting in favour and 14 against, the assembly said in a statement. But opposition lawmakers expressed fears that the move could clear the way for the Chinese to set up bases in the Maldives, which straddles vital international east-west shipping routes. Regional superpower India is already wary of increased Chinese involvement in the area, which it considers to be within its sphere of influence.

Maldives to allow foreigners to own land

AFP, COLOMBO: Lawmakers in the Maldives have voted to allow foreign ownership of land for the first time, triggering concern over a possible landgrab by China in the strategic Indian Ocean region. Dozens of foreign companies already run luxury resorts on islands that they lease from the government of the honeymoon islands for a maximum of 99 years. The new law, which has yet to be ratified by the president, would allow foreigners who invest more than $1 billion to own land in perpetuity, provided 70 percent of it is reclaimed from the Indian Ocean. The bill passed easily on Wednesday after a brief debate, with 70 members voting in favour and 14 against, the assembly said in a statement. But opposition lawmakers expressed fears that the move could clear the way for the Chinese to set up bases in the Maldives, which straddles vital international east-west shipping routes. Regional superpower India is already wary of increased Chinese involvement in the area, which it considers to be within its sphere of influence.