KUALA LUMPUR May 9 Malaysia is in talks with
China's Dalian Wanda Group Co Ltd to develop a prime Kuala
Lumpur property project, barely a week after it dumped its
original partners, the Straits Times reported on Tuesday.
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 the
The report cited government and financial executive sources
as saying that negotiations are now at an advanced stage to make
the Wanda Group master developer of the project, and that this
is now awaiting approval from China's financial regulators.
Dalian Wanda Group declined to comment. The Prime Minister's
Office did not immediately reply to a request for comment.
Malaysia said on Wednesday the initial $1.7 billion property
deal for Bandar Malaysia, which was a unit of troubled state
fund 1Malaysia Development Berhad (1MDB), collapsed as the
buyers, Iskandar Waterfront Holdings and China Railway
Engineering Corp (CREC), failed to make payments.
Iskandar and CREC refuted the claims.
The deal was expected to ease the debt burden of 1MDB, which
is at the centre of several international money laundering
probes. 1MDB had racked up more than $11 billion in debt before
beginning a restructuring programme in 2015.
(Reporting by Joseph Sipalan; Additional reporting by Matthew
Miller in BEIJING; Editing by Praveen Menon and Edwina Gibbs)