Malaysia is in talks with China’s Dalian Wanda Group Co Ltd to develop a prime Kuala Lumpur property project, a week after the Finance Ministry (MOF) had terminated the agreement with previous partners.
Malaysian Prime Minister Najib Razak aims to sign an agreement with Wanda – owned by billionaire Wang Jianlin – during his visit to Beijing for the “Belt and Road Forum for International Cooperation” this May 14-15, according to a report by Straits Times.
The report cited government and financial executive sources as saying that negotiations were now at an advanced stage to make the Wanda Group master developer of the project, and that this was now awaiting approval from China’s financial regulators.
Dalian Wanda Group declined to comment, so did Malaysian Prime Minister’s Office.
Malaysia said on Wednesday the initial US$1.7 billion property deal for Bandar Malaysia, which was a unit of the state fund 1Malaysia Development Berhad (1MDB), has become null and void as the buyers, Iskandar Waterfront Holdings (IWH) and China Railway Engineering Corp (CREC), failed to make payments. – Reuters