Malaysia's government said it will resurrect a multibillion-dollar property and transportation project in Kuala Lumpur involving a Chinese state company, calling it a contribution to China's global "Belt and Road" infrastructure initiative.
Prime Minister Mahathir Mohamad, who is traveling to China next week to attend the second Belt and Road forum, said Friday the Cabinet agreed to reinstate the Bandar Malaysia project, which is expected to cost 140 billion ringgit (USD 33.8 billion).
It comes a week after Malaysia resumed a China-backed rail link project after the Chinese contractor agreed to cut the construction cost by one third to 44 billion ringgit (USD 10.6 billion). Mahathir said that both projects will boost ties with China and add economic value.
He said that Bandar Malaysia, which is 40 per cent owned by the government, will be developed with the same consortium partners, Malaysian developer Iskandar Waterfront Holdings and China Railway Engineering Corp. The 500-acre ...
