Malaysia to revive major China-linked property project
{{#rendered}} {{/rendered}}Malaysia's government says it will resurrect a multibillion-dollar property project in Kuala Lumpur involving a Chinese state company, calling it a contribution to China's "Belt and Road" infrastructure initiative.
Prime Minister Mahathir Mohamad says the Cabinet agreed to reinstate the Bandar Malaysia project, which is expected to cost 140 billion ringgit ($33.8 billion).
He said Friday the project, which is 40% owned by the government, will be developed with the same consortium partners, local developer Iskandar Waterfront Holdings and China Railway Engineering Corp.
{{#rendered}} {{/rendered}}The project was started by the indebted 1MDB state investment fund, which sold a 60% stake to the consortium. The project was terminated in May 2017 due to a payment dispute. The 1MDB scandal led to former Prime Minister Najib Razak's election ouster last May.