Sri Lanka, Aug. 4 -- Presently the banks are moving at an unprecedented pace to auction the properties mortgaged by construction companies as collaterals to raise funds for working capital, to buy equipment, to obtain required bonds and guarantees and also to meet expenditure when construction activities were in limbo. Especially when the payments for work done are delayed, generally these are funded through bank borrowings, a communique issued by the Chamber of Construction Industry Sri Lanka (CCI) said.

The construction sector was the worst affected sector during the 4 - years from 2020 - 2023. The growth statistics published by the Department of Census & Statistics quoted below is ample testimony to this. On top of above, suspension o...