China’s Dalian Wanda ‘in talks’ for stake in Bandar Malaysia project
Deal regarding the project formerly owned by troubled 1MDB state investment fund may be sealed at Beijing’s Belt and Road Forum this weekend
China’s Dalian Wanda Group is in talks with Malaysia to take a major stake in a multibillion dollar property project in Kuala Lumpur, sources say, with some suggesting the deal could be inked as early as this weekend, at the Belt and Road Forum in Beijing.
A Malaysian government source told This Week in Asia talks were ongoing between the property and entertainment conglomerate and the Malaysian government regarding the Bandar Malaysia development, but declined to provide further details.
Bandar Malaysia woes cast shadow on Najib’s trip to Beijing
Singapore’s Straits Times newspaper on Tuesday said the Beijing-based company was the “front runner” to lead the development of the Bandar Malaysia township, a week after Malaysian officials abruptly cancelled a 2015 deal that would have seen state-owned China Railway Engineering Corporation (CREC) and its local partner Iskandar Waterfront Holdings (IWH) take on that role.
Malaysian government critics immediately seized on the announcement last Wednesday to call into question whether China’s big-ticket investments in the country would be realised.
But citing unnamed government officials and financial executives involved in the talks, the Singaporean daily said Prime Minister Najib Razak’s government was unperturbed and pressing ahead with inking a deal with the new Chinese partner. Dalian Wanda was awaiting approval from financial regulators in Beijing, it said.