Was cash strapped Sri Lanka duped by China in Hambantota Port?

The Hambantota Port is located in southern Sri Lanka close to the east-west sea route. Sri Lanka had to repay nearly US$ 1.7 billion to China as principal and interest for the loan it had taken to build this Port. In December 2016, the Sri Lankan government announced that ongoing losses made it necessary to restructure the port in collaboration with China Merchants Port Holdings Company to make it commercially viable. As a result of these documents and a Concession Agreement signed in July 2017, two newly created entities called the Hambantota International Port Group and Hambantota International Port Services Co. Ltd took control of the Hambantota Port and its operation and management for a period of 99 years. CMPort agreed to 'invest' US$ 1.12 billion for the acquisition of 85% stake in HIPG and a 52% stake in HIPS. The remaining stakes in HIPG and HIPS were given to SLPA. Thus, the overall percentage of shares held in the Hambantota Port by CMPort is about 70%. HIPG would develop and manage the port along with adjoining land, while HIPS would operate the Port services. Sri Lanka continues to repay the debt despite restructuring the Port itself and handing it over to China. The Hambantota Port also enjoys an exclusivity period which says that there shall not be any port/terminal development directly in competition with the Port within 100 km from the Port.