LONDON: China has acquired 809 hectares of land on lease for 43 years in Gwadar.

According to UK defence magazine, IHS, China has acquired 809 hectares (1999 acres) land from Pakistan on lease for 43 years for construction of first Free Economic Processing Zone (EPZ) in Gawadar port.

As per the Port Authority, construction of basic infrastructure and EPZ will cost over Rs 3.65 billion. Citing a Chinese journal, the IHS wrote that Gwadar Port Authority (GPA) acquired 607 hectares of land in June and 202 hectares of land will soon be acquired. All the land has been acquired from Pakistan Navy and container depot Balochistan.

Referring to a statement given by the top economic managers of Pakistan to local media, the journal said more 500 acres of land will be leased out to China for construction of first free EPZ. This way, 2500 acres of land will be given to Chinese companies on lease. China attained the rights for carrying out work on Gwadar port for 40 years in April this year. This port will provide China access to Gulf States.